In the past week, Bitcoin (BTC) has recorded strong growth, surpassing the important threshold of 115,000 USD. Notably, on August 8, the leading cryptocurrency briefly broke above 117,000 USD, driven by positive news from the US.
Momentum Driven by Historic Decision in the US
On August 7, US President Donald Trump signed an executive order allowing citizens to invest in cryptocurrencies through 401(k) retirement funds. This is seen as a significant turning point, opening up access to cryptocurrencies for millions of individual investors while creating strong psychological momentum for the market.
Immediately after this news, the price of Bitcoin accelerated, reinforcing the outlook towards the historical peak. According to expert Titan of Crypto, with the current trend, BTC could soon return to the record price zone near 122,800 USD.
Key Technical Resistance Level: 118,000 USD
Technical analysis data shows that BTC is approaching the Kijun-sen (Base Line) on the Ichimoku Cloud indicator — an important market equilibrium threshold that often acts as strong support/resistance.
Currently, BTC has risen above the Tenkan-sen (the red line), a signal indicating that the upward momentum is being strengthened and market momentum is starting to shift positively. The Kijun-sen level around 118,000 USD is considered the 'final hurdle' before Bitcoin can reach the peak of 123,000 USD.
Confirmation Signal of Upward Trend
If BTC can maintain its price above the 'green line' (Kijun-sen) for an extended period, this could mark the return of the bull market. Meanwhile, the Chikou Span indicator (lagging line) remains in the positive zone, continuing to reinforce the bullish scenario.
Conclusion
With the combination of news factors and technical signals, Bitcoin is at a critical moment. Breaking through and maintaining above the threshold of 118,000 USD could become a powerful catalyst, bringing BTC back to the historical peak and opening up a new growth phase for the entire cryptocurrency market.