Bitcoin News Today: Bitcoin Climb Near $117,000 as Ethereum Rebounds Above $4,000

Bitcoin and Ethereum have recently tested key resistance levels amid cautious optimism from traders and analysts. Over the past week, Bitcoin rebounded from support near $111,673 and briefly reached $117,000 before consolidating below significant resistance [1]. Meanwhile, Ethereum climbed past $4,000 for the first time in weeks, although it has since cooled to approximately $3,963 at press time [1]. Analysts remain cautious, noting the absence of major macroeconomic catalysts and typical seasonal market weakness [1].

For Bitcoin, momentum indicators suggest a potential for continued recovery, but price action remains confined below key resistance at $117,500. A decisive break above this level could signal a move toward the $120,000–$122,000 range. Conversely, failure to breach resistance could lead to a pullback toward $112,000–$110,000, particularly if broader market sentiment deteriorates [1].

Ethereum’s short-term momentum remains strong, with the Relative Strength Index (RSI) hovering near 59 and the Moving Average Convergence Divergence (MACD) in positive territory. However, the recent retest of $4,000 was met with selling pressure. A sustained move above $4,050 could open the path to $4,200 and potentially $4,350, assuming buying volume increases. On the other hand, a drop below $3,900 may signal a return to the $3,750–$3,700 support range [1].

Analysts from 10X Research highlight that while Ethereum's on-chain activity has shown signs of improvement, much of the recent price movement is driven by market sentiment rather than fundamental developments [1]. In contrast, potential regulatory shifts for Bitcoin—such as U.S. President Donald Trump’s proposal to expand cryptocurrency investment in retirement accounts—could offer medium-term support. However, these developments have not yet triggered a strong market response [1].

With both Bitcoin and Ethereum positioned at key inflection points, traders are bracing for increased volatility in the coming sessions. A clear breakout or breakdown from current ranges is expected to determine the direction of price action for the remainder of August [1].

Source: [1] Bitcoin and Ethereum Test Resistance as Traders Eye Breakout or Pullback (https://coinmarketcap.com/community/articles/6896353955ec7778c0d491fa/)