BTC USD is once again on investors’ radar, commanding global attention, looking at the performance earlier today. After surging to over $118,000 over the weekend, Bitcoin crypto tore higher today, breaking $121,000 as traders and investors target all-time highs of $123,000.
If the momentum continues, and
Bitcoin
1.29%
Bitcoin
BTC
Price
$64,231.88
1.29% /24h
Volume in 24h
$16.50B
Price 7d
clears local resistances as it did over the weekend, there is a high probability that the coin will register fresh all-time highs of $125,000 this week, if not higher.
BTC USD Bulls Eye $123,000
From the Bitcoin daily chart, it is easy to see where the trend is headed. Because bulls aggressively defended key support at $112,000, building on this strongly throughout last week, Bitcoin has cleared the local resistance, now support, at $120,000. BTC USD is now trading above the chop of July 13 and July 31 following the breakout of August 10, which was confirmed earlier today.
If today’s prices are not rejected, Bitcoin could clear $123,000 as early as tomorrow before eyeing fresh all-time highs by mid-week. When this happens, some of the top Solana meme coins, including Bonk and WIF, will extend gains.
There are multiple drivers behind this upthrust. First, analysts on X believe there is a massive short squeeze. Traders who shorted BTC USD in early August, forcing prices to as low as $112,000, now have to buy back the coin and exit their shorts, lifting prices.
The short squeeze, in turn, is fueling the momentum and fanning the upside. One trader notes that if Bitcoin moves above $129,800, it will trigger over $18 billion in short liquidation.
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On Coinglass, over $112 million in shorts were torched, mainly across Bybit, Binance, and OKX. Notably, a large $9.14 short position on OKX had to be forcefully closed.
(Source)
Ivy League Colleges Buying Bitcoin
Besides the short squeeze, there is massive demand via spot Bitcoin ETFs as institutions, including Ivy League colleges, are now getting involved. According to Soso Value, over $403 million of BTC-backed shares were bought on Friday, August 8. A big chunk of this inflow was through BlackRock, where IBIT got over $359 million in inflows.
(Source)
Eric Balchunas, a Senior ETF analyst at Bloomberg, also noted that Harvard and Brown universities have invested in spot Bitcoin ETFs through IBIT.
(Source)
Harvard now holds over $126 million in IBIT shares while Brown owns more than $14 million of spot Bitcoin ETF shares via BlackRock.
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Bitcoin Hyper Rising Rapidly as Hottest DeFi in Augusr: Over $8.2M Raised
While Bitcoin prices soar higher, the mainnet faces challenges.
Bitcoin is slow, and fees can spike, impacting user experience. At the same time, holders can’t participate in DeFi since the network doesn’t natively support smart contracts.
To address this problem, Bitcoin Hyper is building a layer-2 using Solana technology. Instead of using the Ethereum Virtual Machine, Bitcoin Hyper developers opted for the Solana Virtual Machine and plan to build a layer-2 on top of Bitcoin.
Through a secure, private Canonical bridge, BTC holders can move assets from the mainnet to the layer-2, where they can engage in DeFi, gaming, NFTs, and much more.
As they mint an equivalent amount of BTC on the Bitcoin Hyper layer-2, holders do so cheaply with near-instant finality.
Bitcoin Hyper is emerging as one of the hottest crypto presales, raising over $8.2 million. Each HYPER token is trading for $0.012625, but prices will increase in the next 30 hours.
Those who want to buy HYPER can now use crypto and cash directly on the Bitcoin Hyper homepage. Another secure alternative is to buy HYPER via the Best Wallet, a non-custodial wallet used by thousands globally.
Presale investors can also stake HYPER, earning a 131% APY.
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BTC USD Targets $123,000 On Bitcoin Short Squeeze, Institutional Demand?
- BTC USD trending higher, breaks $120,000
- Bitcoin bulls targeting $123,000
- Analysts expect a massive short squeeze if BTC USD breaks $130,000
- Bitcoin Hyper raises over $8.2 million
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