Bitcoin News Today: Bitcoin Traders Eye $117,350 Breakout as Bullish Patterns Emerge

Bitcoin is currently trading at $116,830, hovering near critical technical levels that could determine the next phase of its price movement. Technical analysis indicates the formation of a bullish flag pattern, with a key resistance level at $117,350. A successful breakout above this level could propel the price toward $123,255, aligning with the previous high from July 2025 [1]. Support levels remain intact around $113,150, where the 50-day moving average converges with an upward trendline from April. The RSI on the daily chart has recovered to 54 following a bounce from oversold conditions, signaling potential strength [1].

Retail adoption of Bitcoin continues to expand in the United States, with major chains like Sheetz rolling out promotions that offer 50% discounts during specific hours when customers pay with digital assets. These transactions are facilitated through Flexa, which instantly converts cryptocurrency into fiat, protecting merchants from volatility while enabling consumers to spend their crypto holdings [1]. Steak ‘n Shake also reported a 50% reduction in payment processing fees by accepting Bitcoin, highlighting its growing utility as a practical payment method [1].

Meanwhile, regulatory developments are shaping Bitcoin's trajectory. In the United States, the Trump administration announced plans to allow cryptocurrencies in 401(k) retirement plans, potentially unlocking a $9 trillion market for digital assets. The news triggered a 4% rise in Ether and a rally in crypto-related stocks, including Coinbase (+3%), Galaxy Digital (+6%), and Bitmine Immersion (+8%) [1]. Galaxy CEO Mike Novogratz described the move as a “milestone” in integrating digital assets into mainstream finance [1].

In contrast, the European Banking Authority (EBA) has taken a more restrictive approach, requiring banks to hold €12.5 million in capital for every €1 million in Bitcoin holdings. This 1,250% risk weight applies to unbacked crypto assets and aims to limit bank exposure while formalizing Bitcoin’s presence in the regulated financial system [1].

From a technical outlook, Bitcoin has held above $114,000 for several consecutive sessions, reinforcing its support structure. The 0.382 Fibonacci retracement level at $113,682 has also provided additional support during recent pullbacks. If Bitcoin fails to defend these levels, potential downside targets include $110,725 and $107,768. However, the overall trend remains bullish, with higher lows established since April 2025 [1].

Crypto-linked ETFs have attracted $7.4 billion in assets, reflecting institutional interest in Bitcoin exposure, although flows remain volatile due to regulatory uncertainty and inflation concerns [1]. As the cryptocurrency consolidates, the confluence of key technical levels and fundamental developments suggests the potential for renewed upward momentum.

Immediate resistance levels to monitor include $117,350 and $120,000, with extended targets at $123,255 and $126,981 in the event of a breakout. Bitcoin’s price analysis shows that it is maintaining support above critical levels while building momentum for the next leg of its long-term uptrend [1].

Source: [1] Bitcoin (BTC) Price: Trading at $116,830 as Key Technical Levels Converge (https://blockonomi.com/bitcoin-btc-price-trading-at-116830-as-key-technical-levels-converge/)