Bitcoin nears $120k breakout as MNT, PENDLE, and M lead weekly gains

Bitcoin’s choppy early-week performance, shaped by macro-driven volatility, gave way to a decisive upswing after bullish US signals lifted it to an August high of $117,596. Total cryptocurrency market capitalization gained over 7% across the week to stand at $3.96 trillion on Friday, one of the strongest weekly performances this year. In line with the rally, the Crypto Fear & Greed Index climbed nine points to 74, indicating that investors have grown more willing to take on risk as sentiment edges toward extreme greed territory. Gains were more pronounced among altcoins, as most ended the week in the green. Why are Bitcoin and altcoins going up? Earlier in the week, renewed trade tensions in the United States weighed on market sentiment, driving Bitcoin down to a weekly low of $112,296. However, sentiment reversed mid-week after reports emerged that President Donald Trump planned to sign an executive order expanding access to alternative assets, including cryptocurrencies and private equity, for retirement accounts such as 401(k)s . CNBC reported that the order, signed on August 7, could channel billions of dollars into the crypto market by allowing retirement funds to allocate directly to digital assets. The development came as the supply of major tokens like Bitcoin and Ethereum on exchanges continued to tighten, amplifying the potential price impact of fresh inflows. Amid this backdrop, institutional demand for crypto is already strengthening. Spot Bitcoin and Ethereum ETFs have recorded steady inflows, while the number of companies holding crypto in their treasuries has continued to grow. With reduced exchange supply and a broader pool of eligible investors, market participants view the executive order as a potential catalyst for sustained upward momentum. Macroeconomic factors also supported the rally. Growing expectations that the Federal Reserve will cut interest rates in September added further fuel to the market. Senior Fed officials, including Neel Kashkari, Lisa Cook, and Susan Collins, have recently indicated support for easing measures, joining earlier dovish voices like Christopher Waller and Michele Bowman. Futures data from the CME and prediction markets such as Polymarket show that traders now see a rate cut as the most likely outcome at the September meeting, especially after weaker-than-expected US jobs data showed only 73,000 positions added in July and unemployment rising to 4.2%. More late-week momentum came from President Donald Trump’s surprise announcement of tariffs on gold bars, a move that excluded Bitcoin and other cryptocurrencies. One-kilogram and 100-ounce gold bars imported from countries including Switzerland, Canada, Mexico, Peru, Australia, and South Africa will now face a 39% tariff. The historic move raises the cost of acquiring physical gold for US buyers, particularly institutions and high-net-worth investors who trade in large bars. Analysts say this could shift part of the demand toward Bitcoin, which is often viewed as “digital gold” but can be purchased and stored without import duties or cross-border restrictions. Bitcoin’s portability, divisibility, and 24/7 liquidity make it an attractive alternative for investors seeking a store of value without the additional costs and logistics associated with bullion. By removing one of gold’s competitive advantages—its long-standing role as a tariff-free safe-haven—the policy change could prompt some capital to flow into Bitcoin, reinforcing the narrative that it offers similar hedging properties with fewer trade barriers. Will Bitcoin go up? According to many analysts, Trump’s 401(k) investment order and new tariffs on gold are creating fresh openings for Bitcoin demand. Bitwise chief investment officer Matt Hougan believes the new policy could reshape the crypto market by bringing in a “slow, steady, consistent bid” from retirement contributions, a dynamic he believes would lead to higher returns and reduced volatility. Combined with a macro backdrop of potential Fed rate cuts and rising risk appetite, these factors are setting the stage for a possible breakout. Commenting on the current price action, crypto analyst Kamran Asghar highlighted that the flagship cryptocurrency had formed a bullish flag on the 4-hour chart. BTC/USD 4-hour price chart. Source: Kamran Asghar on X. For such a setup, a breakout would require Bitcoin to close decisively above the upper trendline of the pattern, which has repeatedly acted as resistance in recent weeks. If successful, it could signal the start of a sustained upward move, potentially opening the door to a retest of the $120,000 level and beyond. Conversely, failure to clear this barrier could see the price consolidate further within the pattern before attempting another move higher. Scanning charts on a longer timeframe, pseudonymous trader and market commentator Crypto Fella shared a similar view after analyzing the BTC/USD daily chart, noting that Bitcoin’s recent retest leaves it looking ready for new all-time highs. However, he advised against opening new trades before the weekend, likely preferring to wait for confirmation of the breakout before increasing exposure. Crypto Fella @CryptoFellaTx · Follow $BTC – #Bitcoin retested and looks ready for new ATHs. Not opening any new trades before the weekend. 