Bitcoin (BTC) bulls maintain upward momentum as Wall Street opens, targeting $117,000 and higher.
Order book liquidity shows that shorts are being liquidated, while new liquidity continues to be injected at higher levels.
Bitcoin is operating at key Bollinger Band levels, with a "false breakdown" pattern reappearing this month.
On Thursday, Bitcoin (BTC) staged a textbook rebound, but the price remains under pressure from key resistance levels.
According to Cointelegraph Markets Pro and TradingView data, BTC/USD retraced after approaching $117,000.
After Wall Street opened, bullish momentum continued, with market participants closely watching BTC's next price movements.
Renowned trader and analyst Rekt Capital believes that $117,200 is a key level.
Another trader, CrypNuevo, pointed out that as Bitcoin (BTC) touched above $116,800, the high liquidity on the exchange order book has been consumed.
He posted on the X platform: "This is how the market works—always moving around and towards liquidity. Market structure serves as a reference, and the 'footprints' of market makers are signals." He hinted that the next target price could be $119,000.
Monitoring platform CoinGlass shows that resistance in the $117,500 to $118,000 range is continuously strengthening.
Meanwhile, buy orders extend down to below $114,000, covering a previously filled gap in the Chicago Mercantile Exchange (CME) Bitcoin futures.
Rekt Capital noted: "Bitcoin has successfully found support within the CME gap on the daily level."
Nevertheless, the price movement still aligns with the key levels indicated by the Bollinger Bands volatility indicator.
On the hourly chart, the price encountered resistance at the upper band; while on the daily chart, a "false breakout" pattern appeared, as described by Bollinger Bands founder John Bollinger.
The price briefly fell below the lower band before quickly reversing, refusing to continue the downward trend, which is quite similar to the movements seen in several previous local lows in 2025.
Bollinger pointed out on the X platform: "Bitcoin ($BTCUSD) and some other cryptocurrencies are forming a 'false breakout' pattern after a Bollinger Band Squeeze. Interestingly, this pattern is not evident in ETFs, as ETFs do not trade on weekends and holidays."
Related: Bitcoin (BTC) continues to oscillate within a range, with a breakout trend brewing.
Original: “Bitcoin (BTC) Sees Bollinger Bands 'False Breakout', Bulls' Next Target Aiming for $117,000”
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