Bitcoin surged to $118,760 over the weekend, marking fresh August highs ahead of a decisive weekly close. Weekend trading brought $350M in liquidations, fueled by economic uncertainty and questions over AI sector sustainability. Despite risks, analysts point to three key drivers that could push BTC far beyond its $2.3T market cap, with some predicting a challenge to gold’s $23T valuation. Broader monetary expansion and potential decoupling from tech stocks are seen as catalysts, with Nvidia’s trajectory hinting at a shifting investment landscape.
At the time of writing, BTC was trading at $120,655.
After making an all-time high of $123,218, BTC witnessed some profit booking, and the price corrected by almost 9.5%, dropping to $111,920. Following this move, the asset faced resistance at the downsloping trendline and traded in a ‘Descending Triangle’ pattern. BTC eventually broke out of this descending triangle, which had been forming for several days. The breakout occurred with strong bullish momentum and a significant green candle accompanied by high volumes. The asset has strong resistance at $125,000, and to rally further, it needs to break, close, and sustain above this level.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $100,000 | $110,000 | BTC | $125,000 | $145,000 |
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