Bitcoin News Today: Bitcoin Stuck in $112,000-$115,720 Range Amid Market Uncertainty

Bitcoin (BTC) remains confined within a narrow range between $112,000 and $115,720, reflecting uncertainty among bulls and bears about the next directional move. According to Bitfinex analysts, the crypto markets may enter a consolidation phase, with macroeconomic developments or inflows into crypto ETFs potentially determining the next trend [1]. Tom Lee, co-founder of Fundstrat and BitMine, remains bullish, predicting a possible surge to $200,000 or even $250,000 by year-end [1].

BTC's immediate price action has raised some concerns. The asset has bounced off the 50-day simple moving average (SMA) of $112,619, showing strong defense by buyers at this level. However, the 20-day SMA at $116,804 poses selling pressure. If BTC manages to break above this level, it could challenge $120,000 and eventually the all-time high of $123,218. Conversely, a break below the 50-day SMA could lead to a decline toward $100,000 [1].

Ether (ETH) has shown resilience, with buyers defending positions above the 20-day SMA of $3,675. The price has yet to break through the $3,745 resistance, but the bulls have not ceded significant ground to the bears. A successful breakout could see the pair rise to $3,941, with a potential target at $4,094. However, a pullback below the 61.8% Fibonacci level of $3,300 would invalidate this positive outlook and open the door to a decline to $3,058 [1].

XRP (XRP) has rebounded from its 50-day SMA of $2.69 but faces selling pressure near the 20-day SMA of $3.16. The market is in a tug-of-war, with bulls buying on dips and bears selling on rallies. If buyers push the price above $3.16, XRP could move toward $3.33 and $3.66. A drop below the 50-day SMA, however, would signal bear dominance and a potential decline to $2.40 [1].

BNB (BNB) is encountering resistance at the 20-day SMA of $774, with buyers maintaining pressure despite the selling. A move above this level could lead to a test of $794 and potentially $861. However, a sharp reversal from the 20-day SMA would suggest bearish control, with support at $732 at risk, potentially leading to a fall to $706 [1].

Solana (SOL) has returned to the 50-day SMA of $162, indicating ongoing selling on rallies. The market appears range-bound, with the RSI near the midpoint. A rebound with strength could push the price toward the 20-day SMA of $178, and a break above $185 might test resistance at $209. A break below $155 could lead to a decline toward $137 [1].

Dogecoin (DOGE) is defending its 50-day SMA of $0.19 but remains below the $0.21 resistance. The market is expected to stay range-bound, with a break above $0.21 potentially testing the 20-day SMA of $0.22. A failure to defend the 50-day SMA could lead to a decline toward $0.14 [1].

Cardano (ADA) has bounced off the 50-day SMA of $0.68 but faces selling pressure at $0.76. The pair is likely to remain in a tight range, with a break above the 20-day SMA of $0.79 potentially pushing the price to $0.86. A decline below the 50-day SMA could send the price toward $0.56 [1].

Hyperliquid (HYPE) has seen its relief rally stall near the 50-day SMA of $40.99, indicating bearish sentiment. The RSI has moved into negative territory, and a break below $35.50 could push the price toward $32. Buyers must push HYPE back into the channel to signal the end of the correction [1].

Stellar (XLM) has fallen from the 20-day SMA of $0.42, with bears selling on rallies. The pair is expected to test the 50-day SMA of $0.34, which may attract buyers. A move above the 20-day SMA would signal the end of the correction, while a break below the 50-day SMA could send the price to $0.29 [1].

Sui (SUI) has returned to the 50-day SMA of $3.32, with bears maintaining pressure. The 20-day SMA is turning lower, and a break below this level could lead to a decline toward $2.87 and $2.65. Buyers must push the price above $3.75 to prevent further downside, with a potential rally to $4 and $4.30 [1].

This article does not provide investment advice. Readers are encouraged to conduct their own research before making investment decisions.

Source: [1] Price predictions 8/6: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE, XLM, SUI (https://cointelegraph.com/news/price-predictions-8-6-btc-eth-xrp-bnb-sol-doge-ada-hype-xlm-sui?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound)