BTC bulls helped stage a quick recovery on August 7, 2025, reclaiming the 117k level after a brief downward stint below the Bollinger Band support, in what analysts are calling a textbook “head fake” reversal, reigniting bullish sentiments as the best crypto to buy now.
Now that bullish sentiments have reignited, traders are eyeing the 119k mark as the next major resistance zone. Moreover, according to the BTC heatmap data, liquidity clusters between $117.5k and 118k suggest that there might be a potential grind higher as traders continue to liquidate short positions.
Further to this, the daily CME futures gap has been filled, establishing a new support near $114k. In the background, there is a divergence forming between spot price action and ETF flows. Bollinger has flagged the setup as a possible trap for overzealous bears.
According to CoinGlass’s heatmap data, the BTC is encountering mounting resistance in the growing liquidation clusters between 117.5k and 118k. On the flipside, downside bids are accumulating around 114k, a level reinforced by the completion of the CME futures gap.
(CoinGlass Heatmap Data)
This level has historically served as a key point of convergence for spot prices, enhancing its credibility as a support base.
$BTC liquidation map shows major long cluster at ~116000 (left) and short cluster at ~118000 (right). These act as price magnets, potential volatility drivers. Config: optical_opti. pic.twitter.com/iJDczuolzG
— TheKingfisher (@kingfisher_btc) August 9, 2025
Analysts suggest that if the BTC can push past the 119k mark, $120k becomes the next big target both psychologically and technically.
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Ethereum Eyes $4500! Is It The Best Crypto To Buy Now?
Over the last 24 hours, ETH saw $229.49 million in futures liquidation, with CoinGlass’s data showing $22.24 million wiped away from longs and $207.25 million from shorts. ETH bounced off support near $3,470 last week and has since then surged 15% reclaiming the $4000 mark for the first time since December 2024.
As of this moment, ETH is facing resistance at the $4100 level, marked by historical selling pressure and a descending trendline that traces back to its November 2021 all-time high.
A breakout above the $4100 mark could result in another bullish run and could potentially see ETH surge towards the $4500 mark, a key resistance zone before retesting its all-time high of $4,868.
Meanwhile, it must defend its $3470 support to preserve this bullish momentum. A weekly close below this level could trigger a drop towards $3220, and if that fails, the $3000 psychological support zone might come into play.
Momentum indicators, such as the RSI indicator, are flashing red as the ETH nears the overbought territory, while the Stochastic Oscillator has remained overbought since June. While signals currently indicate a bullish momentum, the possibility of a short-term cooldown must not be ruled out.
$ETH: Looks really good here, it reached the highest price since December 2021. This is a breakout through a multi-year resistance. Could jump to 5k and then re-test 4k as support. https://t.co/KdV98aYjvM pic.twitter.com/1qDPl7YaID
— Christian Ott (@ChrisOtt) August 9, 2025
On a brighter note, ETH has gained more than 180% since hitting its recent low of $1385 in April and has rallied by more than 60% over the past month. A strong buying pressure from corporate entities pivoting towards ETH treasury has fuelled this recent performance.
Moreover, it received a regulatory boost from the SEC (Securities and Exchange Commission) on 5 August 2025 after the regulatory body clarified that liquid staking of crypto assets doesn’t breach securities law.
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The post [LIVE] BTC Breaks Above 117k, Eyes 119k Next, ETH Breaks $4000 Mark: Best Crypto To Buy Now appeared first on 99Bitcoins.
