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Bitcoin Aiming for the 118,000 USD Mark — A Key Threshold That Could Trigger a New Bull Market
In the past week, Bitcoin (BTC) has recorded strong growth, surpassing the important threshold of 115,000 USD. Notably, on August 8, the leading coin in the market had a moment of breaking above 117,000 USD, driven by positive news from America. The Motivation Comes From a Historic Decision in America On August 7th, U.S. President Donald Trump signed an executive order allowing people to invest in cryptocurrencies through 401(k) retirement funds. This is seen as a significant turning point, opening up access to digital currency for millions of individual investors, while also providing a strong psychological boost to the market. Immediately after this news, the price of Bitcoin accelerated, reinforcing the outlook towards the historical peak. According to the expert Titan of Crypto, with the current trend, BTC could soon return to the record price range near 122,800 USD. Key Technical Resistance Level: 118,000 USD Technical analysis data shows that the price of BTC is approaching the Kijun-sen ( Base Line ) on the Ichimoku Cloud indicator — an important market equilibrium level, which often acts as strong support/resistance. Currently, BTC has risen above the Tenkan-sen (red line), signaling that the upward momentum is being reinforced and the market momentum is beginning to shift in a positive direction. The Kijun-sen level around 118,000 USD is considered the "last hurdle" before Bitcoin can reach the peak of 123,000 USD. Confirmation Signal for Uptrend If BTC maintains its price above the "green line" (Kijun-sen) for a long time, this could mark the return of the (bull run). At the same time, the Chikou Span (lagging line) remains in the positive zone, further reinforcing the bullish scenario. Conclusion With the combination of news factors and technical signals, Bitcoin is at a critical moment. Breaking through and maintaining above the 118,000 USD threshold could become a strong catalyst, bringing BTC back to its historical peak and ushering in a new growth phase for the entire cryptocurrency market.