Bitcoin Hits $117K in Bollinger Bands Rebound: Analysts Eye $119K Target

• Bitcoin rebounds sharply on August 7, 2025, fueled by technical reversal signals.
• Analysts attribute the surge to Bollinger Bands patterns and favorable macroeconomic shifts.

On August 7, 2025, Cointelegraph reported a decisive Bitcoin recovery as its price approached $117,000. The turnaround captured market attention when Wall Street opened, highlighting key levels that could propel the cryptocurrency toward $119,000.

Analysts attributed the price surge to a technical pattern on the Bollinger Bands indicator known as a “head fake,” where Bitcoin briefly dipped below the lower band before reversing sharply upward. This event triggered the liquidation of short positions, and throughout 2025, such reversals have historically marked swing lows and signaled renewed upward momentum.

Trading data revealed heightened liquidity on exchange order books, indicating a potential bullish continuation. Analysts pointed out that the move absorbed upside liquidity, paving the way for future price targets. Meanwhile, according to CoinGlass metrics on August 7, resistance is situated between $117,500 and $118,000, with bid support extending down to $114,000.

In a further bullish signal, Bitcoin successfully stabilized within a daily CME gap, which some experts called a favorable technical cue. Additionally, other analysts interpreted the recent price action as an ascending triangle formation, a setup that reinforces the case for a sustained upward movement.

Macroeconomic conditions also fueled the rally, as the recently enacted GENIUS Act enhances stablecoin accessibility and creates a supportive environment for cryptocurrency growth. However, analysts stressed that Bitcoin must reclaim $116,900 to avert a retracement to $110,000. While short-term caution remains, long-term projections are highly optimistic, with some analysts forecasting prices as high as $250,000 by the end of 2025, citing rising institutional adoption and accumulation trends.

As of 15:08 UTC on August 7, 2025, Bitcoin (BTC) was trading at $116,395.60. Its 24-hour trading volume also rose by 1.35%, according to CoinMarketCap on August 7.