Bitcoin Surges to $117K, Bears Squeezed, All-Time Highs in Sight

Bitcoin (BTC) has surged to $117,300, igniting a frenzy of bearish liquidations and fueling speculation of new all-time highs, according to Cointelegraph. The rally, sparked by Federal Reserve Chair Jerome Powell’s hint at a September rate cut during the Jackson Hole Symposium, liquidated $379.88 million in short positions, with $56.4 million tied to BTC alone, per CoinGlass data. This short squeeze, one of 2025’s largest, propelled Bitcoin from a six-week low of $111,600, clearing key resistance at $115,000.

Institutional demand is a key driver, with BlackRock’s iShares Bitcoin Trust (IBIT) absorbing $500 million in BTC in a single day, offsetting retail panic selling. ETF trade volumes hit $11.5 billion, rivaling mega-cap equities like Apple. On-chain metrics show long-term holders locking up 70% of BTC supply, reducing liquidity and bolstering bullish sentiment. Technical indicators, including upward-sloping 200-day EMAs at $102,562, affirm the trend, though a double-top pattern at $124,517 signals caution.

Analysts like BitQuant project Bitcoin could hit $145,000 by year-end, with Bitwise’s André Dragosch citing U.S. crypto-friendly policies, such as Trump’s 401(k) crypto inclusion, potentially pushing BTC to $200,000. However, macro risks, including sticky inflation and geopolitical tensions, could trigger pullbacks to $113,000–$115,000 if $117,000 support fails. Posts on X reflect divided sentiment, with some traders eyeing $125,000 while others warn of volatility near $116,800.

As Bitcoin consolidates above $117,000, the market remains poised for a breakout. Investors are advised to monitor ETF inflows and Fed policy for cues, with $120,000 as the next critical threshold.