Bitcoin News Today: Bitcoin Bounces Off $115,720 With Bulls Targeting $123,218 Resistance

Bitcoin (BTC) rebounded strongly on August 8, breaking the $115,720 resistance but encountering significant selling pressure at the downtrend line. Analysts suggest that bulls need to maintain BTC above $116,900 to confirm regaining control of the demand side [1]. A failure to sustain above $116,900 could trigger a deeper correction toward $110,000 [1]. If BTC can overcome the downtrend line, it could test the $120,000 to $123,218 resistance zone, with a break above $123,218 potentially opening the path to $135,000. However, a drop below the 50-day SMA at $113,111 would signal weakness [1].

Ether (ETH) advanced past $3,745 on Thursday, signaling a potential end to its correction phase. The price crossed $3,941 on Friday but is expected to face strong resistance at $4,094. A failure to break above this level and a subsequent drop below the 20-day SMA could lead to consolidation between $4,000 and $3,400. Conversely, a close above $4,094 would indicate the resumption of the uptrend, possibly pushing the price toward $4,868 [1].

XRP showed a sharp rebound from the $2.95 support and broke above the 20-day SMA ($3.15). Bulls are aiming for $3.66, but bears are expected to mount strong resistance at that level. A bounce off the 20-day SMA increases the likelihood of a break above $3.66. However, a drop below the 20-day SMA could push the price back toward $2.95 [1].

BNB pierced the 20-day SMA ($779) on Thursday, signaling reduced selling pressure. The price is expected to face challenges at $794 and $815. A successful breakthrough could bring the price closer to the all-time high at $861. However, a close below $761 would open the door for a decline to $732, with a further drop below the 50-day SMA ($712) signaling a short-term top [1].

Solana (SOL) resisted a pull below the 50-day SMA ($163) on Wednesday and is now approaching the 20-day SMA ($178). A break above this level could push the price toward $195, with resistance at $185 expected to be crossed. The support zone between the 50-day SMA and $155 remains critical. A breakdown below this zone could send the price to $144 or even $137 [1].

Dogecoin (DOGE) turned up from the 50-day SMA ($0.19) and is currently at the 20-day SMA ($0.22). The flat moving averages and RSI near the midpoint suggest a balanced market. A move above $0.22 could see the price test $0.25–$0.26, while a decline would likely keep the price between the moving averages for some time [1].

Cardano (ADA) has reached the 20-day SMA ($0.78), indicating strong buying activity. If bulls can sustain the price above this level, the price may rise toward $0.86 and then $0.94. A break above $0.94 could push ADA toward $1.17. Alternatively, a failure to maintain above the 20-day SMA would suggest weak demand at higher levels [1].

Hyperliquid (HYPE) has rebounded to the moving averages, where bears are expected to mount a defense. A decline from this level may push the price toward $32 if bears succeed in breaking the $36 support. Conversely, a break above the moving averages could indicate weakening bearish control and push the price toward a key support line [1].

Stellar (XLM) broke above the 20-day SMA ($0.42), suggesting the end of a correction. If the price holds above $0.46, it could push toward $0.52 and potentially $0.61. A solid bounce from the 20-day SMA would indicate improved sentiment, while a drop below the 50-day SMA ($0.35) would favor sellers [1].

Sui (SUI) jumped from the 50-day SMA ($3.36) to the 20-day SMA ($3.75) on Thursday. Buyers need to maintain the price above $3.75 to potentially push it toward $4 and then $4.30. A strong defense in the $4.30–$4.44 zone could see the price reach $5. A sharp decline from the current level would indicate that bears are aiming for consolidation between the moving averages [1].

Source: [1] Price predictions 8/8: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE, XLM, SUI (https://coinmarketcap.com/community/articles/6896227a1214ff464aa19055/)