Bitcoin has returned to the spotlight again, surpassing $116,000, with several global factors potentially reshaping its future; while Jerome Powell's hint at interest rate cuts sparked a wave of optimism, the Philippines is looking to create a strategic reserve of $1.1 billion in Bitcoin, while the sector's reliability was strengthened after a crypto asset seizure campaign worth $72 million in Taiwan.
These developments collectively highlight Bitcoin's growing role in the global financial sector, both as a hedge and as an investment asset. While technical indicators suggest the possibility of a forthcoming breakout, traders are currently looking to reach the $130,000 mark with increased confidence.
$72 million money laundering case linked to crypto activities in Taiwan enhances the sector's credibility
The Taiwanese public prosecutor's office has charged a group of 14 individuals in what is described as the largest money laundering case in the country, involving nearly $72 million in digital currencies. The group, led by Shi Qiren, used unlicensed trading platforms 'CoinW' and 'CoinThink Technology' to defraud over 1,500 people, depositing cash into ATMs and converting it into foreign currencies used to purchase Tether (USDT) assets, which they ultimately withdrew.
Taiwan prosecutors are investigating the largest-ever money laundering case involving a brick-and-mortar virtual currency exchange. Fourteen individuals, using the CoinW exchange, assisted a fraud ring in converting cash into virtual currency. Over the course of a year, they...
— Wu Blockchain (@WuBlockchain) August 22, 2025
Authorities have seized millions of dollars in assets, luxury cars, and Bitcoin holdings. While prosecutors sought to seize $39 million in assets, the CoinW platform denied involvement in the case.
The case revealed risks related to weak market oversight, prompting investors to view these stricter measures as a positive step towards gaining stronger regulatory confidence that could provide sustainable support for Bitcoin.
Powell's speech at Jackson Hole ignites a crypto market rally
Jerome Powell's speech at Jackson Hole created an atmosphere of optimism again when he hinted at an expected interest rate cut, stating that emerging variables may 'call for policy adjustments,' which prompted markets to raise their expectations for a rate cut in September to 90%.
A dovish speech by Powell, signaling interest rate cuts, has energized the crypto market. $BTC and $ETH saw an increase, with #Ethereum’s stronger performance relative to #Bitcoin drawing particular attention. pic.twitter.com/SJlN4LkgNm
— Crypto Data Space (@cryptodataspace) August 22, 2025
This led to Bitcoin's price launching from $112,000 to over $114,700 in a matter of minutes, while Ethereum's price surged by 7% to $4,600. Altcoins, including Solana and Dogecoin, as well as Ripple, saw gains exceeding 6% after the markets had previously faced a strong sell-off earlier this week, but Powell's positive statements turned investors' sentiment back to positivity.
It is known that lowering interest rates plays a role in directing liquidity towards crypto markets, thus increasing prices of digital currencies, which traders are now expecting.
The Philippines aspires to a national stockpile of 10,000 BTC.
Other significant developments came from the Philippine capital, Manila, where Philippine lawmakers introduced a bill to create a strategic reserve of 10,000 Bitcoin worth $1.1 billion at current prices. The plan stipulates that the Philippine central bank will purchase 2,000 Bitcoin annually for 5 years and hold them as a deposit for 20 years.
BREAKING: Philippine Congressman proposes a bill to create a national #Bitcoin reserve of 10,000 $BTC, aiming to bolster economic stability and hedge against debt. pic.twitter.com/wbxtnB43cn
— Bitcoin.com News (@BTCTN) August 22, 2025
Congressman Migz Villafuerte described Bitcoin as 'digital gold', affirming its ability to bolster the country's financial security. If the proposal is approved, the Philippines' Bitcoin holdings will rival those of Bhutan, which holds 10,565 BTC, and surpass El Salvador's 6,276 BTC holdings, a move considered a strong positive signal by traders banking on institutional adoption.
Bitcoin price predictions – Technical outlook
Bitcoin price predictions appear balanced in the foreseeable future, as the chart below shows a battleground between buyers and sellers.
After continuing to slide within a downward channel since mid-August, Bitcoin's price sharply rebounded from the support level of $112,000, regaining its position above the 50-day exponential moving average (EMA-50) situated at $115,578, briefly touching the $117,000 barrier in an attempt to break the upper limit of the price channel.
A chart of Bitcoin price movements, thus, confirmed the harmonic pattern extending from $124,450 to $105,150, indicating the potential for recent volatility, while the recent bullish candle around the support level formed a bullish hammer pattern, followed by green candles that may develop into a 'three white soldiers' pattern suggesting optimism if momentum continues. On the other hand, the RSI reading has risen to indicate currently 55, while the MACD shows a bullish crossover with gradually rising bars, both reinforcing positive expectations.
If Bitcoin's price breaks through the $117,000 barrier and successfully holds above $119,000, the next targets will be at $121,800 and $124,400, with a breakout likely pushing it towards $127,500 and possibly $130,000 in the coming months. On the downside, $113,500 and $112,000 represent key support levels.
A proposed trading plan for Bitcoin could consider entering cautiously above the $116,200 level with a stop-loss order below $112,000 as a plan that balances risks and rewards. If bullish scenarios are confirmed, Bitcoin's price could surge towards $124,400 and perhaps $130,000 as positive momentum builds through the remainder of 2025.
