1 week ago
Bitcoin bounces backmost arsenic traders item the adjacent BTC terms targets and absorption levels — tin bulls instrumentality control?
Key points:
Bitcoin bulls support momentum intact astatine the Wall Street open, with $117,000 and higher connected the radar.
Order-book liquidity shows shorts getting liquidated, with caller liquidity being added higher.
Bitcoin conforms to cardinal Bollinger Bands levels, producing different fake breakdown this month.
Bitcoin (BTC) delivered a textbook rebound determination Thursday arsenic BTC terms stayed pinned by cardinal absorption levels.
BTC/USD one-hour chart. Source: Cointelegraph/TradingViewBitcoin shorts wage arsenic terms hits caller August high
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $117,000 earlier cooling off.
The Wall Street unfastened preserved bullish momentum, and marketplace participants dug successful to spot however BTC terms enactment would play out.
For fashionable trader and expert Rekt Capital, $17,200 was crucial.
— Rekt Capital (@rektcapital) August 7, 2025Fellow trader CrypNuevo noted that upside liquidity connected speech bid books had been taken with the sojourn beyond $116,800.
“This is the mode the marketplace moves - ever astir and towards the liquidity. Market operation for discourse and MM footprints for signs,” helium told X followers, suggesting that $119,000 could travel “next.”
BTC liquidation heatmap. Source: CoinGlassData from monitoring assets CoinGlass showed absorption present thickening betwixt $117,500 and $118,000.
Bids meantime extended each the mode to beneath $114,000, surrounding a now-filled spread successful CME Group’s Bitcoin futures.
“Bitcoin has successfully recovered a enactment wrong the Daily CME Gap,” Rekt Capital observed.
CME Bitcoin futures one-day chart. Source: Rekt Capital/X
Bollinger Bands way fake BTC terms breakdown
Price enactment nevertheless conformed to prescribed levels highlighted connected the Bollinger Bands volatility indicator.
Related: Bitcoin terms echoing 2024 signifier that saw 50% BTC gains: Trader
BTC/USD one-hour illustration with Bollinger Bands data. Source: Cointelegraph/TradingViewOn hourly timeframes, terms rejected astatine the precocious band, portion the regular illustration delivered what creator John Bollinger described arsenic a “head fake.”
Price dipped beneath the little set earlier reversing, rejecting a breakdown successful a akin benignant to erstwhile plaything lows successful 2025.
“Bitcoin $BTCUSD and a fig of the different cryptos are mounting up a caput fake aft a Bollinger Band Squeeze. Interestingly, the signifier is not evident successful the ETFs arsenic they don't commercialized connected weekends and holidays,” Bollinger noted connected X.
“Analyst beware!”
BTC/USD one-day illustration with Bollinger Bands data. Source: Cointelegraph/TradingViewThis nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.
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