Rising wedge signals a correction toward $95K before the next bullish leg.
Futures open interest surged from $1.37B to $120B alongside prices.
U.S. policy shift boosts Bitcoin adoption and long-term market confidence.
Bitcoin continues to trade near all-time highs, supported by strong technical patterns, surging futures activity, and growing political attention. Analyst Crypto Tony’s latest weekly chart shows Bitcoin trading within a rising wedge formation.
$BTC / $USD – Update
Plan of action on #Bitcoin pic.twitter.com/OVAl820gCn
— Crypto Tony (@CryptoTony__) August 10, 2025
Price is approaching the wave (i) peak near $118,000–$120,000. The projection indicates a potential retracement toward the wave (ii) region between $95,000 and $100,000 once wave (i) completes.
This correction is viewed as part of a broader Elliott Wave structure, setting up the next bullish leg into late 2025. Tony’s strategy suggests waiting for the dip before accumulating for the next rally phase.
Futures Open Interest Surges with Price Rally
Meanwhile, Coinglass data highlights a sharp increase in Bitcoin futures open interest alongside the price surge. Since early 2023, open interest has grown from about $1.37 billion to more than $120 billion.
This trend has closely tracked Bitcoin’s climb past $120,000. Periodic pullbacks have occurred, but overall momentum remains upward.
The increase in futures positions signals heightened market participation and confidence among traders. Analysts note that such growth in open interest often reflects sustained bullish sentiment in both spot and derivatives markets.
Political and Regulatory Boost for Crypto
President Donald Trump recently announced a shift in national policy toward cryptocurrencies, though specific measures have yet to be detailed. The statement reflects increased political focus on digital assets and their role in the economy.
In a separate CNBC interview, U.S. SEC Chair Paul Atkins confirmed that the government has officially given Bitcoin and cryptocurrencies a “stamp of approval.” He described the move as a milestone for regulation and innovation, which could encourage further adoption and investment.
SEC Chair Paul Atkins says the US Government has officially given Bitcoin and crypto a "stamp of approval." pic.twitter.com/5uwidEWeNK
— Bitcoin Junkies (@BTCjunkies) August 9, 2025
Author Saifedean Ammous, known for The Bitcoin Standard, told Bitcoin News that Bitcoin is growing faster than any asset in history. He projected it could reach a $100 trillion market value, citing its rapid adoption and transformative potential in the global financial system.
At press time, Bitcoin is priced at $118,116.79, up 0.73% in the past 24 hours. Analysts and traders are watching for the anticipated short-term correction, with the broader trend still pointing toward continued growth in the years ahead.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
<p>The post Bitcoin Nears $120K as Analysts Predict Pullback Before 2025 Surge first appeared on Coin Crypto Newz.</p>
