Bitcoin News Today: Bitcoin Nears All-Time High as Bulls Target $135,000

Bitcoin (BTC) and Ether (ETH) remain at the forefront of the cryptocurrency market amid a broad-based rally, with both major coins inching closer to their respective all-time highs. BTC surged above $122,000 on Wednesday, fueled by sustained buying pressure as bulls aim to break through the $123,218 ceiling. The repeated testing of this resistance level has weakened its strength, increasing the likelihood of a breakout. A successful move above this level could see BTC rallying toward $135,000, bolstered by a flattish 20-day simple moving average and an RSI above 65 indicating strong bullish momentum [1]. Conversely, a drop below the 50-day SMA ($114,682) could trigger a decline to $110,530 [2].

Ether mirrored Bitcoin’s upward trajectory, with ETH climbing above $4,700 as retail sentiment and aggressive buying by treasury companies and ETFs bolster its outlook. Santiment highlighted that retail traders remain in disbelief over the current rally, a trend historically followed by price reversals. Standard Chartered raised its ETH price target to $7,500 in 2025, reflecting confidence in the token’s future potential [3]. If ETH surpasses the $4,868 resistance, it could extend its move toward $5,662, but a short-term correction to $4,350 remains a risk [4].

Altcoins also showed varying degrees of strength. XRP faced a critical juncture near the $3.11 20-day SMA, with a potential break above $3.40 signaling bullish intent. A failure to hold above this level could bring the 50-day SMA at $2.85 into play [5]. BNB rebounded from $730, testing the $861 resistance. A confirmed break above this level could push the price toward $1,000, but a failure to hold above the 20-day SMA could see it fall back to $732 [6].

Solana (SOL) tested its $209 overhead resistance, but a long wick on the candlestick indicated bearish defense. A rebound from the $185 support could see another attempt to reclaim the $209 level, with a successful breakout potentially leading to $240 [7]. Dogecoin remained in a range between $0.14 and $0.29, with a break above $0.25 seen as a key trigger for a move toward $0.44 [8].

Cardano (ADA) staged a sharp rebound from the 20-day SMA at $0.77, with the bulls attempting to hold above $0.86. A close below this level could send the price to the 50-day SMA at $0.72 [9]. Chainlink (LINK) approached the $27 resistance, with a successful breakout potentially pushing it toward $31, while a rejection could send it back to $18 [10].

Hyperliquid (HYPE) traded within an ascending channel, with a breakout above $50 seen as a key positive trigger. A failure to hold above the moving averages could see the price drop to $36 [11]. Stellar (XLM) found support at the 20-day SMA ($0.42), with a move above $0.52 signaling a potential completion of a bullish pattern. A decline below the 20-day SMA could bring $0.34 into play [12].

These price predictions reflect ongoing technical analysis and market dynamics, with the broader crypto market showing signs of sustained momentum. However, as with all crypto assets, price movements remain highly volatile and subject to sudden reversals.

Source: [1]Price predictions 8/13: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK, HYPE, XLM (https://coinmarketcap.com/community/articles/689ccf139b583a34d769dfe5/)