Bitcoin Targets $117K After Bollinger Bands ‘Head Fake’
Bitcoin is staging a strong rebound, with bulls eyeing $117,000 and beyond as the next big targets. Early Wall Street trading shows solid bullish momentum, fueled by short liquidations and fresh liquidity stacking at higher price points — signaling stronger market control by buyers.
Price action is tracking closely with key Bollinger Bands levels. Recently, BTC pulled off a classic “head fake” — dipping below the lower band before sharply reversing upward, a move noted by the indicator’s creator, John Bollinger. On hourly charts, BTC hit resistance at the upper band, while daily charts clearly show the fake breakdown before rejection of further downside.
Analyst Rekt Capital sees $117,200 as a pivotal level, hinting at a potential ascending triangle breakout. Data from Cointelegraph Markets Pro and TradingView show BTC/USD closing in on $117,000. Trader CrypNuevo adds that liquidity above $116,800 has already been absorbed, opening the door for a push toward $119,000. Resistance is building between $117,500–$118,000, with key support sitting just under $114,000 — coinciding with a filled CME futures gap.
This bounce within the Daily CME Gap highlights Bitcoin’s ability to hold critical support zones, maintaining its bullish trajectory. Liquidations are clearing weak hands, while new liquidity keeps upward pressure alive.
Traders should watch for momentum confirmations and breakout triggers as BTC navigates these resistance and support levels.
