The Bitcoin value has been having fun with some type of resurgence over the previous week, returning above the numerous $115,000 degree once more. The premier cryptocurrency briefly crossed the $117,000 mark on Friday, August 8, capitalizing on current bullish developments within the United States.
On Thursday, August 7, United States President Donald Trump signed an govt order permitting cryptocurrency funding in 401(okay) plans. The Bitcoin value rallied on the again of this optimistic growth and appears set to proceed this ascent again to its present all-time excessive.
Why 118,000 Might Be Crucial For Bull Run Resumption
In a current submit on the social media platform X, outstanding crypto analyst Titan of Crypto put ahead an attention-grabbing outlook for the Bitcoin value over the approaching days. According to the present setup, the flagship cryptocurrency could possibly be on its approach again to its record-high value of round $122,800.
Titan of Crypto highlighted that the Bitcoin value has been on an upward pattern since April 2025 and just lately simply bounced off the ascending trendline. Also, the market chief has crammed the Fair Value Gap (FVG), a liquidity void usually created by a pointy motion in value.
However, the Bitcoin value appears to be approaching a essential degree across the Kijun-sen (blue line) from the Ichimoku Cloud indicator. The Kijun-sen, also referred to as the Base Line, usually represents the market’s equilibrium and might act as a key assist and resistance degree.
As proven within the chart setup above, the market chief has climbed again above the Tenkan-sen (purple line), which is an indicator of early momentum shift. Meanwhile, the Kijun-sen (hovering round $118,000) seems to be the one impediment in the best way of Bitcoin returning to its all-time-high value inside the $123,000 area.
However, a sustained shut above the “blue line” might counsel a resumption of the bull run for the value of BTC. Moreover, the Chikou Span (orange line), which is a lagging indicator, stays within the bullish zone, supporting a broader uptrend narrative for the market chief.
Bitcoin Price Overview
As of this writing, the value of Bitcoin stands at round $116,880, with no important motion previously 24 hours. This sluggishness doesn’t adequately mirror the coin’s exercise over the previous week. According to information from CoinGecko, the premier cryptocurrency is up by greater than 3% on the weekly timeframe.
