Key points:
Bitcoin tags new August highs as traders see BTC shorts getting punished.
An early retracement could well turn into a trip to $120,000, predictions say.
A CME gap at $116,500 is of interest as a possible next local low.
Bitcoin (BTC) neared $119,000 into Sunday’s “decisive” weekly close as traders expected a strong week.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingVIew
Bitcoin traders brace for giant short squeeze
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $118,760 on Bitstamp, marking new August highs.
“Out-of-hours” weekend trading saw heightened liquidations, with the 24-hour crypto total at $350 million, per data from monitoring resource CoinGlass.
BTC liquidation heatmap. Source: CoinGlass
Commenting on market structure, crypto forecasts favored further progress into the new week.
“BTC is on the cusp of a reclaiming ~$117200 back into support,” popular trader and analyst Rekt Capital wrote in his latest X post about the weekly chart.
“Bitcoin is hours away from a decisive Weekly Close.”BTC/USD one-week chart. Source: Rekt Capital/X
Popular trader BitBull said that while weekend price moves can typically reverse as TradFi markets reopen, there was hope for new all-time highs next.
“Just a 10% upward move will cause $18B+ in short liquidations and big money is probably watching it,” he suggested about liquidity conditions.
“My guess is that Monday could be a bit bearish with BTC retracing its weekend pump. After that, we could see a move above $120,000.”BTC/USD two-week chart. Source: BitBull/X
An accompanying chart compared BTC/USD now to previous bull markets to support the breakout thesis.
Fellow trader Merlijn agreed on the $120,000 target based on a potential short squeeze.
$BTC’s next move: $120,000
The largest liquidity pool in weeks is sitting right above us.
If you’re short here… God help you.
SHORT SQUEEZE LOADING. pic.twitter.com/VXmExKH3jj
— Merlijn The Trader (@MerlijnTrader) August 10, 2025
BTC price CME gap at $116,500 on the radar
Considering where the next BTC price dip might reverse, meanwhile, crypto investor and…
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