TLDR
- Bitcoin’s price surged to an intraday high of $115,670 before facing a potential reversal.
- John Bollinger warns that the recent price move may be a false breakout or “head fake.”
- Bollinger suggests Bitcoin’s pattern could signal a deceptive price movement following a Bollinger Band Squeeze.
- Crypto expert Ali Martinez highlights a critical resistance level at $117,000 for Bitcoin.
- Geopolitical tensions, including U.S. tariffs on India, may impact Bitcoin’s price movement.
Bitcoin’s price surged above $115,000 today, reaching an intraday high of $115,670, but legendary trader John Bollinger remains cautious. The rise followed reports suggesting a shift in U.S. monetary policy. However, Bollinger, the creator of the Bollinger Bands, believes the price movement could be a “head fake,” warning that it might not signal the start of a rally.
Bitcoin Price Action: A Potential ‘Head Fake’
John Bollinger cautioned traders about the possibility of a false breakout in Bitcoin’s recent price surge. In a post on X, he explained that the current price action could be a deceptive move following a Bollinger Band Squeeze. This pattern usually indicates a significant shift in volatility, but Bollinger suggested that it might not be sustainable.
Bitcoin $BTCUSD and a number of the other cryptos are setting up a head fake after a Bollinger Band Squeeze. Interestingly, the pattern is not evident in the ETFs as they don't trade on weekends and holidays. Analyst beware!
— John Bollinger (@bbands) August 6, 2025
Bollinger also noted an important distinction in Bitcoin ETFs, which do not trade during weekends or holidays. The pattern forming in Bitcoin appears absent in Bitcoin ETFs, raising further doubts about the legitimacy of the price movement. The trader urged analysts to remain cautious, suggesting a possible reversal in Bitcoin’s price soon.
Short-Term Momentum and Resistance Levels for Bitcoin
The Bitcoin price bounced after news broke that U.S. President Donald Trump was considering a rate-cut-friendly Fed governor. However, the rally proved short-lived, and Bitcoin fell back to $114,000. As of now, Bitcoin’s price stands at $114,311, showing a modest increase of 0.44% in the last 24 hours.
Crypto expert Ali Martinez also weighed in, highlighting a major resistance level at $117,000 for Bitcoin. According to Martinez, Bitcoin lacks support between $113,000 and $108,000, creating a potential “air gap” in its price action. He warned that Bitcoin could drop to $95,000 if volatility intensifies in the coming days.
Geopolitical Concerns and BTC Price Outlook
Geopolitical tensions may also influence Bitcoin’s price direction. The 25% tariffs imposed by President Trump on India, effective from August 7, threaten to spark a trade war. This uncertainty, along with the existing market conditions, could create further challenges for Bitcoin.
Despite these factors, the Wall Street open maintained bullish momentum. Market participants are closely watching Bitcoin’s price action to assess its potential trajectory. Traders like Rekt Capital continue to emphasize key levels, such as $17,200, as crucial for Bitcoin’s next move.
