Bitcoin Short Squeeze Near $120K Dey Boost Bullish Momentum
Bitcoin don blow reach new heights for August, e reach $118,760 for Bitstamp. Traders dey eye Bitcoin short squeeze now. Dem dey highlight support for the CME futures gap around $116,500 and weekly close wey pass $117,200. If e rally 10%, e fit clear pass $18B wetin dem hold short for BTC, fit drive Bitcoin go $120,000. Last weekend moves trigger about $350M liquidation, e make the bullish mindset strong. Analysts like Rekt Capital, BitBull, Merlijn and Ted Pillows talk say big liquidity pools dey over di current levels. Dem expect gap fill for $116,500 before e go continue climb. Small correction fit happen when traditional markets open again. But Bitcoin short squeeze still be the main theme. Traders dey watch ether (ETH) too after e multi-year highs.
Bullish
Di expected Bitcoin short squeeze wey dem dey wait, wey come from key CME gap fill and to take back support pass $117,200, dey show say plenty people dey rush cover their short positions. Over $18B blind spot for liquidation plus $350M wey trigger recently dey make sharp upward moves to $120,000 likely for short term. Analysts wey dey talk say large liquidity dey above current level move, dey support the bullish movement well well. Even though small pull back fit happen when normal markets open again, the main impact remain positive for Bitcoin price outlook. Di focus on gap fills plus liquidity dey show say buying interest go strong, e go boost both immediate rally potential and broader better bullish feeling for the coming week.