Bitcoin News Today: S&P 500 Nears 6500 Target as Bitcoin Clings to 120000 and Dollar Index Gains Ground Amid Divergent Market Pressures

Market analysts and traders are closely monitoring mixed signals across major equities, the US Dollar Index, and the cryptocurrency sector as July 28 price predictions highlight divergent trajectories. The S&P 500 Index (SPX) is advancing toward its 6,500 target, supported by upward-moving averages but facing overbought conditions on the RSI that suggest a potential consolidation phase [1]. Meanwhile, Bitcoin (BTC) remains in a tight trading range around $120,000, with repeated tests of resistance levels potentially setting the stage for a breakout or prolonged sideways movement [2].

Bitcoin’s current struggle to reclaim the $120,000–$123,218 resistance zone has drawn attention to broader market dynamics. Tom Lee, Fundstrat’s head of research, predicts a potential surge to $200,000–$250,000 over the coming months, emphasizing BTC’s potential to capture 25% of the gold market’s valuation [3]. However, immediate bearish pressure is evident, with the asset slipping below the 20-day SMA ($117,867) on Friday. Analysts note that a decisive break above $120,000 could reignite momentum toward $150,000, while a drop below $110,530 risks a retracement to $100,000 [4].

Ether (ETH) is attracting inflows as investors seek exposure to alternative cryptocurrencies. A 16-day streak of positive ETF inflows has boosted net inflows to $9.33 billion, pushing ETH above $3,745. However, the bulls are defending this level with aggressive buying, and a successful rebound could target $4,094 and eventually $4,868. A failure to hold above $3,745, though, might force the price to test the 20-day SMA at $3,423 [5].

Altcoins present a mixed picture. XRP is consolidating near $3.10 after a pullback from $3.66, with the 20-day SMA acting as a critical support. Analysts warn that a breakdown below this level could trigger a slide to $2.80, while a rebound may see a retest of $4.86 [6]. BNB (BNB) showed resilience after a failed attempt to push above $809, with buyers stepping in at $761. The asset is poised for a potential run to $1,000 but faces near-term overbought conditions that could prompt a correction [7].

Solana (SOL) is grappling with resistance at $209, where sellers are actively defending the level. A breakthrough could propel the price to $260, but a drop below the 20-day SMA ($176) would likely confine the asset to a $110–$209 range [8]. Dogecoin (DOGE) and Cardano (ADA) are both testing key moving averages, with DOGE facing resistance at $0.26 and ADA at $0.86. A sustained move above these levels could unlock new bullish momentum for both, but a retreat to lower support zones would indicate renewed bearish sentiment [9].

The US Dollar Index (DXY) is a critical barometer for broader market risk appetite. Current positioning above the 50-day SMA (97.68) suggests bulls are attempting to establish a higher low, with a potential target at 100.54. A failure to sustain above this level could see the index retreating to 96.37, reflecting shifting dollar demand [10].

Hyperliquid (HYPE) is exhibiting buying interest near $45.06, with analysts highlighting the 20-day SMA as a pivotal level. A breakout above $50 could extend the uptrend to $50, but a drop below the ascending channel support might initiate a deeper correction to $32 [11].

The market remains in a state of flux, with key levels across all major assets poised to dictate short-term trajectories. Traders are advised to monitor resistance and support levels closely, as volatility is likely to persist in the absence of clear directional bias.

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