Bitcoin targets $120,000 with a new short squeeze in sight

Important points

• BTC Shorts are being punished as Bitcoin reaches new highs in August.

• A retracement that is made early can easily turn into an investment of $120,000.

• CME’s gap of $116.500 could be the next possible local low.

BitcoinBTCOn Sunday, he was close to $119,000 “decisive” The weekly close was expected to be strong by traders.

Bitcoin traders get ready for a giant short squeeze

Data Source Cointelegraph Markets Pro You can also find out more about the following: TradingView showed BTC/USD reaching $118,760 on Bitstamp, marking new August highs.

“Out-of-hours” According to data from a monitoring resource, weekend crypto trading was characterized by increased liquidations. The 24-hour total of $350 millions. CoinGlass.

Crypto forecasts, based on their analysis of the market structure and its future direction, predicted that it would continue to progress in the coming week.

“BTC is on the cusp of a reclaiming ~$117200 back into support,” Rekt, the popular trading and analysis firm, has written a piece in its latest X post Weekly Chart

“Bitcoin is hours away from a decisive Weekly Close.”

BitBull is a well-known trader who believes that TradFi’s markets will reopen on Monday and the weekend movements can be reversed. However, BitBull also said there were hopes for new record highs.

“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.”

The chart compares BTC/USD to bull markets in the past to prove that this breakout is possible.

Merlijn and I agreed that the goal of $120,000 was a reasonable one based upon a possible short squeeze.

$BTCNext Move: $120,000

Above us, the largest liquid pool for weeks can be found.

If you’re short here… God help you.

SHORT PUSH LOADING. pic.twitter.com/VXmExKH3jj

— Merlijn The Trader (@MerlijnTrader) August 10, 2025

BTC CME price gap of $116,500 at the radar

Ted Pillows, an entrepreneur and crypto-investor, suggested the price would reverse in the future if it reaches a certain level. continue to coincide You can also find out more about “gaps” CME Group offers Bitcoin Futures.

Related: Bitcoin Energy Value metric says ‘fair’ BTC price is as much as $167K

“There’s a CME gap around $116.5K, which will most likely be filled,” He summarized In part, a X-post. 

“This week, BTC dropped $2K to fill last week’s CME Gap. After that, Bitcoin could rally towards a new ATH.”

Daan Crypto Trades described the weekend’s movements as “choppy” Instead of trending.

“Most focus is on $ETH breaking its cycle highs and alts making all kind of moves,” He arguedReferring to the biggest altcoin EtherETH( ) hit multiyear highs. 

“Would assume BTC takes the spotlight again for a bit the moment it breaks $120K+ and gets close to its own all time high again.”

This article contains no investment recommendations or advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.