Bitcoin News Today: Bitcoin Breaks Above $117K in Bollinger Bands 'Head Fake' — Is $119K Next?

Key Takeaways:Bitcoin rebounds sharply, reclaiming $117K after a false breakdown below key Bollinger Band support.Traders target $119K as next resistance, with thick liquidity stacked between $117.5K–$118K.BTC liquidation heatmaps show short positions being wiped out.Daily CME futures gap now filled, offering new support near $114K.Bollinger warns of "head fake" setup, as crypto charts diverge from ETF behavior.Bitcoin bulls regained control Thursday, pushing BTC price back toward $117,000 and triggering what analysts are calling a “Bollinger Bands head fake” — a classic reversal pattern following a false breakdown.According to data from Cointelegraph Markets Pro and TradingView, BTC/USD surged to a fresh August high, with price action stalling just below $117K before minor cooling.Shorts Liquidated as Liquidity Shifts HigherThe Wall Street open preserved upward momentum, and traders noted increasing signs of short positions being squeezed.“This is how the market moves — always around and toward the liquidity,” said trader CrypNuevo on X, pointing to a sweep of upside liquidity around $116,800.He added that $119,000 could be the next logical stop.CoinGlass heatmap data shows liquidation clusters building between $117,500 and $118,000, where BTC faces increasing resistance. On the downside, bids stretch toward $114,000, now bolstered by a filled CME futures gap — a historically significant area for spot price alignment.“Bitcoin has successfully found support within the Daily CME Gap,” added analyst Rekt Capital, who has been tracking the zone since the early-week dip.Bollinger Bands: Fake Breakdown, Bullish ReversalThursday’s move also aligned with the Bollinger Bands volatility indicator, as BTC printed what creator John Bollinger called a “head fake” — a move below the lower band that quickly reversed, catching bears offside.“Bitcoin and a number of other cryptos are setting up a head fake after a Bollinger Band Squeeze,” Bollinger said.“Interestingly, the pattern is not evident in the ETFs — they don’t trade weekends and holidays. Analyst beware!”On hourly charts, Bitcoin was rejected at the upper Bollinger Band, while the daily timeframe showed a classic swing failure — a bullish setup that historically precedes upside volatility.What’s Next for BTC?With $117K reclaimed, traders are watching whether Bitcoin can build enough momentum to clear the $117.5K–$118K resistance band and push toward $119K.Key levels to watch:Resistance: $117.5K–$118K (liquidity cluster), then $119KSupport: $114K (CME gap), then $112.5KAnalysts note that if Bitcoin can break above $119K with conviction, the next psychological and technical target becomes $120,000, potentially setting up a stronger Q3 rally, according to Cointelegraph.