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Bitcoin experienced a 5% surge to $117,300 after Federal Reserve Chair Jerome Powell indicated a potential interest rate cut on the horizon, leading to the liquidation of $379.88 million in short positions.
Experts are suggesting that BTC’s “uptrend has returned,” with the possibility of reaching $200,000 by year’s end.
On Friday, Bitcoin (BTC) cleared the ask liquidity above $117,000 following indications from Federal Reserve Chair Jerome Powell about a possible interest rate reduction in September during his Jackson Hole speech.
BTC’s price climbed over 4% to hit an intraday peak of $117,300 on Bitstamp, recovering from a six-week low of $111,600.
According to CoinGlass data, $379.88 million in short positions were liquidated, with Ether (ETH) contributing $193 million as it surged nearly 15% to $4,760. Bitcoin accounted for $56.4 million in short liquidations.
Related: Bitcoin ETFs face 5-day losing streak, but Pomp claims BTC is undervalued
In total, the market saw $629.48 million eradicated from both short and long positions, as illustrated in the figure below.
This abrupt market rebound caused the liquidation of 150,217 traders, surprising many as investor sentiment turned bullish.
The Bitcoin liquidation heatmap indicated price absorption of liquidity above $117,000, with over $259.5 million in ask orders positioned between $117,000 and $118,000.
Bitcoin Analysts Affirm “Uptrend is Back”
BTC’s dip below $112,000 provided traders with an excellent entry opportunity, according to MN Capital Founder Michael van de Poppe.
Earlier in the week, van de Poppe advised his X followers to monitor for a drop beneath the Aug. 3 low of $111,900 as a prime accumulation zone.
“A minor sweep occurred, followed by a significant upward move for #Bitcoin,” he stated in a Friday post on X, adding:
“Uptrend has returned.”
Another analyst, Jelle mentioned that while Bitcoin’s price might retrace after today’s rally, one thing is certain: “The market desires higher.”
This comes as various crypto industry players have recently projected upward price trends in the crypto market. Analyst BitQuant noted on Monday that his cycle top target of $145,000 for Bitcoin remains feasible through 2025.
Meanwhile, Bitwise’s head of European research, André Dragosch, stated in Cointelegraph’s Chain Reaction daily X spaces on Monday that US President Donald Trump’s decision to permit crypto in 401(k) retirement plans could propel Bitcoin to $200,000 by year-end.
This article does not provide investment advice or recommendations. All investments and trading actions carry risks, and readers should conduct their own research prior to making decisions.
