Bitcoin continues to show strong results, having already reached around $119,000. Traders predict further growth, with attention focused on potential issues for short positions.
Bitcoin Approaches New Records
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $118,760 on Bitstamp, marking new August highs. Weekend trading outside regular hours led to significant liquidations, with a total of $350 million over 24 hours.
Traders Forecast a Sharp Increase
Market trends indicate that Bitcoin may continue to rise. Popular trader Rekt Capital noted, 'Bitcoin is on the cusp of reclaiming ~$117,200 back into support.' Another trader, BitBull, suggested that even a 10% upward move could trigger liquidations of over $18 billion.
Attention to CME Gap at $116,500
Investor Ted Pillows stated that Bitcoin's price might retrace to the CME gap at $116,500. He added, 'This week, BTC dropped $2K to fill last week's CME Gap. After that, Bitcoin could rally towards a new ATH.'
Bitcoin showcases strong performance and attracts traders' attention, predicting further growth. BTC's future hinges on its ability to overcome key support levels and liquidate short positions.
