NaijNaira
Bitcoin soared past $117,000 on Friday after Jerome Powell suggested the Federal Reserve could cut rates in September, sending shockwaves across the crypto market – www.naijnaira.com reports.
According to Cointelegraph, BTC jumped more than 4% from $111,600 to $117,300 in just hours, wiping out hundreds of millions in short bets.
CoinGlass data showed $379.88 million in Bitcoin shorts were liquidated, while Ethereum saw an even bigger flush of $193 million after climbing nearly 15% to $4,760.
Across the market, total liquidations hit $629.48 million, impacting over 150,000 traders who were caught on the wrong side of the move.
Analyst Michael van de Poppe noted, “A small sweep took place and an immediate massive move upward on Bitcoin… uptrend is back.”
Charts revealed heavy liquidity above $117,000, with $259.5 million in sell orders sitting between $117,000 and $118,000.
Analyst Jelle warned that a retracement may follow, but added, “The market wants higher.”
Forecasts remain ambitious, with BitQuant targeting $145,000 this cycle and Bitwise’s André Dragosch predicting Bitcoin could hit $200,000 by year-end, especially with U.S. policy shifts favoring crypto retirement plans.
