Bitcoin price breakout to $117K, opening door to fresh all time highs
Bitcoin chased its range highs after the Federal Reserve hinted at a policy pivot during the closing speech of the Jackson Hole Symposium. Bitcoin surged 5% to $117,300 after Federal Reserve Chair Jerome Powell hinted at an upcoming interest rate cut, liquidating $379.88 million in shorts. Analysts say the BTC “uptrend is back,” with the potential to hit $200,000 before the end of the year. BTC price rose more than 4% to an intraday high of $117,300 on Bitstamp from a six-week low of $111,600.
According to CoinGlass data, $379.88 million in short positions were liquidated, with Ether accounting for $193 million of that total as it soared nearly 15% to $4,760. Bitcoin followed with $56.4 million in short liquidations. The Bitcoin liquidation heatmap showed the price eating away liquidity above $117,000, with more than $259.5 million ask orders sitting between $117,000 and $118,000.
BTC’s swept lows below $112,000, providing traders with a good entry position, according to MN Capital Founder Michael van de Poppe. Earlier in the week, van de Poppe told his X followers to be on the lookout for a sweep beneath the Aug. 3 low of $111,900 as a great area to accumulate maximum profits.
