Key points:

• Bitcoin tags new August highs as traders see BTC shorts getting punished.

• An early retracement could well turn into a trip to $120,000, predictions say.

• A CME gap at $116,500 is of interest as a possible next local low.

Bitcoin (BTC) neared $119,000 into Sunday’s “decisive” weekly close as traders expected a strong week.

Bitcoin traders brace for giant short squeeze

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $118,760 on Bitstamp, marking new August highs.

“Out-of-hours” weekend trading saw heightened liquidations, with the 24-hour crypto total at $350 million, per data from monitoring resource CoinGlass.

Commenting on market structure, crypto forecasts favored further progress into the new week.

“BTC is on the cusp of a reclaiming ~$117200 back into support,” popular trader and analyst Rekt Capital wrote in his latest X post about the weekly chart.

“Bitcoin is hours away from a decisive Weekly Close.”

Popular trader BitBull said that while weekend price moves can typically reverse as TradFi markets reopen, there was hope for new all-time highs next.

“Just a 10% upward move will cause $18B+ in short liquidations and big money is probably watching it,” he suggested about liquidity conditions. 

“My guess is that Monday could be a bit bearish with BTC retracing its weekend pump. After that, we could see a move above $120,000.”

An accompanying chart compared BTC/USD now to previous bull markets to support the breakout thesis.

Fellow trader Merlijn agreed on the $120,000 target based on a potential short squeeze.

$BTC‘s next move: $120,000

The largest liquidity pool in weeks is sitting right above us.

If you’re short here… God help you.

SHORT SQUEEZE LOADING. pic.twitter.com/VXmExKH3jj

— Merlijn The Trader (@MerlijnTrader) August 10, 2025

BTC price CME gap at $116,500 on the radar

Considering where the next BTC price dip might reverse, meanwhile, crypto investor and entrepreneur Ted Pillows suggested that price action would continue to coincide with “gaps” in CME Group’s Bitcoin futures market.

Related: Bitcoin Energy Value metric says ‘fair’ BTC price is as much as $167K

“There’s a CME gap around $116.5K, which will most likely be filled,” he summarized in part of an X post. 

“This week, BTC dropped $2K to fill last week’s CME Gap. After that, Bitcoin could rally towards a new ATH.”

Trader Daan Crypto Trades nonetheless described the weekend’s moves as “choppy” rather than trending.

“Most focus is on $ETH breaking its cycle highs and alts making all kind of moves,” he argued, referring to the largest altcoin Ether (ETH), which hit multiyear highs. 

“Would assume BTC takes the spotlight again for a bit the moment it breaks $120K+ and gets close to its own all time high again.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Dubai’s real estate market surged in May, posting record sales volumes and transaction values that signal growing investor confidence and potential readiness for property tokenization.

According to data shared in a press release with Cointelegraph by real estate platform Property Finder, Dubai’s real estate sector reached a total sales value of 66.8 billion dirhams (about $18.2 billion) across 18,700 transactions in May. The figures indicate a 44% year-on-year surge in transaction value and a 6% rise in sales volume.

The growth was driven by both primary and secondary market activity. Primary sales saw a 314% spike in value compared to May 2024, while secondary sales rose 21% in value.  

The performance comes amid an accelerating push into real estate tokenization, which opens up the market to more investors and reshapes the dynamics of property ownership. 

Dubai’s real estate market performance signals tokenization readiness

Scott Thiel, the co-founder and CEO of the real-world asset (RWA) tokenization platform Tokinvest, told Cointelegraph that the record-breaking performance of Dubai’s real estate market signals the city’s readiness for real estate innovation like tokenization. 

“It reinforces what we already knew, Dubai is becoming one of the most active and attractive real estate markets globally,” Thiel told Cointelegraph. “When you see 60 billion dirhams in transactions in a single month, it’s a strong signal that the market is liquid, dynamic and ready for innovation.”

The executive added that real estate tokenization is no longer a futuristic concept but an active development gaining steam. Thiel added that the volume presents a perfect launchpad for fractionalization — dividing properties in smaller, more affordable shares — to meet investor demand locally and internationally. 

Thiel added that tokenization will not just follow market growth but will help accelerate it. “Tokenisation won’t just accompany the next record, we believe, it will help drive it,” he said.

Related: Dubai regulator greenlights Ripple’s RLUSD stablecoin

Regulators back tokenized assets

Dubai’s real estate boom in May coincided with major regulatory and industry developments to modernize how properties are sold and bought. 

On May 1, Dubai’s MultiBank Group, real-estate giant MAG and blockchain provider Mavryk signed a $3 billion RWA agreement. The deal will bring MAG’s luxury real-estate projects into the blockchain using a regulated RWA marketplace. 

On May 19, the Virtual Asset Regulatory Authority (VARA), Dubai’s crypto regulator, updated its guidelines to include provisions for real-world asset (RWA) tokenization. Lawyer Irina Heaver told Cointelegraph these rules give issuers and exchanges a clear path to launch and trade tokenized real estate assets. 

On May 25, the Dubai Land Department (DLD), the Central Bank of the United Arab Emirates, and the Dubai Future Foundation launched a tokenized real estate project in the Middle East and North Africa region. The government institutions launched a platform that allows investors to buy tokenized shares in “ready-to-own properties in Dubai.”

Magazine: Baby boomers worth $79T are finally getting on board with Bitcoin

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