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Bitcoin is showing bullish momentum, with traders eyeing price targets of $117,000 and higher as key resistance levels come into play.
Bitcoin bulls maintain momentum at the Wall Street open, targeting $117,000 and beyond.
Order-book liquidity indicates shorts are being liquidated, with new liquidity added at higher levels.
Bitcoin’s price action aligns with key Bollinger Bands levels, indicating a potential fake breakdown this month.
Bitcoin bounces back as traders highlight the next BTC price targets and resistance levels — can bulls take control?
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Bitcoin Shorts Pay as Price Hits New August High
Bitcoin (BTC) delivered a textbook rebound move Thursday, with BTC/USD nearing $117,000 before cooling off.
The Wall Street open preserved bullish momentum, and market participants are keen to see how BTC price action unfolds.
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For popular trader and analyst Rekt Capital, $117,200 is a crucial level to watch.
Fellow trader CrypNuevo noted that upside liquidity on exchange order books had been taken with the visit beyond $116,800.
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“This is how the market moves – always around and towards the liquidity. Market structure for context and MM footprints for signs,” he told followers, suggesting that $119,000 could be the next target.
Data from monitoring resource CoinGlass showed resistance thickening between $117,500 and $118,000.
Bids extended all the way to below $114,000, surrounding a now-filled gap in CME Group’s Bitcoin futures.
“Bitcoin has successfully found support within the Daily CME Gap,” Rekt Capital observed.
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Bollinger Bands Track Fake BTC Price Breakdown
Price action conformed to prescribed levels highlighted on the Bollinger Bands volatility indicator.
On hourly timeframes, price rejected at the upper band, while the daily chart delivered what creator John Bollinger described as a “head fake.”
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Price dipped below the lower band before reversing, rejecting a breakdown similar to previous swing lows in 2025.
“Bitcoin $BTCUSD and several other cryptos are setting up a head fake after a Bollinger Band Squeeze. Interestingly, the pattern is not evident in the ETFs as they don’t trade on weekends and holidays,” Bollinger noted.
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Frequently Asked Questions
What are the key resistance levels for Bitcoin?
Key resistance levels for Bitcoin are currently between $117,500 and $118,000, with support found below $114,000.
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How does order-book liquidity affect Bitcoin trading?
Order-book liquidity impacts Bitcoin trading by indicating where market participants are placing their bids and offers, influencing price movements.
Key Takeaways
Bitcoin is showing bullish momentum: Traders are targeting $117,000 and higher.
Order-book dynamics are crucial: Liquidity levels indicate potential price movements.
Bollinger Bands signal volatility: Current price action reflects a head fake pattern.
Conclusion
In summary, Bitcoin’s recent price action suggests a potential bullish trend, with key resistance levels to watch. As traders navigate the market, understanding order-book dynamics and Bollinger Bands can provide valuable insights into future price movements.
