Bitcoin Nears $119K Before Weekly Close as Almost $20bn of Liquidations Come Into Target

Bitcoin (BTC) approached $119,000 ahead of a key weekly close, sparking expectations of a strong start to the week among traders. Weekend trading saw BTC/USD hit $118,760 on Bitstamp, setting new August highs. Data from CoinGlass showed $350 million in crypto liquidations over 24 hours. Support Levels and Resistance Targets Analyst Rekt Capital noted that BTC is close to reclaiming $117,200 as a support level. Popular trader BitBull said a 10% move higher could trigger $18 billion in short liquidations, potentially pushing BTC above $120,000. He predicted a brief pullback early in the week before another push higher. CME Gap Considerations Investor Ted Pillows pointed out a CME gap around $116,500, suggesting BTC might dip to fill it before rallying to a new all-time high. Daan Crypto Trades described weekend price action as “choppy” and expects BTC to take the spotlight if it breaks $120,000.

Source: CryptoIntelligence