On August 8, the Bitcoin market showed a fluctuating rise. From a Technical Analysis perspective, Bitcoin has been oscillating between $112,000 and $116,000 this week. On the daily chart, the $115,000 to $116,000 area has transformed from a strong support level to a current strong resistance level. Market participants should closely follow the resistance level above at $115,000 to $116,000 and the support level below at $111,000 to $110,000.

This wave of rising trend is partly due to a piece of news on August 7. Senior officials from the White House revealed that the U.S. government is considering allowing asset classes such as private equity and cryptocurrencies to be included in the 401(k) retirement savings plan. This potential policy change sparked a positive market reaction, driving Bitcoin prices to briefly surge.

At the same time, market analysts remain optimistic about the long-term prospects of Bitcoin. Predictions suggest that by the end of 2025, the price of Bitcoin could reach $135,000, and in the most optimistic scenario, it could even rise to $199,000. These positive expectations have also supported the current market sentiment to some extent.

However, investors should be aware that the cryptocurrency market has always been highly volatile. Although the long-term outlook is promising, various uncertainties may still arise in the short term. It is recommended that investors comprehensively consider market factors and manage risks appropriately when making investment decisions.