Key factors:
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Bitcoin tags new August highs as merchants see BTC shorts getting punished.
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An early retracement might properly flip into a journey to $120,000, predictions say.
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A CME hole at $116,500 is of curiosity as a attainable subsequent native low.
Bitcoin (BTC) neared $119,000 into Sunday’s “decisive” weekly shut as merchants anticipated a sturdy week.
Bitcoin merchants brace for big brief squeeze
Knowledge from Cointelegraph Markets Pro and TradingView confirmed BTC/USD reaching $118,760 on Bitstamp, marking new August highs.
“Out-of-hours” weekend buying and selling noticed heightened liquidations, with the 24-hour crypto complete at $350 million, per information from monitoring useful resource CoinGlass.
Commenting on market construction, crypto forecasts favored additional progress into the brand new week.
“BTC is on the cusp of a reclaiming ~$117200 again into help,” fashionable dealer and analyst Rekt Capital wrote in his latest X post concerning the weekly chart.
“Bitcoin is hours away from a decisive Weekly Shut.”
Standard dealer BitBull stated that whereas weekend worth strikes can sometimes reverse as TradFi markets reopen, there was hope for brand new all-time highs subsequent.
“Simply a 10% upward transfer will trigger $18B+ in brief liquidations and massive cash might be watching it,” he suggested about liquidity situations.
“My guess is that Monday may very well be a bit bearish with BTC retracing its weekend pump. After that, we might see a transfer above $120,000.”
An accompanying chart in contrast BTC/USD now to earlier bull markets to help the breakout thesis.
Fellow dealer Merlijn agreed on the $120,000 goal based mostly on a potential brief squeeze.
$BTC‘s subsequent transfer: $120,000
The biggest liquidity pool in weeks is sitting proper above us.
In the event you’re brief right here… God show you how to.
SHORT SQUEEZE LOADING. pic.twitter.com/VXmExKH3jj
— Merlijn The Dealer (@MerlijnTrader) August 10, 2025
BTC worth CME hole at $116,500 on the radar
Contemplating the place the following BTC worth dip would possibly reverse, in the meantime, crypto investor and entrepreneur Ted Pillows urged that worth motion would continue to coincide with “gaps” in CME Group’s Bitcoin futures market.
Associated: Bitcoin Energy Value metric says ‘fair’ BTC price is as much as $167K
“There’s a CME hole round $116.5K, which can more than likely be crammed,” he summarized in a part of an X submit.
“This week, BTC dropped $2K to fill final week’s CME Hole. After that, Bitcoin might rally in the direction of a new ATH.”
Dealer Daan Crypto Trades nonetheless described the weekend’s strikes as “uneven” quite than trending.
“Most focus is on $ETH breaking its cycle highs and alts making all sort of strikes,” he argued, referring to the biggest altcoin Ether (ETH), which hit multiyear highs.
“Would assume BTC takes the highlight once more for a bit the second it breaks $120K+ and will get near its personal all time excessive once more.”
This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer includes danger, and readers ought to conduct their very own analysis when making a choice.
