Bitcoin News Today: Bitcoin Rebounds Near $115,000 Amid Strong Institutional Buying and Bullish Technical Signs

Bitcoin’s recent pullback near the $115,000 level sparked strong buying pressure, reinforcing the potential for a sustained rally toward new all-time highs above $123,200. This support level coincides with the neckline of an inverse head-and-shoulders pattern, a bullish technical formation that could propel the price past the 20-day simple moving average at $118,106. If this momentum continues, Bitcoin may reach $135,000 [1].

Institutional interest remains a critical factor in the crypto market’s bullish trajectory. According to Galaxy Research, Bitcoin Treasury Companies have amassed over 791,662 BTC, valued at around $93 billion, reinforcing price stability and signaling confidence in long-term growth [1]. This accumulation provides a strong foundation for Bitcoin’s upward movement despite typical August volatility.

Ether also experienced robust institutional demand, with $5.43 billion in net inflows into US spot ETH ETFs in July, a sharp increase from $1.16 billion in June [1]. The 20-day SMA at $3,590 serves as a key support level for Ether, with a successful rebound potentially pushing the price toward $3,941 and $4,094. Maintaining this support is essential to prevent further declines toward the $3,422 and $3,300 Fibonacci levels.

Major altcoins exhibit similar resilience, with XRP, BNB, and Solana holding key support zones. XRP has tested $2.95 support, while BNB trades near its 20-day SMA at $761. Solana faces resistance at $179, with support at $161. These levels are critical for determining whether altcoins can resume their upward trend or fall into deeper consolidation.

Smaller altcoins like Hyperliquid and Sui show mixed signals. Hyperliquid recently dropped below its ascending channel and 20-day SMA, with $36 serving as a strong support level. Sui remains range-bound between $3.51 and $4.44, with a breakout above $4.44 indicating a potential resumption of bullish momentum [1].

Technical indicators suggest a broadly stable market as long as these support levels remain intact. A breakdown below key thresholds could trigger further corrections, but the current buying pressure and institutional accumulation suggest a strong likelihood of a rebound.

The August price action has historically been significant for Bitcoin, with past cycles showing notable gains following the halving event. This pattern adds to the growing optimism among traders and investors [1].

Given the current price structure and institutional buying patterns, the market is poised for potential upward movement in the near term. Investors are advised to closely monitor key support and resistance levels as they may dictate the next major price direction in the weeks ahead.

[1] https://en.coinotag.com/bitcoin-faces-possible-rebound-toward-new-highs-amid-consolidation-and-institutional-buying/