The Bitcoin worth has been having fun with some form of resurgence over the previous week, returning above the numerous $115,000 stage once more. The premier cryptocurrency briefly crossed the $117,000 mark on Friday, August 8, capitalizing on latest bullish developments in the US.
On Thursday, August 7, United States President Donald Trump signed an govt order permitting cryptocurrency funding in 401(okay) plans. The Bitcoin worth rallied on the again of this constructive growth and appears set to proceed this ascent again to its present all-time excessive.
Why 118,000 May Be Essential For Bull Run Resumption
In a latest publish on the social media platform X, distinguished crypto analyst Titan of Crypto put forward an attention-grabbing outlook for the Bitcoin worth over the approaching days. Based on the present setup, the flagship cryptocurrency might be on its manner again to its record-high worth of round $122,800.
Titan of Crypto highlighted that the Bitcoin worth has been on an upward pattern since April 2025 and just lately simply bounced off the ascending trendline. Additionally, the market chief has stuffed the Truthful Worth Hole (FVG), a liquidity void typically created by a pointy motion in worth.
Nonetheless, the Bitcoin worth appears to be approaching a essential stage across the Kijun-sen (blue line) from the Ichimoku Cloud indicator. The Kijun-sen, often known as the Base Line, typically represents the market’s equilibrium and might act as a key assist and resistance stage.
As proven within the chart setup above, the market chief has climbed again above the Tenkan-sen (pink line), which is an indicator of early momentum shift. In the meantime, the Kijun-sen (hovering round $118,000) seems to be the one impediment in the way in which of Bitcoin returning to its all-time-high worth inside the $123,000 area.
Nonetheless, a sustained shut above the “blue line” might counsel a resumption of the bull run for the value of BTC. Furthermore, 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 Value Overview
As of this writing, the value of Bitcoin stands at round $116,880, with no important motion up to now 24 hours. This sluggishness doesn’t adequately replicate the coin’s exercise over the previous week. Based on information from CoinGecko, the premier cryptocurrency is up by greater than 3% on the weekly timeframe.