Bitcoin Nears $119K Before Weekly Close as Almost $20bn of Liquidations Come Into Target
Main Idea
Bitcoin approached $119,000 ahead of a key weekly close, with analysts discussing potential support levels, resistance targets, and market reactions.
Key Points
1. BTC/USD hit $118,760 on Bitstamp, setting a new August high.
2. $350 million in crypto liquidations occurred over 24 hours.
3. Analyst Rekt Capital noted BTC is close to reclaiming $117,200 as support.
4. Trader BitBull suggested a 10% move higher could trigger $18 billion in short liquidations, potentially pushing BTC above $120,000.
5. Investor Ted Pillows highlighted a CME gap around $116,500, predicting a possible dip before a rally to a new all-time high.
Description
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 liqui...
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