Bitcoin News Today: Bitcoin Surpasses $122,000 as ETF Inflows Boost Bullish Momentum

Bitcoin (BTC) traded above $122,000 on August 11, facing significant selling pressure near its all-time high of $123,218, but bulls maintained control by keeping the price above $120,000, indicating strong upward momentum [1]. Institutional investors reinforced this bullish sentiment, with BTC exchange-traded funds seeing substantial inflows of $91.55 million on Wednesday, $280.69 million on Thursday, and $403.88 million on Friday, according to SoSoValue data [1]. Ether (ETH) remained resilient, staying above its breakout level of $4,094, signaling potential for a further rally [1]. BitMEX co-founder Arthur Hayes repurchased 2,373 ETH at around $4,150, after selling it at a lower price, suggesting confidence in the asset’s value [1].

In the broader market, the S&P 500 Index (SPX) dipped below its 20-day simple moving average (6,331) on August 1 but regained the level by August 4. Bulls aim to push the index above 6,427, potentially reaching 6,500 and eventually 6,696 if the trend continues. A break below the 20-day SMA would signal profit-taking and could push the index down to 6,147 [1].

The US Dollar Index (DXY) showed mixed signals, struggling to find support near moving averages. A break below 97.94 could see the index fall to 97.10, with aggressive defense expected between 96.37 and 97.10. On the upside, a move above 99.32 suggests weakening bearish control, potentially leading to a climb toward 100.54 and 102 [1].

XRP (XRP) rose above its 20-day SMA on Thursday and faced resistance at $3.38. If bulls continue to hold the price above this level, the altcoin could move toward $3.66 and eventually $4.50. A decline below the 20-day SMA could send it toward the 50-day SMA at $2.81 [1]. BNB (BNB) remained above $794, with bulls attempting to push it toward $828. A failure to do so may result in a drop to $732, though positive indicators like the RSI suggest bullish momentum [1].

Solana (SOL) pierced the 20-day SMA and reached $185. A breakthrough above this level could see the price rise to $195 and $209, while a pullback below the 20-day SMA would likely trigger a decline toward $166 and $155 [1]. Dogecoin (DOGE) traded above its 20-day SMA but struggled to break through $0.26. A move above $0.25 could target $0.29, while a drop below $0.19 could lead to $0.14 [1]. Cardano (ADA) rebounded above $0.77, with sellers testing the 20-day SMA. A move above $0.86 could open the door to $0.94, while a decline below the 20-day SMA would likely send it to the 50-day SMA at $0.71 [1].

Hyperliquid (HYPE) saw a recent rebound, with buyers showing strength at lower levels. A break above the ascending channel support could target $50 and $62.50, while a failure to hold above the moving averages may send the price to $35.50 [1].

This article does not constitute investment advice. Readers are encouraged to conduct their own research before making any trading or investment decisions.

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