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.
