Bitcoin News Today: Bitcoin Struggles Below $115,000 as ETFs Record $812M BTC Outflows

The cryptocurrency market and major financial indices faced mixed dynamics on August 4, as traders navigated uncertainty across key assets. Bitcoin (BTC) struggled to maintain its position above $115,000 after a sharp pullback below the 20-day simple moving average (SMA) and the neckline of an inverse head-and-shoulders pattern. Arthur Hayes, CIO of Maelstrom Fund, highlighted that a sluggish credit market and slower-than-expected job growth could further weaken BTC and ETH, potentially dragging Bitcoin down to $100,000 and Ethereum (ETH) to $3,000.

The US spot BTC and ETH ETFs reflected cautious sentiment, recording net outflows of $812.25 million and $152.26 million, respectively, on Friday. Despite this, institutional buying continued, with Japanese firm Metaplanet adding 463 BTC and SharpLink acquiring 30,755 ETH [1].

Market analysis indicates that BTC’s immediate focus is on breaking above the 20-day SMA to retest $120,000. Failure to push higher risks a drop below $110,530, potentially leading to a slide to $100,000. Similarly, Ethereum found support between its 50% and 61.8% Fibonacci levels but faces resistance at $3,652. A break above this level could see ETH climb to $4,094, while a reversal would signal a test of $3,013 [1].

Altcoins such as XRP, BNB, SOL, DOGE, ADA, and XLM showed varied performances. XRP tested its 50-day SMA and could rally to $3.66 if it breaks above the 20-day SMA, but a decline below $2.40 is possible in a bearish scenario. BNB and SOL were caught between key moving averages, with no clear directional bias from technical indicators. Dogecoin remained range-bound between $0.14 and $0.29, while Cardano (ADA) and Stellar (XLM) faced similar indecision, with support levels critical for potential rebounds [1].

The S&P 500 Index (SPX) hit a record high but faced profit-taking, pulling below the 20-day SMA. A retest of the 6,427 all-time high is possible if the bulls reclaim this level, otherwise the index could test the 50-day SMA. The US Dollar Index (DXY) also fluctuated, with a potential path to either 102 or a retreat below 97.10, depending on market sentiment [1].

Overall, the market remains in a holding pattern, with technical levels and institutional activity as key factors to watch.

Source: [1] Price predictions 8/4: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, XLM (https://coinmarketcap.com/community/articles/6890ded00123344c94ed51dc/)