Market Overview
$BTC Over the past week, Bitcoin (BTC) has shown strong upward momentum, breaking above the $115,000 level and briefly surpassing $117,000 on August 8. This surge follows major positive developments from the United States, significantly boosting investor sentiment and market activity.
Fundamental Driver — Historic U.S. Policy Shift
On August 7, U.S. President Donald Trump signed an executive order enabling citizens to invest in cryptocurrencies through 401(k) retirement funds. This unprecedented decision could open cryptocurrency investment to millions of Americans, representing a major milestone for mainstream adoption.
The announcement acted as a catalyst for BTC’s rally, pushing prices closer to their historical highs. According to market analyst Titan of Crypto, current momentum could propel Bitcoin toward the $122,800 range in the near term.
Technical Analysis
Key Resistance Level: $118,000 — Corresponds to the Kijun-sen (Base Line) on the Ichimoku Cloud, a critical equilibrium point often acting as major support/resistance.
Momentum Indicators: BTC has moved above the Tenkan-sen (conversion line), signaling reinforced bullish momentum.
Trend Confirmation: The Chikou Span (lagging line) remains in the positive zone, supporting the bullish outlook.
Breakout Scenario: Sustained trading above $118,000 could remove the last major resistance before the $123,000 historical peak.
Market Outlook
If BTC maintains price action above the Kijun-sen level, technical and sentiment-based factors align for the potential start of a new bull market cycle. A confirmed breakout above $118,000 could not only push Bitcoin toward previous all-time highs but also act as a broader catalyst for altcoins and the overall cryptocurrency market.
