Bitcoin Nears Critical Support Level to Reclaim All-Time Highs

I believe Bitcoin's recent price resurgence shows promise, as it has regained the crucial $115,000 level and even surpassed $117,000 briefly. This upward move appears to be fueled by positive developments in the US, including President Trump's executive order permitting cryptocurrency investments in 401(k) plans. Such news boosts market confidence and helps drive Bitcoin closer to its previous all-time high. Technical indicators suggest Bitcoin is on a potential path back to its record high of approximately $122,800. The ongoing upward trend since April 2025, combined with the bounce off the ascending trendline and the filling of the Fair Value Gap, indicates strong bullish momentum. The Ichimoku Cloud components further support this outlook: a break above the Kijun-sen (around $118,000) could confirm a renewed bullish phase, especially if Bitcoin sustains a close above this level. Additionally, the bullish position of the Chikou Span reinforces the overall market optimism. Currently, Bitcoin is trading around $116,880, with relatively low activity within the past 24 hours. However, weekly data shows a +3% increase, signaling underlying strength despite short-term sluggishness. If Bitcoin manages to break above the critical $118,000 resistance decisively, it could spark a broader rally toward all-time highs. Overall, the technical setup and recent bullish catalysts suggest that Bitcoin might soon push past key resistance levels, rekindling the bullish run. Investors should monitor the $118,000 mark closely, as a sustained move above this level would significantly enhance the probability of reaching new all-time highs in the near future.