On Monday (August 11), Bitcoin broke above the $121,000 mark, rising 2.7% intra-day, reaching a new high since July 18, with a more than 4% increase over the past 24 hours. Technical analysts have identified significant support and resistance levels for this largest global cryptocurrency, which may indicate it is preparing for a substantial upward move.
Meanwhile, Ethereum's price has broken above $4,200. March Zheng, Managing Partner at Bizantine Capital, stated in a report to CoinDesk that a significant amount of ETH shorts were forced to cover in the past 72 hours, further accelerating the rise of this digital asset.
The market structure shows strong signals for Bitcoin's short-term trend. Current positions indicate that if Bitcoin rises another 10% from its current price, it could trigger nearly $18 billion in short-covering, leading to a massive short squeeze that drives prices even higher.
For short positions, the risk of liquidation is particularly pronounced. In just a 24-hour period over the weekend, a total of $350 million in the cryptocurrency market was liquidated. This volatility during non-trading hours pushed prices to new highs in August, with Bitcoin touching $118,760 on major exchanges before breaking above $121,500.
Technical analyst Rekt Capital states that Bitcoin is 'approaching the point of converting around $117,200 back into support,' emphasizing the importance of the next weekly close. Traders believe that this momentum is building for a 'decisive' move that could establish the direction of the next significant trend.
Key technical levels and target price
From a technical perspective, Bitcoin currently faces resistance around $121,500 while finding significant support above $115,700. The 50-day exponential moving average is at $115,592, and the key Fibonacci retracement level is around $117,518, together providing strong support for the price.
Market researcher Donald Dean found a significant 'volume platform' in the range of $116,000 to $118,000, which is an area of active trading. His next major upward target is the 161.8% Fibonacci extension level at about $131,000, which often marks the starting point for major breakouts.
The current Relative Strength Index (RSI) is nearing 63, indicating that there is still room for market growth before entering the overbought zone. If there is a short-term pullback, traders are looking at the gap around $116,500 as a potential downside target.
Institutional momentum is strengthening fundamentals
In addition to technical factors, institutional investment remains a significant force driving Bitcoin's rise. Harvard University recently invested $116.6 million in BlackRock's IBIT Bitcoin ETF, marking a significant vote of confidence from one of the world's most influential institutional investors in Bitcoin. This investment makes Bitcoin the fifth-largest holding in Harvard's equity portfolio.
Currently, publicly traded companies hold over 628,000 BTC, valued at over $74 billion. MicroStrategy has just added over 4,000 BTC to its inventory. On August 9, net inflows into spot Bitcoin ETFs were about $935 million, showing that institutional confidence in this asset class remains strong.
Regulatory changes have also brought positive sentiment. El Salvador has approved significant investment banking regulations allowing regulated banks to include Bitcoin on their balance sheets; Texas is promoting the establishment of state-level Bitcoin reserves. Recent new rules from President Trump allow 401(k) retirement plans to hold cryptocurrencies, which may open up significant investment channels for new funds.
Bitcoin Price Forecast and Market Outlook
Looking ahead, multiple factors may continue to drive upward momentum. The upcoming Bitcoin halving event in 2025 is known to reduce new coin output, and historically, prices tend to continue rising for several months after halvings. This supply-side change provides additional support to the current technical landscape.
The Fear and Greed Index is currently at 67, indicating that the market remains cautiously optimistic. Some analysts believe that Bitcoin may fluctuate between $112,000 and $117,000 in the medium term, but as long as the price stays above the current support level, most expect prices to continue rising.
Under the combined influence of good technical signals, increased institutional participation, regulatory support, and the approaching halving, Bitcoin may reach new historical highs. If the anticipated short squeeze occurs and hits the technical target of $131,000, it would represent an increase of nearly 13% from the current price.
The only true safe-haven asset in the 'Great Depression'?
(Rich Dad Poor Dad) author and financial educator Robert Kiyosaki has once again issued a warning, stating that he believes an inevitable and catastrophic financial collapse is imminent. In his view, Bitcoin—not stocks, bonds, or real estate—is the only true safe-haven asset in what he predicts will be the next 'Great Depression.'
In recent years, Kiyosaki has expressed skepticism toward the traditional financial system and has repeatedly criticized conventional investment advice. In his latest statement, he warned investors that the safety of bonds and stocks as touted by financial planners is an illusion, especially during market crashes. 'Nothing is safe during a market crash,' he said, mentioning the ongoing decline in commercial real estate and Moody's recent downgrade of US bond ratings.
Despite many investors sticking to traditional portfolios, Kiyosaki has chosen a different direction. He stated that he has been quietly accumulating Bitcoin, gold, silver, oil, and even livestock over the years. In his view, these tangible and scarce resources are the only tools for preserving value during economic downturns. He emphasizes that stock and bond holders may lose everything while Bitcoin holders might benefit during turbulent times.
This warning comes as the US government has introduced new policies that could significantly impact retirement investments. President Trump recently signed an executive order allowing 401(k) retirement accounts to allocate private assets—including Bitcoin, real estate, and private equity. Kiyosaki praised this move, viewing it as an important step to give ordinary investors more control and flexibility in protecting and growing their retirement savings.
The total assets managed by the US 401(k) system are estimated to be around $12 trillion, with approximately $50 billion added every two weeks through paycheck deductions. If Bitcoin is included in these accounts, it could bring a wave of stable and sustained new demand, differing from the more volatile and selective inflows into ETFs.
In line with his usual predictions, Kiyosaki describes the current economic environment as a period of declining trust in fiat currencies and central banks. He believes that as inflation continues and interest rate pressures impact the global economy, alternative assets will become more appealing. In this context, Bitcoin's decentralized and fixed supply characteristics can offer protection that government bonds and traditional stocks cannot.
He added that behaviors in the Asian market seem to be shifting as gold demand is increasing while the appeal of bonds is declining. He views this as a sign that global investors are beginning to seek safer, more stable means of value storage amid broader economic concerns.