The price of bitcoin can be on a rapid breakout’s tail because fundamental catalysts take shape and major technical patterns take shape.
Summary
- BTC value will benefit from new tariffs on gold.
- Donald Trump signed an executive order to buy retirement funds to buy bitcoin.
- Technical initially indicates more bitcoin benefits.
Bitcoin (BTC) was trading at $ 116,750 on Friday, 8 August, which was its weekly at least $ 4,000.
President Donald Trump adds tariffs on gold
A potential catalyst president Donald Trump has surprise tariffs on gold bars to increase the price of bitcoin. One-3logram and 100-Fun Bars will now be subject to mutual tariffs and will not control the expectations of exemption.
Gold bars imported from Switzerland will face 39% tariffs, affecting additional counties including Canada, Mexico, Peru, Ausalia and South Africa. Gold prices increased to high records after news.
This tariff has not been done as counting of bitcoin value from this devil. For example, some investors may opt for buying bitcoins, which are widely seen as digital gold compared to bullion.
Historically, bitcoin has performed better than sleeping by a widespread difference. Ishares Bitcoin ETF currently holds more than $ 85 billion assets and may soon cross the SPDR Gold Truth, which is more than $ 105 billion in assets and washes in 2004.
The price of bitcoin has increased by more than 1,000% in the last five years, which has increased by 72% gold.
Another potential catalyst for bitcoin is that Trump signed an executive order that would allow the retirement fund to invest in cryptocurrency. This means that the industry can see Arabs in income in the next few months.
The Federal Reserve is also considered to cut interest rates in the upcoming meeting in September. Last week, the possibility of cutting the rate increased after the US’s weak job number was published.
Bitcoin price technical analysis
The Daily Timeframe Chart points to a possible breakout. Bitcoin has formed a slogan flag pattern, which is often a precursor for further benefits.
BTC has consecutively put its 50-day moving average and core support level at $ 112,015, which is its peak since May 2022.
With Momentum Building, the bitcoin price will be liked as buyers target high $ 123,200 of year-on-year. A breakout above that the door level for further benefits, powerful reached the exitram overshoot level on Math Math lines at $ 131,250.