Key factors:
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Bitcoin bulls preserve momentum intact on the Wall Road open, with $117,000 and better on the radar.
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Order-book liquidity reveals shorts getting liquidated, with contemporary liquidity being added increased.
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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 value stayed pinned by key resistance ranges.
Bitcoin shorts pay as value hits new August excessive
Knowledge from Cointelegraph Markets Pro and TradingView confirmed BTC/USD nearing $117,000 earlier than cooling off.
The Wall Road open preserved bullish momentum, and market contributors dug in to see how BTC value motion would play out.
For in style dealer and analyst Rekt Capital, $17,200 was essential.
Slowly however absolutely, Bitcoin is getting nearer to discovering out
Potential for reversal from an Ascending Triangle-like formation first mentioned on the Elite Reside Weekly Technique Name this previous Tuesday
Turn into Elite right here:https://t.co/CWLXYsY4t2$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 alternate order books had been taken with the go to past $116,800.
“That is the best way the market strikes – at all times round and in the direction of the liquidity. Market construction for context and MM footprints for indicators,” he told X followers, suggesting that $119,000 may come “subsequent.”
Knowledge 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 under $114,000, surrounding a now-filled hole in CME Group’s Bitcoin futures.
“Bitcoin has efficiently discovered a assist inside the Each day CME Hole,” Rekt Capital observed.
Bollinger Bands monitor pretend BTC value breakdown
Price motion nonetheless conformed to prescribed ranges highlighted on the Bollinger Bands volatility indicator.
Associated: Bitcoin price echoing 2024 pattern that saw 50% BTC gains: Trader
On hourly timeframes, value rejected on the higher band, whereas the every day chart delivered what creator John Bollinger described as a “head pretend.”
Price dipped under the decrease band earlier than reversing, rejecting a breakdown in the same fashion to earlier swing lows in 2025.
“Bitcoin $BTCUSD and various the opposite cryptos are establishing a head pretend after a Bollinger Band Squeeze. Curiously, the sample just isn’t evident within the ETFs as they do not commerce on weekends and holidays,” Bollinger noted on X.
“Analyst beware!”
This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer entails danger, and readers ought to conduct their very own analysis when making a choice.
