Bitcoin Price Nears Breakout as Trump Adds Tariffs on Gold and Retirement Funds Invest in Cryptocurrencies

Bitcoin price nears all-time high as Trump adds tariffs on gold. President Trump's surprise tariff on gold bars may drive investors to buy Bitcoin, seen as a digital gold. Technical analysis shows a possible breakout above $123,200, potentially reaching $131,250. Additionally, Trump signed an executive order allowing retirement funds to invest in cryptocurrencies, and the Federal Reserve may cut interest rates.

Bitcoin (BTC) price has surged, nearing its all-time high, amidst President Trump's surprise tariff on gold bars and executive orders that could boost cryptocurrency markets. The Bitcoin price reached $116,750 on Friday, August 8, up nearly $4,000 from its weekly low. This upward trend is driven by several factors.

Firstly, Trump's tariffs on gold bars have led to a surge in gold prices, with one-kilogram and 100-ounce bars now subject to reciprocal tariffs. This development has prompted some investors to turn to Bitcoin, which has been seen as a digital gold alternative [3]. Historically, Bitcoin has outperformed gold, with a 1,000% increase in the last five years compared to gold's 72% rise [3].

Secondly, Trump signed an executive order that allows retirement funds to invest in cryptocurrencies. This move could bring billions in inflows to the cryptocurrency market, enhancing diversification and financial independence for millions of American workers [4]. The Federal Reserve is also considering cutting interest rates in the coming meeting in September, further boosting the cryptocurrency market [3].

Technical analysis indicates that Bitcoin price is poised for a breakout. The daily timeframe chart shows a slow-building bullish flag pattern, often a precursor to further gains. Bitcoin has consistently held above its 50-day moving average and core support level at $112,015. With momentum building, Bitcoin price is likely to rebound as buyers target the year-to-date high of $123,200. A breakout above this level could open the door to further gains, potentially reaching the extreme overshoot level on the Murrey Math Lines at $131,250 [3].

In conclusion, Bitcoin price is nearing its all-time high due to Trump's gold tariffs and executive orders. Investors are turning to Bitcoin as a safe-haven asset, and the cryptocurrency market is set for significant growth.

References:
[1] https://www.euronews.com/business/2025/08/08/gold-futures-rise-after-report-trump-has-placed-tariffs-on-gold-bars
[2] https://finance.yahoo.com/news/trump-tariffs-gold-bars-drive-084846572.html
[3] https://crypto.news/bitcoin-price-nears-breakout-to-ath-as-trump-adds-tariffs-on-gold/
[4] https://api.news.bitcoin.com/wp-json/bcn/v1/post?slug=trump-signs-2-executive-orders-that-could-boost-crypto-markets