Bitcoin News Today: Bitcoin Hits $118,000 Amid Bullish Policy Shifts and Rising Futures Open Interest

Bitcoin’s price has surged near $118,000 in early August 2025, with analysts closely monitoring its ability to maintain key support levels and project further gains toward $120,000. Technical analysis by Crypto Tony indicates that Bitcoin is forming a rising wedge pattern, suggesting a potential pullback to the $95,000–$100,000 range before continuing its upward trajectory in late 2025 [1]. This correction is expected to be part of a broader Elliott Wave structure, where wave (i) is nearing its peak and wave (ii) could follow as a retracement [1].

Futures open interest has also surged alongside the price rally, according to data from Coinglass. Open interest has grown from approximately $1.37 billion in early 2023 to over $120 billion as of August 2025. This sharp increase reflects heightened market participation and confidence among traders, as both spot and derivatives markets remain bullish [1]. While periodic pullbacks have occurred, the overall momentum remains upward, signaling a strong accumulation phase for long-term investors.

Political developments are also playing a role in Bitcoin’s trajectory. U.S. President Donald Trump has announced a shift in national policy to support cryptocurrencies, including the potential inclusion of digital assets in 401(k) plans. In a related development, U.S. SEC Chair Paul Atkins confirmed that the government has given Bitcoin and cryptocurrencies a “stamp of approval,” marking a milestone for regulatory clarity and innovation in the crypto space [1]. These developments are likely to encourage further adoption and institutional investment.

Saifedean Ammous, author of The Bitcoin Standard, has emphasized Bitcoin’s rapid growth and its potential to reach a $100 trillion market value. He highlighted its transformative role in the global financial system and its ability to outpace any asset class in terms of adoption speed [1]. At press time, Bitcoin is priced at $118,116.79, up 0.73% in the past 24 hours, reinforcing the market’s confidence in its continued upward trajectory.

Analysts remain cautious, however, noting that the market is still susceptible to volatility, especially if Bitcoin struggles to break above key resistance levels. A decisive move above $117,000 would be a strong signal for further gains, while a failure to hold above $115,900 could trigger a short-term pullback [1]. The broader trend remains bullish, with many market participants preparing for a potential consolidation phase before a renewed surge in late 2025.

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Sources:

[1] https://coindcx.com/blog/price-predictions/bitcoin-price-weekly/

[2] https://www.ainvest.com/news/bitcoin-news-today-bitcoin-surpasses-118-000-chainlink-gains-7-strategic-moves-2508/

[4] https://coindcx.com/blog/crypto-deep-dives/crypto-bull-run-2025/

[5] https://www.ainvest.com/news/bitcoin-news-today-bitcoin-surges-3-weekly-chart-regulatory-boost-bullish-technical-signals-2508/

[6] https://tradersunion.com/news/cryptocurrency-news/show/424978-bitcoin-price-prediction-btc-softens/

[7] https://x.com/Bitfi_Org/status/1953997168840520019

[8] https://www.binance.com/en/square/post/08-09-2025-ethereum-news-ethereum-smashes-through-4k-and-4-200-in-two-day-surge-analysts-eye-altcoin-rotation-and-btc-next-28080820027785

[9] https://cryptonews.com/news/price-analysis/