Bitcoin News Today: Bitcoin Surges Past $122,000 Amid Strong ETF Inflows and Bullish Momentum

Bitcoin (BTC) surged past $122,000 on August 11, with bulls maintaining pressure above $120,000 despite bearish attempts to defend the all-time high of $123,218, as indicated by a long wick on the candlestick [1]. Institutional demand intensified, with BTC ETFs seeing substantial net inflows—$91.55 million on Wednesday, $280.69 million on Thursday, and $403.88 million on Friday, according to SoSoValue [1]. This bullish momentum extended to the broader crypto market, with Ether (ETH) remaining above its breakout level of $4,094 and signaling potential for further gains [1].

Ether’s recent performance showed strong buying interest, breaking above $3,745 on Thursday and $4,094 on Saturday [1]. Bears attempted to pull the price back below $4,094, but a firm hold above the 20-day SMA suggests continued bullish sentiment [1]. If ETH/USDT fails to stay above $3,350, it could indicate a short-term trend reversal [1].

Bitcoin’s breakout above the 20-day SMA and the downtrend line reinforced its positive outlook, with potential for a new all-time high if bulls push above $123,218 [1]. A breakdown below $116,795 could signal consolidation or a short-term reversal, with key levels at $110,530 and $111,920 [1].

The S&P 500 Index (SPX) dipped below its 20-day SMA on August 1 but was quickly reclaimed by bulls on August 4 [1]. A move above 6,427 could extend the uptrend toward 6,500 and eventually 6,696, whereas a close below the 20-day SMA suggests a possible pullback to 6,147 [1].

The US Dollar Index (DXY) showed mixed signals near moving averages, with bears defending rallies above 97.94 [1]. A break below that level could push the index toward 97.10 and later 95, while a move above 99.32 may indicate waning bearish pressure [1]. However, sellers are expected to resist strongly at 102 [1].

XRP/USDT rebounded from $2.90 and rose above the 20-day SMA ($3.10) on Thursday, with resistance at $3.38 [1]. A successful break above $3.38 could target $3.66 and beyond, while a failure to hold above the 20-day SMA may result in a drop to $2.81 [1].

BNB held above $794 but struggled to sustain above $815. A rebound off $794 and a move above $828 could target $861, whereas a breakdown below the 20-day SMA suggests a possible drop to $732 [1].

Solana (SOL) pierced the 20-day SMA and reached $185, with bulls aiming to push it higher to $195 or $209 [1]. A break below the 20-day SMA may trigger a pullback to $166 and $155 [1].

Dogecoin (DOGE) rose above the 20-day SMA ($0.22) on Friday but faces resistance at $0.26 [1]. A break below the 20-day SMA could bring the price to $0.20, with potential consolidation between $0.19 and $0.25 [1].

Cardano (ADA) rebounded above the 20-day SMA ($0.77) on Friday, with bulls defending the level against sellers. A move above $0.86 could open the path to $0.94, while a breakdown below the 20-day SMA might lead to $0.71 [1].

Hyperliquid (HYPE) showed renewed buying pressure after a recent rebound, with the pair facing resistance at the ascending channel support line [1]. A break below the moving averages could see HYPE/USDT drop to $35.50, while a bounce would target $50 and possibly $62.50 [1].

The analysis is based on price action and technical indicators, without suggesting specific investment strategies. Market movements depend on broader macroeconomic conditions and investor sentiment. Readers are advised to conduct independent research before making trading decisions [1].

Source: [1] Price predictions 8/11: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE (https://coinmarketcap.com/community/articles/689a15cef841533557a29401/)