Bitcoin (BTC) prices now account for nearly $118,000, as the price rose by 4.17% due to a modest price recovery last week. With the new week coming, top market analysts with X username KillaxBT share some technical insights into the current Bitcoin market structure and are also discussing potential pricing developments.
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Monthly open flips boost your Bitcoin outlook, but beware of liquidity hunting – Analysts
In an X post on August 9th, KillaxBT will provide a weekly analytical report on Bitcoin Price movements for the first week of August, sharing future forecasts. Their observations point out that market experts have started the month on a strong technical footing, supporting monthly openings at $115,752.
However, Killaxbt explains that Bitcoin has a historically tendency to rise and fall in newer months, and shape one side of the monthly candle wick in a pattern called “monthly open traps.” Therefore, current setups have market watchers closely monitored for either sustained uptrends or liquidity-driven retracements prior to continuation.
In terms of liquidity, crypto analysts have also observed that a two-week critical BTC liquidation has been built up at over $120,000. This zone is also consistent with the previous weekly opening ($119,414) and creates advanced targets if the bullish structure remains intact. Currently, BTC is testing a downtrend line with low frame (LTF). Killaxbt explains that a confirmed break above the trendline could pave the way for a critical move to over $120,000, but traders remain vigilant against potential liquidity hunts that could temporarily push prices up before resuming the uptrend.
Currently, two major scenarios have emerged for traders. First, BTC could maintain a bullish structure, continue climbing into a $120,000 liquidity pool, and targeting a monthly high of $123,186 (ATH). This path is consistent with current technical structure and shows no immediate signs of continued bearishness. Alternatively, Bitcoin cannot penetrate high, instead forming a low height, slipping below $115,700. In such cases, the next major support is in the $110,000-112,000 range with monthly fair value gap (FVG) marked at $111,955.
Currently, KillaxBT believes the scenario is more likely as the market holds bullish momentum, and with no clear bearish signal, analysts are hoping that BTC will try to hit a higher high in the coming days. However, traders should also expect BTC to clear long positions that have been overly reduced before the rally, especially on Monday or Tuesday.
When rounding, market experts say that a sustained pattern of higher highs and higher lows on daytime charts further validate bullish outlook, and failing to hold these levels could quickly feel the emotionally weakened alternative.
Bitcoin price overview
At the time of writing, Bitcoin is trading at $117,792 following a 1.11% increase on the last day.
Pexels featured images, TradingView charts
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