W3BStation
Markets
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
08/23/2025

Bitcoin Surges to $117,000, Liquidates Nearly $380M in Short Positions and Sets the Stage for New All-Time Highs

On August 23 (Vietnam time), Bitcoin surged sharply following remarks by Federal Reserve Chair Jerome Powell at the Jackson Hole symposium, opening the door to a new growth cycle for the crypto market. Bitcoin Rockets Higher After Fed "Pivot" Signal Bitcoin (BTC) unexpectedly jumped 5% to $117,300 after Jerome Powell hinted at a possible rate cut in September. Prior to the move, BTC had fallen to a 6-week low of $111,600. The strong price rally

Bitcoin Surges to $117,000, Liquidates Nearly $380M in Short Positions and Sets the Stage for New All-Time Highs

On August 23 (Vietnam time), Bitcoin surged sharply following remarks by Federal Reserve Chair Jerome Powell at the Jackson Hole symposium, opening the door to a new growth cycle for the crypto market.

Bitcoin Rockets Higher After Fed "Pivot" Signal

Bitcoin (BTC) unexpectedly jumped 5% to $117,300 after Jerome Powell hinted at a possible rate cut in September. Prior to the move, BTC had fallen to a 6-week low of $111,600.

The sharp price rally triggered a massive liquidation wave across derivatives markets. According to CoinGlass data, $379.88 million in short positions were liquidated, with Ethereum (ETH) accounting for more than $193 million of that total after surging nearly 15% to $4,760. Bitcoin alone saw $56.4 million in liquidations.

In total, over $629 million in long and short positions were wiped out, leaving 150,217 traders in the red within a matter of hours.

Is the Bull Trend Back?

According to Michael van de Poppe, founder of MN Capital, the "stop hunt" sweep below $112,000 created an attractive buying opportunity — right before the market ripped higher. He stated: "The uptrend is back."

Other analysts, including Jelle, believe BTC may see a mild pullback after the surge, but broadly agree that "the market still wants to go higher."

Forecast: Bitcoin Could Reach $200,000

Against this backdrop, a number of bullish price targets have emerged. Analyst BitQuant maintains his $145,000 cycle top target for 2025. Meanwhile, André Dragosch — Bitwise's Head of Research for Europe — argues that President Donald Trump's push to include crypto in 401(k) retirement plans could be the catalyst that sends Bitcoin to $200,000 before the end of 2025.

With the Fed's "pivot" signal and a favorable policy tailwind, Bitcoin is now well-positioned to set a new all-time high in the months ahead.