Key Points:
The Bitcoin Bulls have kept their momentum intact with the Wall Street open, and are over $117,000 on radar.
The liquidity of the order book is that shorts have been settled, resulting in a fresh liquidity.
Bitcoin is compliant with Keybollinger Band level, creating another fake breakdown this month.
Bitcoin (BTC) made a rebound move of textbooks on Thursday as BTC prices are fixed at major resistance levels.
Bitcoin shorts will be paid when the price hits in New August
Data from CointeLegraph Markets Pro and TradingView showed that BTC/USD cools down after approaching $117,000.
Wall Street preserved bullish momentum, with market participants digging to see how BTC price action unfolds.
For popular trader and analyst Rekt Capital, $17,200 was important.
#BTC
Slowly and surely, Bitcoin is approaching to finding it
Possibility of reversal from the ascending triangle-like formations first discussed in the Elite Live Weekly Strategy last Tuesday
Become an elite here: https://t.co/cwlxysy4t2$btc #crypto #bitcoin https://t.co/i5seadbwga pic.twitter.com/vwewdyhagi
– Rekt Capital (@rektcapital) August 7, 2025
fellow trader Crypnuevo noted that the reverse liquidity of the exchange order was taken with visits above $116,800.
“This is how the market moves – it’s always heading towards liquidity. The market structure of context and the MM footprint of signs,” he told X-follower, suggesting that $119,000 could be “next.”
Data from the monitoring resource Coinglass showed resistance thickening between $117,500 and $118,000.
Meanwhile, the bid has been extended to under $114,000, surrounding the currently filled gap in CME Group’s Bitcoin futures.
“Bitcoin has successfully found support within the daily CME gap,” observed Rekt Capital.
Bollinger Band tracks fake BTC prices breakdown
Nevertheless, the price action follows the prescribed level highlighted by the Bollinger Band volatility indicator.
Related: 2024 Pattern Bitcoin Prices Seeing 50% BTC Profits: Traders
In the hourly time frame, the price was rejected by the upper band, but the daily chart was provided by creator John Bollinger, who is described as “head fake.”
Price immersed under the lower band before turning it over, refusing to break down in a style similar to previous swing declines in 2025.
“Bitcoin $btcusd and many other ciphers have set up a head fake after squeezing the Bollinger band. Interestingly, the pattern is not obvious in ETFs as they don’t trade on weekends or holidays,” Bollinger said in X.
“Analysts take care!”
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