4:58 PM · Aug 8, 2025 223 Reply Copy link Read 18 replies Veteran trader and market analyst Peter Brandt joined the week’s bullish commentary, noting that as fiat currencies keep losing value, Bitcoin could overtake gold as the preferred store of value. Peter Brandt @PeterLBrandt · Follow This is the purchasing power of the U.S. DollarThis is the ultimate chart pattern for all fiat currenciesSome think Gold is a great store of value (preserving its purchasing power) – and it isBut the ultimate store of value will prove to be Bitcoin $BTC 9:20 PM · Aug 8, 2025 452 Reply Copy link Read 48 replies Looking at the 1-week Binance BTC/USDT liquidation heatmap, significant liquidity pools have built up near the $118,500–$120,000 zone, suggesting that a decisive move into this range could trigger a cascade of buy-side liquidations. Such a run could accelerate momentum toward fresh all-time highs if bullish catalysts persist. Binance BTC/USDT liquidation heatmap (Weekly). Source: Coinglass On the downside, the heatmap shows concentrated liquidity around $114,000 and again near $111,000. A failure to hold current levels could see price gravitate toward these zones, where large clusters of leveraged long positions may face liquidation pressure. At press time, Bitcoin was trading at $116,117, up less than 1% over the past seven days. Altcoin market The altcoin market cap rose 15% over the past seven days, reaching $1.67 trillion as of press time. Ethereum, the largest altcoin by market cap, led sector sentiment with a rally of more than 10% this week, breaking above $4,000 , a psychological barrier it had not crossed since December last year. Whales and institutional investors have also stepped up ETH accumulation this week, a trend that could draw more interest from retail participants. This shift is reflected in a 4.5% drop in Bitcoin’s dominance over the past month to 60%, while Ethereum’s dominance has risen by 3.2% in the same period. Now just $900 shy of its previous all-time high, the ETH’s surge has prompted analysts to raise expectations that an altseason could soon begin. The bullish sentiment toward the broader altcoin market has also strengthened after Ripple and the US Securities and Exchange Commission agreed to dismiss their legal appeals against each other, bringing an end to their long-running court battle. The resolution was widely celebrated as a major victory for the crypto community, removing a key source of regulatory uncertainty that had weighed on sentiment for years. Ethereum (ETH) gained 9.6% over the past seven days, while other major altcoins such as XRP (XRP), Solana (SOL), Dogecoin (DOGE), and Tron (TRX) posted gains ranging between 4% and 7%. Among the top movers, Mantle (MNT) led with a surge of nearly 50%, followed by Pendle (PENDLE) with a 35% rise. MemeCore (M) also advanced 25% over the same period. Source: CoinMarketCap Mantle : Mantle rallied as the stablecoin supply on its network rose 14% over the past seven days, climbing from about 500 million to more than 650 million. Investor interest in the token also strengthened after reports revealed that the Mantle team had quietly accumulated approximately 101,900 ETH, valued at around $402.5 million based on current prices. Pendle : Pendle’s rally this week was partly driven by the rapid growth of its kHYPE market on HyperEVM, which became the first pool on the network to surpass $100 million in total value locked. The rally has also been supported by a sharp increase in the total value locked (TVL) across its DeFi protocols. According to DeFiLlama, TVL reached a new all-time high of $8.1 billion, up from $5.16 billion on the same day last month. Additional data shows a notable rise in Pendle’s revenue over the past four weeks, with this week’s figure reaching $582,000, nearly double the level recorded in early July. MemeCore : While no particular catalyst could be identified for MemeCore’s gains this week, its rally could have been supported by renewed community engagement following a private community meetup in Seoul. The event featured exclusive giveaways, social activities, and direct interaction with supporters, helping to strengthen brand loyalty and build anticipation ahead of the project’s planned presence at Korea Blockchain Week 2025. Such momentum can often translate into increased speculative interest. The post Bitcoin nears $120k breakout as MNT, PENDLE, and M lead weekly gains appeared first on Invezz

Source: Invezz