Bitcoin Bulls Charge Ahead: $117,000 in Sight
As the Wall Street open approached, Bitcoin bulls showed no signs of slowing down, with their sights set on a whopping $117,000 and potentially even higher. The cryptocurrency’s price has been on a tear, with order-book liquidity indicating that shorts are getting liquidated and fresh liquidity being added at higher levels. This is a clear sign that the market is gearing up for a potential breakout.
Rebound and Resistance
On Thursday, Bitcoin delivered a textbook rebound move, staying pinned to key resistance levels. According to data from Cointelegraph Markets Pro and TradingView, the BTC/USD pair neared $117,000 before cooling off slightly. Popular trader and analyst Rekt Capital has been keeping a close eye on the price action, noting that $17,200 is a crucial level to watch. If Bitcoin can break through this level, it could be a sign of things to come.
Ascending Triangle Formation
Rekt Capital also pointed out the potential for a reversal from an Ascending Triangle-like formation, which was first discussed on the Elite Live Weekly Strategy Call earlier this week. This type of formation can be a powerful indicator of future price movements, and it’s clear that Rekt Capital is bullish on Bitcoin’s prospects. Fellow trader CrypNuevo also weighed in, noting that upside liquidity on exchange order books has been taken out with the visit beyond $116,800. He suggested that $119,000 could be the next target, and it’s hard to argue with his logic given the current market momentum.
Bollinger Bands and Fake Breakdowns
One of the most interesting aspects of Bitcoin’s recent price action is its conformation to the Bollinger Bands volatility indicator. On hourly timeframes, the price has rejected the upper band, while the daily chart has delivered what creator John Bollinger described as a “head fake.” This is a classic indicator of a fake breakdown, and it’s a sign that the market is still bullish on Bitcoin. As Bollinger himself noted on X, “Bitcoin $BTCUSD and a number of the other cryptos are setting up a head fake after a Bollinger Band Squeeze.” This is a clear warning to analysts to be cautious, but it’s also a sign that the market is still full of surprises.
Market Structure and Liquidity
So what’s driving this market momentum? According to CrypNuevo, it’s all about the market structure and liquidity. He noted that the market always moves towards liquidity, and that market makers are leaving their footprints all over the place. With resistance thickening between $117,500 and $118,000, and bids extending all the way to below $114,000, it’s clear that the market is gearing up for a potential breakout. As Rekt Capital observed, “Bitcoin has successfully found a support within the Daily CME Gap,” and this could be the catalyst for a major move higher.
In conclusion, Bitcoin’s price action is looking increasingly bullish, with $117,000 and potentially even higher in sight. With the market structure and liquidity lining up in favor of the bulls, it’s hard to argue with the idea that Bitcoin is gearing up for a major move. Of course, as with any investment, there are risks involved, and readers should always do their own research before making a decision. But for now, it’s clear that the Bitcoin bulls are in charge, and they’re not showing any signs of slowing down.
