Tony Kim
Aug 10, 2025 06:42
BTC trades at $117,866 with neutral RSI at 57.25. Recent regulatory wins offset by ETF outflows, but technical indicators suggest bullish momentum remains intact.
Quick Take
• BTC currently trading at $117,866 (+1.05% in 24h)
• Bitcoin’s RSI sits in neutral territory at 57.25, suggesting room for upward movement
• Trump’s 401(k) executive order provides long-term bullish catalyst despite short-term ETF outflow concerns
What’s Driving Bitcoin Price Today?
The BTC price has shown remarkable resilience this week, recovering from earlier declines despite mixed market signals. The most significant catalyst came from President Trump’s executive order on August 8th, allowing 401(k) retirement plans to invest in digital assets. This regulatory breakthrough potentially unlocks access to $9 trillion in long-term capital, providing a substantial foundation for future Bitcoin adoption.
However, the BTC price faced headwinds from ETF outflows and tariff concerns on August 6th, which contributed to a 6.7% decline earlier in the week. Fidelity’s Bitcoin ETF reported a notable $99.1 million outflow, reflecting some institutional uncertainty. Additionally, long-term Bitcoin holders capitalized on recent all-time highs by selling significant positions, creating downward pressure below $114,000.
Adding to the week’s developments, El Salvador announced plans to establish the world’s first Bitcoin bank, offering services entirely in BTC. This institutional adoption milestone reinforces Bitcoin’s growing integration into national financial systems, though its immediate price impact appears limited compared to the U.S. regulatory developments.
BTC Technical Analysis: Bullish Signals Emerge
Bitcoin technical analysis reveals a predominantly bullish setup despite recent volatility. The BTC price currently trades above all major moving averages, with the price at $117,866 sitting comfortably above the 20-day SMA of $116,716.19 and significantly above the 200-day SMA of $99,722.97.
Bitcoin’s RSI at 57.25 indicates neutral momentum with room for upward movement before reaching overbought conditions. The BTC RSI positioning suggests traders have space to add long positions without immediate concern of a momentum reversal. However, the MACD histogram shows -92.7435, indicating some bearish momentum in the short term that traders should monitor.
The Bollinger Bands analysis shows Bitcoin trading at 64% of the band width, positioned closer to the upper band at $120,767.74 than the lower band at $112,664.64. This positioning typically suggests continued upward pressure, particularly when combined with the strong trend above moving averages.
Bitcoin’s daily ATR of $2,551.06 indicates elevated volatility, which creates both opportunity and risk for active traders in the BTC/USDT pair.
Bitcoin Price Levels: Key Support and Resistance
Based on Binance spot market data, Bitcoin support levels are well-defined with immediate support at $111,920. This level coincides with previous resistance-turned-support and represents a critical area for maintaining the bullish structure. The stronger Bitcoin support sits at $98,200, which would represent a significant retracement but aligns with the psychological $100,000 level.
On the upside, BTC resistance appears at $120,247.80, representing the immediate hurdle for continued advances. Breaking this level would likely target the stronger resistance at $123,218, which sits near recent all-time high territory. The proximity to the 52-week high of $119,954.42 suggests limited overhead supply in the near term.
The current trading range of $118,741.77 to $116,359.89 over the past 24 hours demonstrates contained volatility, with the BTC price finding equilibrium around current levels.
Should You Buy BTC Now? Risk-Reward Analysis
For conservative traders, the current BTC price offers a reasonable entry point above established support levels, with the 401(k) executive order providing fundamental backing for long-term positions. Setting stop losses below $111,920 would limit downside risk while targeting the immediate resistance at $120,247 offers a favorable risk-reward ratio.
Aggressive traders might consider the neutral BTC RSI and position above moving averages as signals for momentum continuation. However, the negative MACD histogram suggests waiting for a momentum shift confirmation before adding significant positions.
Swing traders should monitor the $116,716 level (20-day SMA) as a dynamic support level. Holding above this area with increasing volume would strengthen the bullish case for targeting higher resistance levels.
The mining difficulty decrease of 3% projected for August 9th could provide additional support by reducing selling pressure from miners, though this represents a minor technical factor compared to the broader regulatory developments.
Conclusion
Bitcoin maintains a strong technical position above key support levels despite recent ETF outflow concerns. The Trump administration’s 401(k) executive order provides significant long-term bullish momentum that outweighs short-term selling pressure. With Bitcoin’s RSI in neutral territory and price action holding above critical moving averages, the next 24-48 hours likely favor continuation toward the immediate resistance at $120,247. Traders should monitor the $111,920 support level as the key risk management point for bullish positions.
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