Bitcoin Surges to $116.7K After Bollinger Band Head Fake, $119K Target in Sight

Sean Williams | Updated on August 7, 2025
Bitcoin

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Key Takeaways:

  • BTC surged to $116,717, clearing key liquidity and eyeing $119,000.
  • Bollinger Bands signaled a bullish head fake pattern.
  • Strong CME gap support holds below $114K amid rising resistance.

Bitcoin (BTC) surged to a new monthly high of $116,717 on Thursday, staging a classic rebound after briefly dipping below support levels. Data from TradingView and Cointelegraph Markets Pro showed BTC/USD testing critical resistance before slightly cooling off. The move came amid sustained bullish momentum during the Wall Street open, with market participants watching closely for a possible breakout above $117,500.

Popular analyst Rekt Capital highlighted the potential for a bullish reversal out of an Ascending Triangle-like pattern, calling the $17,200 level crucial for maintaining structure.

Liquidity Grabs Point Toward $119K Target

According to trader CrypNuevo, Bitcoin’s recent surge cleared upside liquidity near $116,800, indicating that market makers are steering price action toward higher liquidity zones. He suggested that $119,000 could be the next major target, supported by activity visible in exchange order books and market structure.

Meanwhile, CoinGlass heatmaps revealed concentrated resistance between $117,500 and $118,000, while bid support extended toward $114,000, encompassing a recently closed CME futures gap—a key level often referenced by institutional traders.

Bollinger Bands Show Classic “Head Fake”

BTC price movements also mirrored volatility patterns identified by Bollinger Bands, with a brief dip below the lower band followed by a sharp reversal. Band creator John Bollinger described this as a “head fake,” a false breakdown followed by a swift recovery—consistent with Bitcoin’s past behavior during 2025 corrections.

Also Read: Litecoin Breakout Imminent as LTC Gains Strength Against Bitcoin and Ethereum

Importantly, Bollinger noted that such patterns were not evident in Bitcoin ETFs, which do not trade on weekends and holidays, underscoring the unique volatility of spot crypto markets.

BTC Rally Still in Play, But Eyes on Resistance

Bitcoin’s bounce from key technical levels, paired with strong liquidity dynamics, has put the $119K target in focus. While resistance thickens near-term, price structure and indicators suggest momentum may still favor bulls, especially if macro conditions remain stable.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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