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- Trump’s executive order opens $9 trillion in retirement funds to crypto, lifting Bitcoin sentiment.
- Bitcoin eyes breakout above $117,350, with resistance targets at $123K, $127K, and $131K if momentum holds.
Bitcoin saw a 1.82% increase on August 8, trading at $116,613.53, backed by developments from Washington and institutional flows. Daily trading volume climbed to $65.5 billion.
President Donald Trump signed an executive order enabling retirement funds to include Bitcoin, Ethereum, and XRP. These funds control more than $9 trillion in assets. While a full shift into Bitcoin is unlikely, even a 0.5% reallocation would bring an estimated $45 billion into the market.
A combination of regulatory overreach and encouragement of lawsuits filed by opportunistic trial lawyers has stifled investment innovation, the executive order stated. My Administration will relieve the regulatory burdens and litigation risk that impede American workers’ retirement accounts from achieving the competitive returns and asset diversification necessary to secure a dignified, comfortable retirement.
Bitcoin ETF Inflows and Corporate Treasuries Fuel Confidence
Bitcoin price support extends beyond the executive order. Spot Bitcoin ETFs have seen total inflows of $54.02 billion so far since 2024, indicating steady investor demand. Institutions also continue to add digital assets to treasuries. More than 100 companies have purchased 961,760 BTC worth $112 billion.
At the same time, companies have also increased investments in other digital assets like Ethereum, Solana, and Binance Coin. The trend reflects a wider shift in the asset allocation approach among major players.
The Federal Reserve’s stance on interest rates is also tilting in Bitcoin’s favor. Following weaker-than-expected non-farm payroll releases reporting only 73,000 new jobs, there will be expectations for a policy adjustment, with Federal Reserve officials, including Lisa Cook, Neel Kashkari, and Christopher Waller, indicating openness towards reducing the rates.
Polymarket is indicating a 79% probability of the Fed cutting interest rates during the next meeting, a situation normally interpreted as bullish for risk assets such as Bitcoin.
Technical Strength and Analyst Outlook Shape Next Targets
Bitcoin continues to be within a bullish flag formation established since the end of July. A rise above the level of $117,350 would clear the channel towards the previous high of $123,255. If momentum prevails, the next resistance areas could be near $126,981 and $131,574.
Support remains steady near $113,154, a zone where the 50-day moving average crosses with an April up trendline. The 0.382 Fibonacci retracement level of $113,682 has also been favorable to buyers, offering them a buying opportunity.
Buyers looking for entry will wait for validation above $117,350 on high volume. If that level is breached, the case strengthens for a rally to continue further. However, a breakdown at $113,150, directing the prices towards $110,725 and $107,768. According to a trader on X, the fourth quarter could be the prelude to Bitcoins breaking above $250,000 by 2025.
Mike Novogratz, the chief executive of Galaxy Digital, described Trump’s executive order as a “milestone” to connecting the traditional finance world with digital assets. Novogratz had previously projected Bitcoin could overtake gold and soar to $1 million per coin, led by institutional demand and shifting investor sentiment.
