TLDR
- Bitcoin price trades near $116,830 with bullish flag pattern suggesting potential breakout to $123K
- Major US retailers like Sheetz offering crypto payment discounts while Steak ‘n Shake reports 50% fee savings
- Trump administration plans to allow cryptocurrency in 401(k) retirement plans, opening $9 trillion market
- European banks face strict 1,250% risk weight requirements for Bitcoin holdings under new EBA rules
- Bitcoin technical analysis shows key resistance at $117,350 with support holding at $113,150-$114,555 range
Bitcoin price is trading at $116,830 as the cryptocurrency shows signs of breaking out from a consolidation pattern that has held since late July. The world’s largest digital asset is testing critical resistance levels that could determine its next major Bitcoin price movement.
The Bitcoin price technical picture shows Bitcoin forming a bullish flag pattern with key resistance at $117,350. A break above this level could open the path to $123,255, matching the previous Bitcoin price high from July 2025.
Bitcoin is coiling inside a bullish flag at $116.8K, holding trendline + 50-SMA support. A breakout above $117.35 could target $123K, then $127K. Q4 could be the launchpad for $250K+ in 2025. #Bitcoin #BTC #Crypto pic.twitter.com/IBPG1rHoF3
— Arslan Ali (@forex_arslan) August 8, 2025
Bitcoin price support levels remain strong at $113,150, where the 50-day moving average converges with an upward trendline from April. The daily RSI has recovered to 54 after bouncing from oversold conditions.
Bitcoin Price Driven by Retail Adoption Momentum
Real-world cryptocurrency usage is expanding across the United States. Sheetz, a convenience store chain operating in multiple states, launched a “Crypto Crave & Save” promotion offering 50% discounts on all purchases between 3 PM and 7 PM when customers pay with digital assets.
The Bitcoin payments are processed through Flexa, which converts cryptocurrency to fiat currency instantly. This protects merchants from Bitcoin price volatility while allowing customers to spend their digital assets.
Steak ‘n Shake reported saving 50% on payment processing fees by accepting Bitcoin instead of traditional credit cards. These developments show US businesses viewing Bitcoin as practical payment tools rather than just investment assets.
The European Union is taking a different approach to cryptocurrency regulation. The European Banking Authority finalized draft rules requiring banks to hold €12.5 million in capital for every €1 million in Bitcoin holdings.
This 1,250% risk weight applies to “unbacked” crypto assets like Bitcoin. While the measure limits European bank exposure to cryptocurrencies, it also formalizes Bitcoin’s place in the regulated financial system.
Bitcoin Price Policy Changes Drive Institutional Interest
President Donald Trump announced plans to allow cryptocurrencies in US 401(k) retirement plans. This Bitcoin price policy change could open access to a $9 trillion retirement market for digital assets.
🚨 Trump says 401(k)s can hold crypto & real estate…
🔹 New order lets you invest in $BTC, private equity, and more
🔹 Labor Deptartment reviewing the rules
🔹 Big day for crypto #CryptoNews #401k #Bitcoin #AltAssets pic.twitter.com/jTOnegW8XK— Trader Edge (@Pro_Trader_Edge) August 7, 2025
Ether rose 4% following the announcement. Cryptocurrency-related stocks also rallied, with Coinbase gaining 3%, Galaxy Digital up 6%, and Bitmine Immersion climbing 8%.
Galaxy CEO Mike Novogratz called the development a “milestone” for integrating digital assets into mainstream finance. The move contrasts sharply with European regulatory tightening affecting Bitcoin price dynamics.
Bitcoin price has maintained its position above $114,000 for several consecutive sessions. This level represents a historic monthly close that created new support for the cryptocurrency.
The 0.382 Fibonacci retracement at $113,682 has provided additional Bitcoin price support during recent pullbacks. Defending this level reinforces the case for continued upward Bitcoin price movement.
If Bitcoin price fails to hold current support levels, downside targets include $110,725 and $107,768. However, the overall Bitcoin price trend structure remains intact with higher lows since April 2025.
Crypto-linked ETFs have attracted approximately $7.4 billion in assets, showing persistent institutional interest in Bitcoin price exposure. These flows remain volatile due to regulatory uncertainty and inflation concerns.
Bitcoin’s dominance in the cryptocurrency market has declined as investors rotate into alternative digital assets. This shift suggests broader market participation beyond the leading cryptocurrency affecting Bitcoin price action.
Bitcoin Price Technical Outlook
The current Bitcoin price consolidation phase may be setting up Bitcoin for its next major move higher. Bitcoin price technical indicators and fundamental developments both point to potential upside momentum.
Immediate Bitcoin price resistance levels to watch include $117,350 and $120,000, with extended targets at $123,255 and $126,981 if the breakout materializes as expected.
Bitcoin price analysis shows the cryptocurrency maintaining support above key technical levels while building momentum for the next leg higher in its long-term uptrend.
