Bitcoin Price Holds Strong as Bo Hines Quits White House Crypto Role — $120K Breakout Ahead?

The latest Bitcoin price technical setup is unfolding against the backdrop of a political shakeup in US crypto policy. 

Bo Hines, Executive Director of President Donald Trump’s White House Crypto Council, announced on Saturday that he is stepping down to rejoin the private sector. 

Appointed in December 2024, Hines described his tenure as “the honor of a lifetime,” praising the administration’s work alongside AI & Crypto Czar David Sacks in positioning the US as the “crypto capital of the world.”

Although no successor has been officially named, independent reporter Eleanor Terrett noted that Deputy Director Patrick Witt is likely to take the helm. 

Hines leaves behind a council that has been instrumental in developing the country’s digital asset regulatory framework but has faced criticism for underdelivering on a strategic Bitcoin reserve plan.

White House Bitcoin Reserve Strategy in Focus

In January, Trump signed an executive order creating a national Bitcoin strategic reserve, with a prohibition on selling any of the government’s BTC holdings. The order directed the Treasury and Commerce departments to explore “budget-neutral” methods of acquiring more BTC, such as asset seizures or other cost-free strategies.

Hines championed a controversial proposal to revalue the nation’s gold holdings — officially priced at $42.22 per ounce while trading near $3,400 on the spot market — and convert a portion of the unrealized gain into Bitcoin. His departure now raises questions about whether this initiative will move forward under new leadership.

Bitcoin Price Technical Picture: Bulls Maintain an Edge

From a market standpoint, the Bitcoin price remains steady above the $117,265 support level, showing resilience despite recent consolidation. Momentum indicators are tilting bullish, suggesting that buyers are gradually regaining control. The Relative Strength Index sits in neutral territory but leans upward, signaling room for price expansion before overbought pressures emerge.

Daily chart for WBTC/USD (Source: GeckoTerminal)

Moving averages continue to slope higher, confirming that the broader trend remains intact. The combination of steady support and rising momentum leaves the door open for an upside breakout if buyers can push through nearby resistance.

Order Book Levels Hint at Tight Trading Range

Order book data reveals firm bid walls just below the current Bitcoin price, most notably around $118,094, providing a cushion against sharp drops. On the sell side, ask walls are concentrated at $118,250–$118,273, creating a narrow short-term ceiling. Clearing this zone could trigger a swift move toward the $119,841–$119,954 resistance area.

For bullish traders, a breakout above $118,273 with strong volume could serve as an entry point, targeting the $120K zone. Bears may look to fade rallies near resistance if momentum stalls, with a breakdown below $117,265 opening the door to deeper retracements toward $112,546 and $105,681.

Outlook: Bitcoin Price Action Meets Political Change

With Bitcoin’s technicals holding steady and political developments stirring in Washington, the coming days may prove pivotal. A decisive break above immediate resistance could align market momentum with the White House’s long-term pro-Bitcoin stance — but any loss of support might trigger a quick sentiment shift.

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