Bitcoin is making a strong comeback with traders focusing on upcoming price targets and potential resistance levels. The bullish momentum remains solid at the beginning of the Wall Street trading session, with $117,000 and higher levels in sight.
Liquidity in the order book reveals that short positions are being liquidated, as fresh liquidity accumulates at higher price points. This dynamic suggests increased bullish control in the market.
Bitcoin’s price action closely aligns with key levels of the Bollinger Bands volatility indicator. Notably, the market experienced a “head fake” where price appeared to break down below the lower band but then reversed back, mimicking similar patterns seen earlier in 2025.
This behavior was highlighted by John Bollinger, the indicator’s creator, who cautioned analysts about this deceptive move. On hourly charts, Bitcoin met resistance at the upper band, but on daily charts, the fake breakdown was evident. Price dipped below the lower band briefly before rejecting a further decline.
Popular crypto analyst Rekt Capital pinpointed $117,200 as a critical level for Bitcoin, with a potential reversal forming an ascending triangle. Data from Cointelegraph Markets Pro and TradingView show BTC/USD approaching $117,000, attracting considerable attention from market participants.
Further insight comes from trader CrypNuevo, who observed that liquidity beyond $116,800 on exchange order books has been absorbed, suggesting an upcoming move toward $119,000. Resistance is developing between $117,500 and $118,000, while support bids extend down to just below $114,000, covering a filled gap in CME Group’s Bitcoin futures.
This rebound within the Daily CME Gap indicates Bitcoin’s ability to find crucial support areas that can sustain the bullish trend. As the market continues to evolve, investors and traders should watch for confirmations of momentum and breakout signals.
The recent price action reflects healthy market dynamics with liquidations clearing weak positions and new liquidity enhancing upward pressure. Traders are advised to consider these technical indicators alongside market structure to make informed decisions.
This article is for informational purposes only and does not constitute financial advice. Trading cryptocurrencies involves risk, and users should conduct thorough research before making investment decisions.
