Bitcoin News Today: Bitcoin Eyes New All-Time Highs After Bullish Fakeout and Policy Support

Bitcoin is showing signs of a potential bullish breakout, with traders and analysts highlighting a "fakeout" pattern as a positive signal for continued gains. After breaking above the $117,000 resistance level, Bitcoin has entered a consolidation phase, drawing attention to key technical indicators that suggest a possible move toward new all-time highs [1]. The recent rally has been supported by significant macroeconomic developments, including U.S. President Donald Trump’s executive order allowing cryptocurrencies to be included in 401(k) retirement accounts. This move has been hailed as a major step toward mainstream adoption and has increased investor optimism [1].

The technical picture appears to reinforce this bullish sentiment. On the daily chart, Bitcoin is forming a classic bullish flag pattern beneath the $117,335 Fibonacci 0.236 retracement level. This breakout follows a sharp rally from the $98,000 area and is being supported by a long-term ascending trendline and the 50-day simple moving average near $113,157 [1]. Momentum indicators like the RSI and MACD suggest fading bearish pressure, with the RSI recovering to 54.77 from oversold levels and the MACD flattening near the zero line. A close above $117,335 could trigger a retest of the $123,250 level, with potential for the flag pattern to measure up to $126,980–$131,575 [1].

Key support levels to monitor include $113,635–$113,157 and $110,685, with resistance at $117,335, $123,250, and $131,575. Holding above $113,000 is critical to maintaining the bullish setup, while a break below $110,685 could delay the breakout [1].

In the broader market context, global trends are adding to the bullish case for Bitcoin. The U.S. Federal Reserve is expected to cut interest rates in September, with the likelihood of a cut now at 95%, according to CME’s FedWatch Tool. Lower interest rates typically boost demand for risk assets, including cryptocurrencies [1]. In Asia, plans for the development of stablecoins in Hong Kong are also supporting the long-term narrative for digital assets, even if indirectly [1].

Looking ahead, if the bullish flag pattern resolves as expected, the current price level could represent the final consolidation before Bitcoin tests the $131,000 threshold in the coming weeks. This would set the stage for renewed speculation about a potential move toward $150,000 [1].

Source: [1] Bitcoin Price Prediction: Traders Say “Fakeout” Is Bullish – New All-Time Highs Coming Soon (https://cryptonews.com/news/bitcoin-price-prediction-traders-say-fakeout-is-bullish-new-all-time-highs-coming-soon/)