Key factors:
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Bitcoin bulls preserve momentum intact on the Wall Street open, with $117,000 and better on the radar.
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Order-book liquidity exhibits shorts getting liquidated, with contemporary liquidity being added greater.
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Bitcoin conforms to key Bollinger Bands ranges, producing one other pretend breakdown this month.
Bitcoin (BTC) delivered a textbook rebound transfer Thursday as BTC worth stayed pinned by key resistance ranges.
Bitcoin shorts pay as worth hits new August excessive
Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD nearing $117,000 earlier than cooling off.
The Wall Street open preserved bullish momentum, and market members dug in to see how BTC worth motion would play out.
For well-liked dealer and analyst Rekt Capital, $17,200 was essential.
Slowly however certainly, Bitcoin is getting nearer to discovering out
Potential for reversal from an Ascending Triangle-like formation first mentioned on the Elite Live Weekly Strategy Call this previous Tuesday
Become Elite right here:https://t.co/CWLXYsY4t2$BTC #Crypto #Bitcoin https://t.co/I5sEADbwga pic.twitter.com/VWEwDyHagi
— Rekt Capital (@rektcapital) August 7, 2025
Fellow dealer CrypNuevo famous that upside liquidity on change order books had been taken with the go to past $116,800.
“This is the best way the market strikes – all the time round and in the direction of the liquidity. Market construction for context and MM footprints for indicators,” he informed X followers, suggesting that $119,000 might come “subsequent.”
Data from monitoring useful resource CoinGlass confirmed resistance now thickening between $117,500 and $118,000.
Bids in the meantime prolonged all the best way to beneath $114,000, surrounding a now-filled hole in CME Group’s Bitcoin futures.
“Bitcoin has efficiently discovered a assist throughout the Daily CME Gap,” Rekt Capital noticed.
Bollinger Bands monitor pretend BTC worth breakdown
Price motion nonetheless conformed to prescribed ranges highlighted on the Bollinger Bands volatility indicator.
Related: Bitcoin worth echoing 2024 sample that noticed 50% BTC positive aspects: Trader
On hourly timeframes, worth rejected on the higher band, whereas the each day chart delivered what creator John Bollinger described as a “head pretend.”
Price dipped beneath the decrease band earlier than reversing, rejecting a breakdown in an identical type to earlier swing lows in 2025.
“Bitcoin $BTCUSD and various the opposite cryptos are organising a head pretend after a Bollinger Band Squeeze. Interestingly, the sample is just not evident within the ETFs as they do not commerce on weekends and holidays,” Bollinger famous on X.
“Analyst beware!”
This article doesn’t include funding recommendation or suggestions. Every funding and buying and selling transfer includes threat, and readers ought to conduct their very own analysis when making a choice.
