Bitcoin News Today: Whale Selling and Slowing Treasuries Test Bitcoin's $120K Hurdle

Bitcoin (BTC) is currently trading near $112,500, with buyers attempting to sustain the price above this level amid significant whale selling pressure. Over the past month, whale activity has resulted in a sell-off of 114,920 BTC, the largest since July 2022. Analysts note that unless whale selling declines and demand from treasury companies increases, BTC’s upside may remain constrained in the short term. Michael Saylor’s MicroStrategy, the largest institutional holder of Bitcoin, has slowed its accumulation rate, purchasing only 7,714 BTC in August compared to 31,466 in July. Other treasury companies also reduced their purchases to 14,800 BTC in August, down from a peak of 66,000 in June [1]. Key support levels for BTC include $100,000 and the 20-day EMA ($111,902), while resistance is seen at the 50-day SMA ($114,920) and $120,000 [1].

Ether (ETH) has been fluctuating around its 20-day EMA ($4,351), with traders closely monitoring the $4,060 support level. A break below this threshold could trigger further declines toward $3,745 and potentially $3,350. On the other hand, a move above $4,500 could signal renewed bullish momentum, potentially pushing ETH toward $5,500. The RSI remains near the midpoint, indicating a balance between buyers and sellers. The 20-day EMA and 50-day SMA are key technical indicators for the next phase of price movement [1].

XRP (XRP) has been forming a descending triangle pattern, with the 20-day EMA ($2.90) and $2.73 as critical levels to watch. Sellers are expected to defend the downtrend line strongly, but a break and close above this resistance could invalidate the bearish pattern and push the price toward $3.40. A sharp sell-off below $2.73, however, could drive the price toward $2.20. The RSI remains just below the midpoint, favoring sellers in the near term [1].

BNB (BNB) has shown a bullish reversal from the $840 support level, with potential to test $900. If buyers manage to push the price beyond this level, the next resistance is at $1,000. However, a pullback to the 20-day EMA ($855) could signal bearish pressure. On the downside, the $824 (50-day SMA) and $794 levels are critical supports. The RSI shows a slight bias toward the bulls but remains in neutral territory [1].

Solana (SOL) is trading near its 20-day EMA ($201) after a recent bounce from that level, with the $218 resistance area being a key target for buyers. A successful breakout could drive the price to $240 and eventually $260, but sellers are expected to defend $218 aggressively. A breakdown below the 50-day SMA ($189) could pull the price toward $175, limiting upward potential for the near term [1].

Hyperliquid (HYPE) has recently broken above the $49.88 to $51.19 resistance zone, indicating a potential for a bullish continuation toward $64.25. The 20-day EMA is currently at $44.78, and a sustained move above $46.50 is seen as a positive sign. Conversely, a decline below the uptrend line could negate the bullish pattern and push the price toward $40 and potentially $35.51 [1].

Source:

[1] Price predictions 9/8: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE (https://cointelegraph.com/news/price-predictions-9-8-spx-dxy-btc-eth-xrp-bnb-sol-doge-ada-hype)