Traders Suggest “Fakeout” Indicates Positive Trend for Bitcoin Price – Anticipation of New Record Highs

Bitcoin (BTC) is poised to conclude the week with significant gains after surpassing the $117,000 resistance level — a movement that traders interpret as a positive indicator. The surge gained momentum following U.S. President Donald Trump’s signing of an executive order that permits cryptocurrencies, private equity, and real estate to be included in 401(k) retirement plans.

Advocates regard this as a significant advancement for mainstream acceptance, potentially granting access to cryptocurrencies for millions of long-term investors.

Trump has just initiated the largest influx of capital in crypto history.
With a single signature, every American with a 401(k) can now gain direct exposure to Bitcoin, Ethereum, and other digital assets.
This is the moment when the world’s slowest, safest money receives the approval to invest in what… pic.twitter.com/HbCfBQwsNk

— Jessica Gonzales (@lil_disruptor) August 8, 2025

Japan’s SBI Holdings has also submitted a proposal for a pioneering dual Bitcoin–XRP ETF. If granted approval, it would provide investors with exposure to both assets within a single product — a development that could enhance institutional engagement in the cryptocurrency market. Collectively, these factors have bolstered sentiment, driving BTC into a consolidation phase just below a crucial resistance level.

Bitcoin: Bulls target $117K after a “fakeout”! BTC has ensnared bears using Bollinger Bands. Analysts identify $117,000 as the next objective. Can the bulls seize control? #Bitcoin #Crypto #BTC

— Bonjoriks (@bonjoriks) August 7, 2025

Bitcoin (BTC/USD) Technicals Indicate Breakout Toward $131K

On the daily chart, Bitcoin is establishing a classic bullish flag beneath the $117,335 Fibonacci 0.236 retracement. This follows a sharp increase from the $98,000 region, supported by a long-term ascending trendline and the 50-day SMA near $113,157 — a zone that has consistently prompted rebounds.

Bitcoin Price Chart – Source: Tradingview

Momentum is shifting in favor of the bulls. The RSI has bounced back to 54.77 from oversold conditions without entering overbought territory, and the MACD is stabilizing near the zero line, indicating diminishing bearish pressure. A close above $117,335 today could lead to a retest of $123,250, with the flag’s measured move targeting $126,980-$131,575.

Key levels to monitor:

• Support: $113,635-$113,157; $110,685
• Resistance: $117,335; $123,250; $131,575
• Breakout Target: Low $130Ks with potential to reach $150K in the long term

If the price declines, maintaining above $113,000 is crucial for the bullish setup. A drop below $110,685 would postpone the breakout.

Global Trends Contribute to Bullish Outlook

Beyond the technical analysis, macroeconomic factors appear favorable for Bitcoin. In the U.S., the Federal Reserve is anticipated to lower rates in September with a 95% likelihood according to CME’s FedWatch Tool. Reduced rates typically enhance demand for risk assets, including cryptocurrencies.

The likelihood of a September rate cut has surged to nearly 95%.
A significant influx of liquidity is on the horizon.
Don’t wait for the official announcement; buy the dip now.
10-50x movements from this point shouldn’t be unexpected. pic.twitter.com/1szrgTxkat

— Dami-Defi (@DamiDefi) August 7, 2025

In Asia, China is advancing its stablecoin initiatives through Hong Kong to promote the Renminbi and lessen reliance on the U.S. dollar in trade. This increasing acceptance of digital assets (even indirectly) bolsters Bitcoin’s long-term demand narrative.

If the bullish flag pattern unfolds as anticipated, current levels may represent the final stop before BTC approaches $131K in the upcoming weeks, setting the stage for renewed speculation regarding $150K and beyond.

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