Bitcoin Price Surges to $117K After Fed Pivot Hint, Bears Liquidated

Bitcoin Breaks Out on Fed Pivot Signal

Bitcoin (BTC) surged more than 5% to $117,300 on Friday, liquidating hundreds of millions in bearish bets after Federal Reserve Chair Jerome Powell hinted at a possible interest rate cut in September during his Jackson Hole Symposium speech.

BTC had previously dipped to a six-week low near $111,600, but Powell’s remarks triggered a sharp reversal that reignited bullish sentiment across the crypto market.

$379M in Shorts Liquidated

The sudden move sparked widespread liquidations:

• $379.88M worth of Bitcoin shorts were wiped out

• Ether (ETH) led liquidations at $193M, soaring nearly 15% to $4,760

• Bitcoin followed with $56.4M in liquidations

• Across all assets, a total of $629.48M was liquidated, impacting 150,217 traders

According to a CoinGlass heatmap, BTC consumed liquidity above $117,000, with more than $259.5M in ask orders stacked between $117K and $118K.

BTC/USD hourly chart. Source: TradingView

Related: BitMine’s Ether Holdings Top $3B as ETH Surges 6%, Marking Institutional Momentum Shift

Analysts: “Uptrend Is Back”

Several analysts quickly declared that the Bitcoin bull trend has resumed:

• Michael van de Poppe (MN Capital) highlighted the sweep below $112K as a strong accumulation zone, noting:

“A small sweep took place and an immediate massive move upward on #Bitcoin. Uptrend is back.”

• Jelle, another analyst, warned that BTC may retrace after the pump but emphasized that “the market wants higher.”

• BitQuant reaffirmed his $145,000 cycle top target, projecting that Bitcoin’s upward momentum remains intact through 2025.

• André Dragosch, Head of European Research at Bitwise, suggested that U.S. President Donald Trump’s policy shift—allowing crypto in 401(k) retirement plans—could propel BTC toward $200,000 before year-end.

Total crypto liquidations. Source: CoinGlass

Technical Outlook: New All-Time Highs on the Horizon?

With liquidity cleared above $117,000, analysts say Bitcoin’s path to new all-time highs is wide open. If bullish momentum sustains, BTC could:

• Retest the $120K region as immediate resistance

• Build toward cycle targets of $145K–$200K in 2025

• Continue benefiting from macro tailwinds such as monetary easing and regulatory clarity

Bitcoin liquidation heatmap. Source: CoinGlass

Conclusion: Bears Squeezed, Bulls in Control

Bitcoin’s sharp breakout at $117,300 not only liquidated bears but also marked a critical shift in sentiment. With rate cuts on the table and institutional adoption accelerating, analysts argue that Bitcoin’s next leg toward record highs has begun.

For now, $112K remains a key support, while the market’s focus shifts to whether BTC can sustain momentum toward $120K and beyond.

BTC/USD four-hour chart. Source: Michael van de Poppe

Related: Bitcoin Analyst Predicts $145K Target as BTC Holds Firm Above $100K