Bitcoin News Today: Bitcoin Rebounds Above $115K But Struggles to Hold Key Resistance

Bitcoin (BTC) showed a strong rebound entering August 8, surpassing the $115,720 short-term resistance level. However, it struggled to maintain prices above $116,000, with active selling pressure during rallies. According to market analytics from Glassnode, short-term leading buyers hold an average cost basis near $116,900. Sustaining above this level is crucial to confirm demand dominance; a break below could trigger a correction toward $110,000. If BTC manages to break above the $120,000 resistance zone and surges past $123,218, it could push toward $135,000. A failure to hold above the 50-day moving average ($113,111) or $110,530 may intensify downward pressure [1].

Ethereum (ETH) rose above the $3,745 level, potentially signaling the end of its correction phase. The price has rebounded past $3,941 but may face resistance near $4,094, where increased selling pressure is anticipated. A sharp drop below the 20-day SMA could result in ETH consolidating between $3,400 and $4,000. A breakout above $4,094 could indicate trend continuation toward $4,868 [1].

XRP rebounded from its $2.95 support, surpassing its 20-day SMA at $3.15. Bulls are targeting a break above $3.66, a level where significant resistance is expected. A failure to hold above $3.66 may push XRP back toward the 20-day SMA or down to $2.95. A break below the 50-day SMA would signal bear control [1].

Binance Coin (BNB) pierced the 20-day SMA at $779, suggesting reduced selling pressure. Resistance levels at $794 and $815 pose challenges, but a breakout could lead to a retest of the all-time high at $861. A close below $761 could result in a dip toward $732. If BNB falls below the 50-day SMA at $712, it would signal bearish dominance [1].

Solana (SOL) held firm against a short-term bearish attempt to push it below the 50-day SMA at $163. The price is now approaching the 20-day SMA at $178, a potential near-term hurdle. A successful break above $178 could drive the price to $195. A failure to hold above the 50-day SMA and $155 may lead to a drop to $144 or lower [1].

Dogecoin (DOGE) rebounded from the 50-day SMA at $0.19 and reached the 20-day SMA at $0.22. Indecisive RSI and flat moving averages suggest a balance between buyers and sellers. A breakout above $0.25 could target $0.26 resistance. A sharp rejection may keep DOGE confined between moving averages for a while [1].

Cardano (ADA) reached the 20-day SMA at $0.78, supported by buying pressure near the 50-day SMA at $0.69. Holding above $0.78 could lead to rallies toward $0.86 and $0.94. A break above $0.94 could accelerate gains toward $1.17, while a failure to hold above the 20-day SMA may result in a trading range between the SMAs [1].

Hyperliquid (HYPE) rebounded toward the moving averages but faces strong selling pressure defending this zone. A reversal below $36 support could push the price toward $32. A breakout above the moving averages suggests weakening seller strength, potentially resuming upward momentum. The key level to watch is the support line; breaking it could mark the end of the correction [1].

Stellar (XLM) broke above the 20-day SMA at $0.42, indicating a possible end to its recent correction. Holding above $0.46 could push prices toward $0.52, where sellers are expected to challenge. A breakout above $0.52 may extend the rally toward $0.61. The 50-day SMA at $0.35 is critical; a close below it would signal bearish dominance [1].

Sui (SUI) jumped from the 50-day SMA at $3.36 to the 20-day SMA at $3.75, showing increased buying pressure. Sustaining above $3.75 could push SUI toward $4.00 and $4.30, with significant resistance expected between $4.30 and $4.44. A breakout past this zone may lead to $5. A sharp reversal from current levels could indicate bear control, with a close below the 50-day SMA strengthening bearish momentum [1].

This article is for informational purposes only and does not constitute investment advice. Trading cryptocurrencies involves risk, and readers should conduct their own research before making investment decisions [1].

Source:

[1] Price Predictions for BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE, XLM, and SUI on August 8 (https://coinmarketcap.com/community/articles/68964f0455ec7778c0d49263/)