#BitcoinMaximalism
Bitcoin Hits Record High, Eyes Next Big Move
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Bitcoin reached a new all-time high of $124,457 on August 14 before easing back to $118,382. The price is now moving between $117,000 and $123,000, with $124,000 standing out as a major resistance level. Despite a recent $1 billion in liquidations, BTC still posted a 1.12% gain for the week, with most trading activity coming from ETFs and institutional investors.
Why Bulls Are Still Confident
Regulatory tailwinds: Former President Trump’s proposed Strategic Bitcoin Reserve and the GENIUS Act for stablecoin rules have boosted optimism.
DeFi innovation: Solv’s BTC+ product is turning Bitcoin into a yield-earning asset.
Technical momentum: The MACD line has crossed above the signal line, a bullish indicator.
Post-halving trends: Historical patterns point to a possible push toward $133,000.
Risks to Watch
Struggling to hold above $124K could signal ongoing selling pressure.
The U.S. Treasury’s BTC exposure is limited to seized coins, not market purchases.
The recent $1B liquidation shows the market remains fragile.
A series of lower highs since the peak could point to weakening technicals.
Trading Strategy
Keep an eye on $117K support and $124K resistance for the next decisive move. Accumulating during dips could be attractive if ETF inflows stay strong. Right now, sentiment is 56.1% bullish versus 43.9% bearish, so the mood is cautiously optimistic. Still, risk management is key with mixed signals in play
