Bitcoin has shown resilience as it rebounds towards $117,000, maintaining momentum with bullish patterns evident at the Wall Street open. Traders have observed significant order-book liquidity changes, with many shorts getting liquidated while fresh liquidity emerges at higher levels. Key resistance now forms between $117,500 and $118,000, with bids dipping below $114,000, coinciding with a filled gap in CME Group's Bitcoin futures. The price action aligns with Bollinger Bands metrics, exhibiting a 'head fake' after a squeeze, where Bitcoin dipped below the lower band but swiftly reversed, rejecting a broader breakdown. Analysts are closely monitoring these levels as a sign of potential bullish continuation, with some suggesting a further upward target of $119,000 due to market structures. This environment showcases how Bitcoin remains tied to liquidity movements and volatility expectations.

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