Bitcoin Price Prediction: BTC Holds $117.5K Support as Asia and US Fuel Market Shifts
Czech police have arrested Tomas Jirikovsky, a convicted drug trafficker, whose $45 million Bitcoin donation to the Ministry of Justice...
Quick overview
- Czech police arrested Tomas Jirikovsky, a drug trafficker, following his controversial $45 million Bitcoin donation to the Ministry of Justice.
- The donation led to the resignation of Justice Minister Pavel Blazek and a national scandal that nearly toppled Prime Minister Petr Fiala's government.
- In Taiwan, Top Win International has raised $10 million to establish a corporate Bitcoin treasury, signaling a growing trend in Asia.
- Galaxy Digital secured $1.4 billion in loans to expand its AI data center, potentially enhancing Bitcoin's network security and institutional adoption.
Czech police have arrested Tomas Jirikovsky, a convicted drug trafficker, whose $45 million Bitcoin donation to the Ministry of Justice earlier this year caused national uproar. Assets were seized in ongoing money laundering and narcotics trafficking probes.
The donation, 468 BTC, was accepted by then-Justice Minister Pavel Blazek who resigned in May after Jirikovsky’s criminal ties were exposed. A July audit found the funds were likely linked to illegal activity and should never have been accepted. The scandal almost brought down Prime Minister Petr Fiala’s government during a June no-confidence vote, but global Bitcoin markets have shrugged it off, showing the asset’s resilience to political shocks.
Taiwan Firm Raises $10M for Bitcoin Treasury
In Asia, Taiwan has its first corporate Bitcoin treasury strategy. Top Win International, a former luxury watchmaker, has raised $10M to buy Bitcoin, led by software company WiseLink and four other investors, including US investor Chad Koehn.
WiseLink also signed a cooperation agreement and purchased three-year convertible notes. Top Win has partnered with Sora Ventures and will rebrand as AsiaStrategy, like Japan’s Metaplanet, to adopt a MicroStrategy-style accumulation model.
The stock is up 13% pre-market and 52% year-to-date, although still below May highs. If other Asian corporates follow suit, regional demand could support Bitcoin’s long-term levels.
Galaxy Digital Secures $1.4B AI Expansion
Meanwhile in the US, Galaxy Digital has secured $1.4B in loans to expand its Helios high-performance AI data center in Texas. Backed by a 15-year deal with AI cloud provider CoreWeave, the 800-megawatt facility could generate $1B in annual revenue from 2026, totaling up to $15B over the contract.
Originally acquired for Bitcoin mining, Helios is now positioned to deliver sustainable AI-driven cash flows. Galaxy will inject $350M in equity into the project and will reinvest profits back into mining infrastructure – potentially boosting Bitcoin’s network security and institutional adoption.
Bitcoin Technical Analysis: Testing $117.5K Support
Bitcoin is testing a critical ascending trendline at $117,500 after failing to hold above 50-EMA ($118,797) and 100-EMA ($118,512). The narrowing structure looks like a rising wedge, often a precursor to a big move.
Candlestick formations are cautious, with a series of spinning tops and dojis after rejection at $122,400. RSI is at 41, recovering from oversold but still weak.
The bigger picture is still bullish as long as Bitcoin is above $115,893. A close above $118,500 could take us to $120,400 and $122,400, while a break below $115,893 could take us to $114,200 and possibly $111,300.
Trade Ideas:
- Bullish: Buy on close above $118,500, target $120,400-$122,400; stop $115,800.
- Bearish: Short below $115,800, target $114,200; stop $117,000.
With Bitcoin stuck between technical support and macro tailwinds from Asia and the US, watch the $118K level for the next move.
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