# Bitcoin Market Update: Key Moves and Drivers
Price Action Summary
Bitcoin is currently trading around **118,229.71 USDT**, showing consolidation after a strong upward move from **116,576.41** earlier on August 10. The past 24 hours reflect building momentum — price climbed steadily from the **116,400–117,300** range, breaking above **118,000** with increasing volume. The highest point reached was **118,754.49**, before pulling back slightly to current levels.
The candlestick pattern shows a clear bullish structure:
- A decisive breakout candle from 117,300 to 118,400
- Followed by sustained trading above 118,000
- Declining sell pressure in recent hours, with tighter price range
Volume peaked during the 11:00–12:00 UTC session, where over **92 BTC** changed hands in a single hour — the highest in the past 24 hours — confirming strong buying interest.
Key Market Drivers
Recent developments are supporting bullish sentiment:
- **Smarter Web Company** issued a $21 million Bitcoin-linked convertible bond — the first of its kind in the UK — signaling growing institutional use of BTC as an asset backing.
- European firm **Capital B** raised €11.5 million via convertible bonds to expand its Bitcoin reserve strategy, reinforcing the "Bitcoin as treasury" narrative.
- Positive supply chain news: **TSMC and Samsung** received tariff exemptions, improving mining hardware stability and reducing cost pressures for miners.
- Despite rumors of a potential Bitcoin ownership ban in China, price held firm above **116,400**, showing resilience to negative headlines.
Market structure remains constructive. With BTC defending key support and reacting positively to institutional adoption news, the short-term bias leans bullish. Traders on can monitor for a potential retest of **119,000** if volume picks up again.
