Bitcoin News Today: Bitcoin Dips Below $115,000 as Institutional Buying Remains Strong

Bitcoin and several major cryptocurrencies faced a volatile start to August, with prices dipping below key support levels but showing signs of potential rebound. On Friday, Bitcoin (BTC) fell below $115,000, a critical level, amid a broader pullback across the top 10 cryptocurrencies. However, institutional buying activity remained robust, with Bitcoin Treasury Companies acquiring over 791,662 BTC—worth approximately $93 billion—according to a Galaxy Research report [1].

Bitcoin’s price action has drawn attention to the inverse head-and-shoulders pattern, with the neckline at a crucial juncture. A rebound from this level with strength could signal a reversal, especially if the price moves above the 20-day simple moving average ($118,106). Analysts speculate that if historical trends post-halving events are any guide, BTC could rise toward a new all-time high above $123,218 [1]. A break above $123,218 could potentially push the price toward $135,000, although aggressive selling pressure is expected at that level.

Ether (ETH) also saw a decline, closing below $3,745 on Thursday as traders booked profits. However, the 20-day SMA at $3,590 remains a key support. A strong rebound from this level could allow ETH to retest $3,941 and eventually $4,094, where further resistance is expected. A breakdown below the 20-day SMA, however, could drive the price down to $3,300 [1].

Among altcoins, XRP (XRP) fell below $2.95, with bears maintaining control despite buying interest at lower levels. A retest of the 20-day SMA at $3.19 could trigger a consolidation phase between $2.95 and $3.66, while a breakdown below $2.95 raises the risk of a drop to $2.62 [1]. BNB (BNB) closed below its breakout level of $794, reaching the 20-day SMA at $761. A defense of this level is critical, as a breakdown could send BNB to $732.

Solana (SOL) faced pressure below the 20-day SMA at $179, with the next key support at the 50-day SMA ($161). A rebound from this level could allow the price to climb back to $185 and beyond to $209, while a breakdown below $161 would likely extend the consolidation within the $110 to $209 range.

Dogecoin (DOGE) bounced off the $0.21 support but failed to break the 20-day SMA at $0.22. Current price action suggests the coin may continue to oscillate between $0.14 and $0.29 for the near term, with further breakdowns risking a drop to $0.14 [1]. Cardano (ADA) has been trending lower, approaching the 50-day SMA at $0.67, with potential for further declines toward $0.50 if bears maintain dominance.

Hyperliquid (HYPE) turned down from the 20-day SMA at $44.39, closing below an ascending channel. A move to $36 could test support, with a potential correction to $32 if the breakdown proves genuine. A quick rebound above $44.39 might indicate a bear trap, allowing a rally toward $48–$49.87.

Stellar (XLM) pulled back to the 50% Fibonacci retracement level at $0.37, with potential for a rebound toward $0.44. A break above $0.52, however, is expected to meet resistance, potentially leading to consolidation.

Sui (SUI) pushed above the 20-day SMA at $3.86 but faces selling pressure at higher levels. Maintaining the price above $3.51 could keep the coin within a $3.51 to $4.44 range, with a break above $4.44 signaling the next bullish phase toward $5.37 [1].

Overall, while the crypto market faces near-term volatility, key support levels across major assets appear intact, offering potential for rebounds if buyers step in. However, a breakdown of these levels could prolong the consolidation phase and deepen declines.

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