- Bitcoin holds strong momentum at Wall Street open as prices approach $117,000.
- Liquidations of short positions increase as new trading liquidity emerges at higher levels.
- Bitcoin Price movements follow key resistance levels and align with Bollinger Bands indicators.
- Traders highlight the potential for further gains, with $119,000 as the next significant target.
- Recent volatility includes a “head fake” move, where prices dipped before recovering, as observed by analysts.
Bitcoin maintained its upward momentum during the Wall Street opening on Thursday, with prices rising toward $117,000. Market participants tracked the cryptocurrency as it continued to test resistance levels, showing strong trading activity.
According to data from Cointelegraph Markets Pro and TradingView, the price of Bitcoin approached $117,000 before a slight pullback. Trader and analyst Rekt Capital noted the importance of the $17,200 support level for the current price structure, referencing an ascending triangle pattern signaling the possibility of further upward movement.
Fellow trader CrypNuevo pointed out on X (formerly Twitter) that the latest price increase cleared out sell-side liquidity above $116,800 and suggested that Bitcoin could reach $119,000 next. Monitoring service CoinGlass showed growing resistance between $117,500 and $118,000, while buy orders extended below $114,000. This area now covers a previously unfilled gap on the CME Group Bitcoin futures market.
“Bitcoin has successfully found a support within the Daily CME Gap,” observed Rekt Capital on X. This refers to a price gap seen on futures charts that often acts as technical support or resistance.
On the technical analysis side, Bitcoin’s price action followed key levels indicated by Bollinger Bands, a tool that measures market volatility. The price briefly fell below the lower band—a “head fake” move—before rebounding, which mirrors behavior seen in past months. Bollinger Bands creator John Bollinger commented that this reversal pattern, common after periods of low volatility known as a “squeeze,” has appeared on Bitcoin and other cryptocurrencies, though not as clearly on ETF markets due to their limited trading days.
Additional data showed that Bitcoin bulls managed to capitalize on rapid liquidations of short positions, adding to the broader upward pressure seen in recent trading sessions.
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