Bitcoin News Today: Bitcoin Surpasses $122,000 as ETF Inflows Surge 403.88 Million

Bitcoin (BTC) continued its bullish momentum on August 11, rising above $122,000 despite a long wick on the daily chart indicating aggressive bearish resistance near the all-time high of $123,218. Institutional buying pressure has also been evident, with exchange-traded funds (ETFs) experiencing substantial inflows of $91.55 million on Wednesday, $280.69 million on Thursday, and $403.88 million on Friday, according to SoSoValue data. The sustained buying interest suggests BTC remains on a path to potentially surpass its historical peak [1].

The broader crypto market has benefitted from BTC’s strength, with altcoins such as Ether (ETH) showing resilience above the critical breakout level of $4,094. ETH’s performance is further supported by positive technical indicators, with bulls defending the level against bearish attempts to pull the price back. A successful continuation above $4,094 increases the likelihood of a move toward $4,868, while a breakdown below the 20-day SMA ($3,793) could trigger a short-term correction [1].

The S&P 500 Index (SPX) exhibited mixed signals, dipping below the 20-day SMA on August 1 before being reasserted by bullish forces. A move above 6,427 could propel the index to 6,500 and potentially 6,696. However, a break and close below the 20-day SMA would signal a shift toward profit-taking and possibly a descent to 6,147, with further support expected at that level to prevent a deeper correction [1].

The US Dollar Index (DXY) faced selling pressure on rallies, with the long wick on Monday’s candlestick signaling bearish activity. If the index breaks below 97.94, it may extend lower to 97.10, with a further breakdown to 95 seen as a key concern. On the upside, a move above 99.32 would indicate weakening bearish sentiment and could push the index toward 102, where strong resistance is expected [1].

XRP (XRP) saw a rebound from $2.90 and moved above the 20-day SMA to $3.10. While bears stalled the upward trend at $3.38, bulls have maintained control above that level, with potential for a move to $3.66 and beyond to $4.50. However, a breakdown below the 20-day SMA could lead to a retest of the 50-day SMA at $2.81 [1].

BNB (BNB) held above $794 but struggled to surpass $815. A bounce from this level and a move above $828 could target $861, but a breakdown below the 20-day SMA ($785) would likely result in a pullback toward $732 [1].

Solana (SOL) moved above the 20-day SMA to $176 and tested $185, a key resistance level. A successful breakout could drive the price toward $195 and eventually $209, while a breakdown below the 20-day SMA would signal renewed bearish control and a potential drop to $155 [1].

Dogecoin (DOGE) remains in a consolidation phase above the 20-day SMA ($0.22). A breakout above $0.25 could lead to $0.29, whereas a breakdown below $0.19 would likely result in a decline to $0.14 [1].

Cardano (ADA) has rebounded above the 20-day SMA, with bulls defending the level against bearish attempts. A move above $0.86 could set ADA on a path to $0.94, while a breakdown below the 20-day SMA would indicate waning bullish momentum and a potential drop to the 50-day SMA ($0.71) [1].

Hyperliquid (HYPE) is currently in a tug-of-war at the ascending channel support line. A breakdown below this level could send HYPE toward the moving averages, with further support expected at $35.50. A successful bounce and subsequent move above this level could result in a rally toward $62.50 [1].

[1] Source: Price predictions 8/11: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE (https://cointelegraph.com/news/price-predictions-811-spx-dxy-btc-eth-xrp-bnb-sol-doge-ada-hype?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound)