Bitcoin News Today: Bitcoin Approaches All-Time High as Bullish Bias Intensifies

Bitcoin (BTC) has climbed above $122,000, approaching its all-time high of $123,218, as sustained buying pressure continues to push the market higher [1]. Technical indicators suggest a strong bullish bias, with the 20-day simple moving average stabilizing and the RSI in positive territory, increasing the likelihood of a breakout to $135,000 [1]. Conversely, a drop below the 50-day SMA could trigger a correction to $110,530 [1].

Ether (ETH) is following closely, having surged past $4,700 and nearing its record high of $4,868 [1]. Standard Chartered has raised its ETH price target to $7,500 by 2025, citing strong buying from institutional players and accelerated stablecoin adoption [1]. Analysts note that retail trader sentiment appears to be shifting, which historically correlates with a price move opposite to expectations [1]. However, the RSI indicates overbought conditions, suggesting potential consolidation or a short-term pullback to $4,350 [1]. A break above $4,868 could see the price move toward $5,662 [1].

XRP is consolidating near the 20-day SMA ($3.11), with mixed signals from the RSI and moving averages indicating indecision between bulls and bears [1]. A rise above $3.40 could push the price to $3.66, while a drop below $2.85 may attract buyers before potentially falling further to $2.72 [1].

BNB has shown a strong recovery from $730, with a key resistance at $861. A successful break above this level could take the price to $1,000, while a close below the 20-day SMA may lead to a decline to $732 [1].

Solana (SOL) tested $209 on Wednesday, with bears defending the level. A rebound above $185 could see a test of $240, while a breakdown below $185 may lead to a range-bound movement between $155 and $209 [1].

Dogecoin (DOGE) remains in a trading range between $0.14 and $0.29. A breakout above $0.29 could lead to a target of $0.44, while a failure to hold above $0.20 may result in a decline to $0.18 [1].

Cardano (ADA) has rebounded from $0.77, with bulls attempting to hold above $0.86. A close above $0.94 may target $1.02, while a drop below $0.72 could signal bearish momentum [1].

Chainlink (LINK) is testing resistance around $27. A successful breakout could see the price extend to $31, whereas a breakdown below $20.84 may lead to a decline toward $18 [1].

Hyperliquid (HYPE) is trading within a consolidation range. A close above the channel support line may push the price toward $50, and a further break above $64 could extend the move higher. A breakdown below the moving averages would invalidate the bullish case, with a potential drop to $36 [1].

Stellar (XLM) is finding support at the 20-day SMA ($0.42), with the RSI indicating positive momentum. A close above $0.52 would complete a bullish inverse head-and-shoulders pattern, potentially pushing the price to $0.52. A breakdown below the 20-day SMA could drag the price to $0.34 [1].

The market’s overall bullish sentiment is driven by strong buying in BTC and ETH, with analysts noting the potential for a broader altcoin rally if the leading pairs continue to break key resistance levels [1]. However, overbought conditions in some assets suggest caution is warranted in the near term [1].

Source: [1] Price predictions 8/13: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK, HYPE, XLM (https://cointelegraph.com/news/price-predictions-8-13-btc-eth-xrp-bnb-sol-doge-ada-link-hype-xlm?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound)