Bitcoin is attempting to recover from support near $112,000 but faces significant resistance at $117,000 and $120,000, with bearish pressure likely to limit upside in the near term.
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Bitcoin bulls hold support near $112,000, yet selling pressure intensifies above $117,000.
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Altcoins show deep pullbacks, indicating a cautious market environment for a swift rally.
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Public companies continue accumulating BTC and ETH despite short-term volatility, signaling long-term confidence.
Bitcoin price prediction highlights resistance at $117K and $120K amid cautious ETF flows and altcoin weakness. Stay updated with COINOTAG’s expert analysis.
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Bitcoin price attempts recovery amid strong resistance levels
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Altcoin market shows signs of consolidation after recent pullbacks
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Institutional buying supports long-term crypto outlook despite short-term volatility
Bitcoin price prediction: Recovery attempts face resistance at $117,000 and $120,000. Altcoins pull back, but institutional buying signals confidence. Read COINOTAG’s latest update.
What is the current Bitcoin price outlook amid resistance at $117,000?
Bitcoin price is trying to recover from the $112,000 support level but faces strong resistance at $117,000 and $120,000, where selling pressure from bears intensifies. The 20-day simple moving average (SMA) near $117,237 is a critical hurdle. Failure to break above this level may lead to a drop toward $110,530 or lower support zones.
How are altcoins reacting to Bitcoin’s price movements?
Several altcoins have experienced significant pullbacks, reflecting market caution. This suggests that the next upward leg for altcoins may be delayed. For example, Ethereum (ETH) is consolidating between key Fibonacci retracement levels, while XRP and BNB are testing their respective support zones. These movements indicate a period of consolidation rather than immediate rallies.
What impact do ETF flows have on Bitcoin and Ethereum prices?
Recent data shows cautious sentiment among traders, with Bitcoin ETFs recording net outflows of $812.25 million and Ethereum ETFs seeing $152.26 million in outflows, ending a 20-day inflow streak. This reflects short-term uncertainty despite ongoing institutional interest in cryptocurrencies.
How are institutional investors influencing the crypto market?
Public companies continue to accumulate Bitcoin and Ethereum, signaling confidence in long-term growth. Japanese investment firm Metaplanet added 463 BTC at an average price of approximately $115,895, increasing its total holdings to 17,595 BTC. Similarly, SharpLink purchased 30,755 ETH at an average price of $3,530, bringing its total ETH holdings to 480,031.
What are the key technical levels for Bitcoin and major altcoins?
| Cryptocurrency | Key Support | Key Resistance |
|---|---|---|
| Bitcoin (BTC) | $112,000 (50-day SMA) | $117,000 – $120,000 (20-day SMA & neckline) |
| Ethereum (ETH) | $3,300 – $3,422 (Fibonacci retracement) | $3,652 – $4,094 (20-day SMA & resistance) |
| XRP | $2.66 (50-day SMA) | $3.19 – $3.66 (20-day SMA & resistance) |
What is the S&P 500 Index forecast and its relation to crypto markets?
The S&P 500 Index recently hit a new all-time high but faced profit booking, pulling below the 20-day SMA. Bulls aim to regain control by pushing above this average to retest highs. This equity market behavior often correlates with crypto sentiment, influencing investor risk appetite.
How is the US Dollar Index affecting cryptocurrency prices?
The US Dollar Index (DXY) recently broke above its 50-day SMA but retreated from resistance at 100.54. A sustained move above 100.54 could signal a short-term bottom and potential dollar strength, which may pressure cryptocurrencies. Conversely, a drop below moving averages could weaken the dollar, benefiting crypto assets.
Frequently Asked Questions
What are the main resistance levels Bitcoin needs to overcome?
Bitcoin faces key resistance at $117,000 and $120,000, where selling pressure from bears is strong. Breaking above these levels is essential for a sustained recovery.
How do ETF outflows impact Bitcoin and Ethereum prices?
ETF outflows indicate cautious trader sentiment, often leading to short-term price pressure. However, institutional accumulation can offset these effects over time.
How to interpret Bitcoin’s current price action?
Bitcoin’s price action is characterized by attempts to hold above crucial support near $112,000 while facing resistance at the 20-day SMA around $117,000. Traders should watch for a decisive break above this level to confirm bullish momentum or a drop below $110,530 to signal further weakness.
Key Takeaways
- Bitcoin struggles to break resistance at $117,000 and $120,000: Bears remain active at these levels, limiting upside.
- Altcoins show consolidation and pullbacks: Market caution delays immediate rallies across major altcoins.
- Institutional accumulation continues: Public companies increase BTC and ETH holdings, signaling long-term confidence.
Conclusion
Bitcoin’s recovery attempts from $112,000 face significant resistance near $117,000 and $120,000, with bearish pressure likely to constrain gains in the short term. Altcoins remain cautious amid market consolidation, while institutional buying supports a positive long-term outlook. Monitoring key technical levels and ETF flows will be essential for anticipating the next market move.
S&P 500 Index price prediction
The S&P 500 Index (SPX) rose to a new all-time high on Thursday but witnessed profit booking at higher levels.
Selling continued on Friday, pulling the price below the 20-day simple moving average (6,306). The bulls are trying to get back into the driver’s seat by pushing the price back above the 20-day SMA on Monday. If they succeed, the index could retest the all-time high of 6,427.
Contrarily, if the price turns down from the 20-day SMA, it suggests that the rallies are being sold into. The index could then descend to the 50-day SMA (6,139), which is likely to attract buyers.
US Dollar Index price prediction
The US Dollar Index (DXY) broke above the 50-day SMA (98.29) on July 28 but turned down from the overhead resistance of 100.54 on Friday.
The bulls are trying to arrest the pullback near the moving averages, indicating that the selling pressure is reducing. If the price turns up from the current level and breaks above 100.54, the recovery could reach the 102 level. A break and close above 102 suggests a short-term bottom is in place.
Sellers will have to pull the price below the moving averages to retain the advantage. If they do that, the index could drop to 97.10.
Bitcoin price prediction
BTC fell below the neckline of the inverse head-and-shoulders pattern on Friday but found support at the 50-day SMA ($112,262).
The 20-day SMA ($117,237) has started to turn down, and the RSI is just below the midpoint, indicating that the bears are trying to make a comeback. The relief rally is expected to face selling in the zone between the neckline and the 20-day SMA.
The risk of a drop below the critical support at $110,530 increases if the price turns down from the resistance zone. In this case, the BTC/USDT pair may collapse to $105,000 and then to $100,000.
Buyers will have to push and maintain the price above the 20-day SMA to seize control. If they do that, the pair could retest the $120,000 to $123,218 resistance zone.
Ether price prediction
ETH is taking support in the zone between the 50% Fibonacci retracement level of $3,422 and the 61.8% retracement level of $3,300.
The relief rally is expected to face selling at the 20-day SMA ($3,652), but if the bulls prevail, the ETH/USDT pair could ascend to $3,941 and eventually to $4,094. Sellers are expected to mount a strong defense at $4,094.
Conversely, if the price turns down from the 20-day SMA and breaks below $3,354, it indicates that the bulls are losing their grip. That increases the risk of a drop to the 50-day SMA ($3,013).
XRP price prediction
XRP (XRP) fell below $2.95 on Saturday but rebounded off the 50-day SMA ($2.66) on Sunday, indicating buying at lower levels.
The XRP/USDT pair could rise to the 20-day SMA ($3.19), where the bears are expected to step in. If the price turns down from the 20-day SMA, the pair may remain stuck between the moving averages for a few more days.
A break and close above the 20-day SMA could clear the path for a rally to $3.33 and later to $3.66. On the contrary, a slide below the 50-day SMA signals the start of a deeper correction to $2.40.
BNB price prediction
BNB (BNB) plunged below the 20-day SMA ($769) on Friday and reached the solid support of $732 on Saturday.
The BNB/USDT pair rebounded off $732 on Sunday, but the recovery is likely to face strong selling at the 20-day SMA. If the price turns down sharply from the 20-day SMA, the bears will attempt to sink the pair below $732. If they can pull it off, the pair could tumble to the 50-day SMA ($702).
Contrarily, a break and close above the 20-day SMA suggests solid buying on dips. The pair may climb to $794 and, after that, to $815.
Solana price prediction
Sellers pulled Solana (SOL) below the 50-day SMA ($161) on Saturday but could not sustain the lower levels.
The flattish moving averages and the RSI in the negative zone do not give a clear advantage either to the bulls or the bears. The SOL/USDT pair could trade between the moving averages for a while.
A break and close above the 20-day SMA ($179) tilts the advantage in favor of the bulls. The pair may then attempt a rally to $195. On the other hand, a close below $155 gives bears an edge. The pair may slump to $144 and subsequently to $137.
Dogecoin price prediction
Dogecoin (DOGE) has been trading inside the large range between $0.14 and $0.29 for several months.
The flattish moving averages and the RSI in the negative territory indicate that the range-bound action may continue for some more time. A break and close below the 50-day SMA ($0.19) could sink the price to the crucial support at $0.14.
The first sign of strength will be a close above the 20-day SMA. The DOGE/USDT pair could then rise to $0.26 and eventually to $0.29. Sellers are expected to fiercely defend the $0.29 level.
Cardano price prediction
Cardano (ADA) turned up from the 50-day SMA ($0.68) on Sunday, indicating demand at lower levels.
Both moving averages have flattened out, and the RSI is at the midpoint, indicating a balance between supply and demand. That could keep the ADA/USDT pair stuck between the moving averages for some time.
Sellers are likely to have other plans. They will strive to pull the price below the 50-day SMA. If they manage to do that, the pair could extend the pullback toward the solid support at $0.50. Buyers will have to push and maintain the price above the 20-day SMA to gain the upper hand.
Stellar price prediction
Stellar (XLM) is trying to bounce off the 61.8% Fibonacci retracement level of $0.34, but the relief rally is expected to face selling at the 20-day SMA ($0.43).
If the price turns down sharply from the 20-day SMA, it suggests the sentiment has turned negative and traders are selling on rallies. That could pull the price to the 50-day SMA ($0.33), which is a crucial support to watch out for. If the 50-day SMA cracks, the XLM/USDT pair could plunge to $0.29.
Buyers will have to drive and maintain the price above the 20-day SMA to signal a comeback. The pair may then climb to $0.46 and later to $0.49.
