Bitcoin holds strong as Bo Hines steps down as White House Advisor — Is a breakout to $120K imminent?

The latest technical developments of Bitcoin's price are occurring against the backdrop of significant political fluctuations in cryptocurrency policy in America.

On Saturday, Bo Hines – the Executive Director of the White House Crypto Council for President Donald Trump announced he will be leaving office to return to the private sector.

Appointed in December 2024, Hines described his term as "the honor of a lifetime," while praising the government's efforts in collaborating with "AI & Crypto Czar" David Sacks to make America the "crypto capital of the world."

Hines left behind a council that played an important role in building the legal framework for digital assets in America, although it still faces criticism for not being able to implement the strategic Bitcoin reserve plan.

The White House's Bitcoin Reserve Strategy Becomes the Focus

In January, President Trump signed an executive order establishing a national strategic Bitcoin reserve, accompanied by regulations prohibiting the sale of any BTC that the government holds. This order assigns the Department of the Treasury and the Department of Commerce the task of researching methods "that do not increase the budget deficit" to acquire more BTC, such as asset seizure or implementing other cost-free strategies.

Hines once supported a controversial proposal to revalue the nation's gold reserves — currently recorded at $42.22 per ounce, while the spot price is nearly $3,400 — and to convert a portion of this unrealized profit into Bitcoin. His departure now raises the question of whether that initiative will continue under new leadership.

Bitcoin price technical picture: Bulls still in control

From a market perspective, the price of Bitcoin remains stable above the support level of 117,265 dollars, indicating resilience despite the recent consolidation phase. Momentum indicators are leaning towards a bullish trend, meaning buyers are gradually regaining control. The relative strength index (RSI) is currently in neutral territory but trending upwards, indicating that there is still room for price increase before overbought pressure appears.

BTC 1-Day Chart | Source: TradingviewThe moving averages continue to trend upward, confirming that the overall bullish trend is still being maintained. The combination of a stable support zone and positive momentum opens up the possibility of a breakout if buyers can overcome the nearby resistance zone.

Order book levels suggest a narrow trading range

Order book data shows that solid bid walls are located just below the current price of Bitcoin, most notably around $118,094, creating a buffer against sharp declines. On the sell side, ask walls are concentrated at $118,250–$118,273, forming a narrow short-term ceiling. If this area is broken, the price could quickly advance towards the resistance zone of $119,841–$119,954.

For bullish traders, a breakout above $118,273 with strong volume can be seen as an entry point, targeting the milestone of $120,000. Bears may look to sell as the price approaches the resistance zone if the upward momentum slows down, while breaking below $117,265 will pave the way for deeper corrections to $112,546 and $105,681.

With the technical factors of Bitcoin still stable and the political developments in Washington heating up, the coming days could be decisive. A clear breakout above the short-term resistance level will help the market's upward momentum align with the White House's long-term support for Bitcoin. However, if support is lost, sentiment could quickly reverse.

Minh Anh