Bitcoin News Today: Bitcoin Holds $110,530 Support Amid $1 Billion ETP Outflows and Whale Activity

Bitcoin (BTC) faced significant selling pressure on August 25, primarily driven by large whale outflows rather than a fundamental shift in the asset’s market structure. The price dropped near the critical $110,530 support level, but bulls managed to hold the line [1]. According to CoinShares, BTC saw $1 billion in net outflows from exchange-traded products over the previous week, while ETH ETPs attracted $2.5 billion in inflows, signaling a shift in investor preference toward Ether [2]. Notably, Michael Saylor’s MicroStrategy continued to accumulate BTC, purchasing 3,081 BTC worth $356.9 million, increasing its total holdings to 632,457 BTC [3].

In a significant transaction, a whale entity deposited 22,769 BTC ($2.59 billion) into Hyperliquid and proceeded to trade 472,920 ETH ($2.22 billion), highlighting the active movement of capital within the crypto market [4]. Analysts pointed out that the bears may continue to test BTC’s $110,530 support, with a break below this level potentially leading to a drop to $105,000 or even the psychological $100,000 level. Conversely, a breakout above $117,500 could signal a potential range-bound recovery within $110,530 and $124,474 [5].

Ether (ETH) surged to an all-time high of $4,956 on Sunday, but short-term traders engaged in profit-taking, pulling the price back below $5,000 [6]. The ETH/USDT pair is currently consolidating near the 20-day EMA at $4,349, with a strong rebound expected to test $5,000 again. A break below the 20-day EMA could expose ETH to further declines toward $4,060 [7].

BNB also reached a new all-time high on Friday, but profit-taking has pulled the price to $861, a key level for further direction. A successful retest of the $900 resistance could push BNB toward $1,000, while a breakdown below the 20-day EMA may result in a pullback toward $779 [8].

S&P 500 (SPX) saw a strong bounce from the 20-day EMA at 6,392 on Friday, indicating buying interest on dips. A move above 6,581 could push the index toward 6,696, but a negative RSI divergence suggests weakening momentum. A pullback below the 20-day EMA could bring SPX back to 6,147 [9].

The US Dollar Index (DXY) rose above key moving averages, but bears managed to initiate selling at higher levels. A drop below 97.50 could target 96.37, while a rebound above 99 would suggest bullish strength, potentially pushing DXY toward 100.50 and beyond [10].

XRP, SOL, DOGE, ADA, and LINK all showed mixed signals. XRP faces a descending triangle pattern, with a breakdown below $2.73 potentially leading to $2.33, while a breakout above the downtrend line could push it toward $3.66 [11]. Solana (SOL) remains near resistance at $210, with a break above that level potentially sending it to $265. A breakdown would expose it to $155 [12]. Dogecoin (DOGE) is consolidating near the $0.21 to $0.26 range, with $0.26 as a key breakout level [13]. Cardano (ADA) faces a negative RSI divergence, suggesting weakening momentum, while Chainlink (LINK) remains under bearish pressure near the $27 level [14].

Source:

[1]https://coinmarketcap.com/community/articles/68acadf7e017ff4321a15023/