The Bitcoin price has been enjoying some form of resurgence over the past week, returning above the significant $115,000 level again. The premier cryptocurrency briefly crossed the $117,000 mark on Friday, August 8, capitalizing on recent bullish developments in the United States.
On Thursday, August 7, United States President Donald Trump signed an executive order allowing cryptocurrency investment in 401(k) plans. The Bitcoin price rallied on the back of this positive development and looks set to continue this ascent back to its current all-time high.
Why 118,000 Might Be Crucial For Bull Run Resumption
In a recent post on the social media platform X, prominent crypto analyst Titan of Crypto put forward an interesting outlook for the Bitcoin price over the coming days. According to the current setup, the flagship cryptocurrency could be on its way back to its record-high price of around $122,800.
Titan of Crypto highlighted that the Bitcoin price has been on an upward trend since April 2025 and recently just bounced off the ascending trendline. Also, the market leader has filled the Fair Value Gap (FVG), a liquidity void often created by a sharp movement in price.
However, the Bitcoin price seems to be approaching a critical level around the Kijun-sen (blue line) from the Ichimoku Cloud indicator. The Kijun-sen, also known as the Base Line, often represents the market’s equilibrium and can act as a key support and resistance level.
As shown in the chart setup above, the market leader has climbed back above the Tenkan-sen (red line), which is an indicator of early momentum shift. Meanwhile, the Kijun-sen (hovering around $118,000) appears to be the only obstacle in the way of Bitcoin returning to its all-time-high price within the $123,000 region.
However, a sustained close above the “blue line” could suggest a resumption of the bull run for the price of BTC. Moreover, the Chikou Span (orange line), which is a lagging indicator, remains in the bullish zone, supporting a broader uptrend narrative for the market leader.
Bitcoin Price Overview
As of this writing, the price of Bitcoin stands at around $116,880, with no significant movement in the past 24 hours. This sluggishness does not adequately reflect the coin’s activity over the past week. According to data from CoinGecko, the premier cryptocurrency is up by more than 3% on the weekly timeframe.
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