Bitcoin News Today: Bitcoin Traders Watch $117,000 Resistance for Next Move

Bitcoin is currently at a crucial inflection point as traders focus on the $117,000 resistance level, a key barrier that has repeatedly tested the strength of the bulls [1]. Analyst Captain Faibik highlighted on X that a successful breakout above this threshold could trigger a 5–6% bullish move, potentially propelling prices toward $123,000 [2]. However, failure to maintain the $115,000 support level could result in a pullback toward $110,000, underscoring the high volatility and uncertainty surrounding the current price action [3].

Technical indicators suggest a period of consolidation. On the 4-hour chart, a descending trendline pattern has emerged, signaling potential for either a reversal or continued sideways movement [4]. Additionally, Bitcoin recently experienced what traders describe as a “head fake”—a sharp false breakdown below a key Bollinger Band support level, followed by a rapid recovery back above $117,000 [5]. This kind of price behavior is typical in high-liquidity environments and reinforces the significance of watching both volume and on-chain metrics closely [6].

The market remains in a state of cautious anticipation, with the 1-hour chart showing a micro-uptrend from $114,280 to $117,675 before settling into a range-bound pattern [7]. Analysts caution that a decisive breakout—either upward or downward—will require a strong catalyst. This includes not only price momentum but also shifts in on-chain activity and trader sentiment [8].

External factors are also influencing the narrative. A recent report from Cointelegraph noted potential regulatory developments in the U.S., including the possibility of allowing Bitcoin to be included in retirement funds [9]. Such a move could significantly enhance institutional demand and support a longer-term bullish outlook. CoinCodex forecasts a modest 0.36% rise to $116,560 by August 13, while Finance Magnates projects a broader 2025 range of $120,000 to $200,000, driven by ETF inflows and a tightening supply environment [10].

Despite these forecasts, the market remains in a tug-of-war between bullish and bearish forces. The next few days will be critical in determining whether Bitcoin can break decisively above $117,000 or if it will retreat toward $110,000. Traders are advised to monitor volume closely, as a surge in buying pressure could validate the breakout scenario [11].

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[1] Bitcoin sees Bollinger Bands 'head fake' with $117K bulls next target (https://cointelegraph.com/news/bitcoin-sees-bollinger-bands-head-fake-117k-bulls-next-target)

[2] Bitcoin Breaks Above $117K in Bollinger Bands 'Head Fake' (https://www.binance.com/en/square/post/08-08-2025-bitcoin-news-today-bitcoin-breaks-above-117k-in-bollinger-bands-head-fake-is-119k-next-28041612754713)

[3] Bitcoin Consolidates Near $117K as Volatility Looms (https://www.ainvest.com/news/bitcoin-news-today-bitcoin-consolidates-117k-volatility-looms-2508/)

[4] Bitcoin News Today: Bitcoin Faces Head Fake as Price ... (https://www.ainvest.com/news/bitcoin-news-today-bitcoin-faces-head-fake-price-retraces-117-000-resistance-2508/)

[5] Bhutan's Bitcoin Wallet Sends Funds To Binance-Linked ... (https://www.mitrade.com/insights/news/live-news/article-3-1021361-20250807)

[6] Trump Appoints Pro-Bitcoin Fed Economist, Boosts Crypto ... (https://www.mitrade.com/insights/news/live-news/article-3-1024099-20250808)

[7] Trump 401(k) Push Sets Stage for Explosive $118K Breakout (https://cryptorank.io/ru/news/feed/bfe0f-chatgpts-btc-analysis-reveals-coiled-spring-formation-at-116704-as-trump-plans-401k-crypto-access)

[8] Bitcoin Price Analysis: Bulls Face $117K Resistance Test (https://coinmarketcap.com/community/articles/689705d2a2935a5445e73fd3/)