XRP News Today: Bitcoin Faces Selling Pressure Near $110,500 Level

Bitcoin (BTC) is currently facing selling pressure near the $110,500 level, with bears vigorously defending this price point. However, bulls have managed to prevent the price from dipping below key moving averages, indicating a strong resolve to maintain their positions. Analysts have noted that the Bollinger Bands indicator suggests a potential sharp move in the near future, with creator John Bollinger hinting at a possible upside breakout for Bitcoin.

Despite the selling pressure, investors continue to pump money into Bitcoin exchange-traded products (ETPs), with $790 million in inflows recorded for the trading week ended Friday. This influx, although slightly slower than the previous three weeks, suggests a cautious yet optimistic approach from investors as Bitcoin nears its all-time high.

The S&P 500 Index (SPX) has extended its uptrend, indicating sustained demand from bulls at higher levels. A retest of the 6,147 level is possible, and if the price turns up sharply from this point, it suggests that the bulls have flipped the level into support. This could increase the likelihood of the uptrend continuing toward 6,500. Conversely, sellers would need to pull the price below the 20-day exponential moving average (6,099) to weaken the bullish momentum, potentially leading to a drop to the 50-day simple moving average (5,904).

The US Dollar Index (DXY) turned up from the 96.37 level, indicating demand at lower levels. The pullback could reach the breakdown level of 97.92, where bears are expected to sell aggressively. If the price turns down sharply from this level, it suggests that bears are trying to flip it into resistance, increasing the risk of a break below 96.37 and a potential drop toward the 95 level. Conversely, a break and close above 97.92 could signal a bullish comeback, with the index potentially rising to the 50-day SMA (99.03) and beyond to the 100.54 and 102 resistance levels.

Bitcoin has been oscillating between the 20-day EMA ($107,211) and the overhead resistance of $110,530. This tight range trading is unlikely to continue for long, with a range expansion expected soon. If the price turns down and plunges below the moving averages, the BTC/USDT pair could descend to $104,500 and later to $100,000. Conversely, a break and close above $110,530 could open the gates for a rally to $111,980 and then to the neckline of the inverse head-and-shoulders pattern, potentially starting the next leg of the uptrend toward $150,000.

Ether (ETH) has been stuck inside the $2,738 to $2,323 range, with unsuccessful attempts to break and sustain the price above or below this range. Buyers are trying to push the price above $2,635, clearing the path for a rally to $2,738. Sellers are expected to fiercely defend the $2,738 to $2,879 zone, and if the price turns down from this overhead zone, the ETH/USDT pair could find support at the 20-day EMA. On the downside, a break and close below the 20-day EMA suggests the pair may extend its stay inside the range, with sellers regaining control on a close below $2,111.

XRP has managed to sustain above the 20-day EMA ($2.20) for the past few days, signaling a lack of aggressive selling by the bears. The 20-day EMA has started to turn up, and the RSI has jumped into the positive zone, indicating the path of least resistance is to the upside. There is resistance at $2.34, but it is likely to be crossed, with the XRP/USDT pair potentially climbing to $2.48 and subsequently to $2.65. Buyers will need to overcome the barrier at $2.65 to start a new up move toward $3. Conversely, if the price turns down and breaks below the 20-day EMA, it suggests the pair may swing between $2.34 and $2 for a while longer.

BNB has bounced off the 20-day EMA ($652), indicating positive sentiment and traders buying on dips. The upsloping 20-day EMA and the RSI just above the midpoint indicate a slight edge to the bulls. If the $665 resistance falls, the BNB/USDT pair could rise to $675 and then to $698. Sellers are likely to pose a solid challenge at $698, as a break above it could propel the pair to $732. This optimistic view will be negated in the near term if the price turns down and breaks below the moving averages, with the pair potentially dropping to $636.

Solana has managed to push above the 20-day EMA ($149) but is struggling to break above the 50-day SMA ($154). The 20-day EMA has flattened out, and the RSI is just above the midpoint, indicating a balance between supply and demand. Buyers will have the upper hand if they push the SOL/USDT pair above $159, opening the gates for a rise to $185. There is minor resistance at $168, but it is likely to be crossed. On the downside, the first support is at $145 and then at $137, with a break below $137 tilting the advantage in favor of the bears and potentially leading to a tumble to $126.

Dogecoin has broken above the 20-day EMA ($0.16), suggesting that the bulls are attempting a comeback. If buyers maintain the price above the 20-day EMA, the DOGE/USDT pair could rise to the 50-day SMA ($0.18) and later to $0.21. Sellers are expected to defend the $0.21 level, but if the buyers prevail, the pair could soar to $0.26. Conversely, if the price turns down from the current level and breaks below the 20-day EMA, it suggests that the bears are selling on every minor rally, potentially sinking the pair to the $0.14 support.

Cardano has been clinging to the 20-day EMA ($0.58), indicating that the bulls have kept up the pressure. The flattening 20-day EMA and the RSI just below the midpoint suggest that the selling pressure is reducing. If buyers drive the price above the 20-day EMA, the ADA/USDT pair could rally to the 50-day SMA ($0.64) and then to the downtrend line. The bulls will need to push and sustain the price above the downtrend line to signal a potential trend change. Sellers will need to drag the price below the $0.50 support to complete the bearish descending triangle pattern, potentially starting a downward move to $0.40.

Hyperliquid has managed to keep above the 20-day EMA ($38.41) for the past few days, indicating demand at lower levels. However, a negative sign is that the bulls have failed to drive the price above the near-term resistance of $41.23. If the price turns up from the current level or the 20-day EMA and breaks above $41.23, it signals that the bulls are back in the driver’s seat, with the HYPE/USDT pair potentially surging to the $42.50 to $45.80 resistance zone. The first sign of weakness on the downside will be a break and close below the 50-day SMA ($36.60), opening the doors for a fall to $33.25 and later to $30.69.