Key points:
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Bitcoin faces significant selling near its all-time high, but the bulls are keeping price above $120,000, indicating strength.
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Ether remains strong above its breakout level of $4,094, opening the doors for a further rally.
Bitcoin (BTC) rose above $122,000 on Monday, but the long wick on the candlestick shows the bears are vigorously defending the all-time high of $123,218. However, if buyers do not cede much ground to the bears, BTC remains on track to hit a new all-time high.
Institutional investors also turned positive on Wednesday, with the BTC exchange-traded funds witnessing $91.55 million in net inflows. The inflows accelerated on Thursday and Friday, recording $280.69 million and $403.88 million, respectively, per SoSoValue data.
BTC’s bullish sentiment rubbed off on the entire cryptocurrency sector with several altcoins charging higher, led by Ether (ETH).
BitMEX co-founder Arthur Hayes, who had sold 2,373 ETH just a few days ago when the price was near $3,507, repurchased all of it at a much higher price around $4,150, according to a post on X.
Could BTC breakout to a new all-time high? Will altcoins follow BTC higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) dipped below the 20-day simple moving average (6,331) on Aug. 1, but the bulls swiftly reclaimed the level on Aug. 4.
The bulls will try to resume the uptrend by pushing the price above the 6,427 level. If they manage to do that, the index could surge to 6,500 and later to 6,696.
The first sign of weakness will be a break and close below the 20-day SMA. That suggests profit-booking at higher levels. The index may then decline to the breakout level of 6,147. Buyers are expected to defend the 6,147 level with all their might because a break below it signals a potential short-term top.
US Dollar Index price prediction
The US Dollar Index (DXY) is trying to find support near the moving averages, but the long wick on Monday’s candlestick shows the bears are selling on rallies.
If the price dips below 97.94, the bears will try to pull the index to 97.10. Buyers are expected to fiercely defend the zone between 96.37 and 97.10 because a break below it opens the doors for a drop to 95.
On the upside, buyers will have to drive the price above 99.32 to suggest that the bears are losing their grip. The index could then climb to 100.54 and subsequently to 102. Sellers are likely to pose a strong challenge at the 102 level.
Bitcoin price prediction
BTC broke above the downtrend line on Sunday, and the bulls continued the momentum on Monday, reaching $122,335.
The bears are trying to guard the all-time high of $123,218, but a positive sign is that the bulls have kept up the pressure. That enhances the prospects of a break above $123,218. If that happens, the BTC/USDT pair could skyrocket toward $135,000.
Related: BTC price to fill $117K CME gap? 5 things to know in Bitcoin this week
The first sign of weakness will be a break and close below the 20-day SMA ($116,795). That signals a possible range formation in the near term. Bitcoin’s price could oscillate between $111,920 and $123,218 for a while. The pair will signal a short-term trend reversal below $110,530.
Ether price prediction
ETH picked up momentum after breaking above $3,745 on Thursday, and the bulls cleared the overhead hurdle at $4,094 on Saturday.
The bears are unlikely to give up easily and will try to pull the price back below $4,094. If they manage to do that, the ETH/USDT pair could plummet to the 20-day SMA ($3,793). A solid bounce off the 20-day SMA indicates a positive sentiment, increasing the likelihood of the continuation of the up move toward $4,868.
Sellers will have to sink Ether’s price below the 20-day SMA to gain the upper hand. A short-term trend reversal will be signaled on a break below $3,350.
XRP price prediction
XRP (XRP) turned up from $2.90 on Wednesday and surged above the 20-day SMA ($3.10) on Thursday.
The bears stalled the up move at $3.38 on Friday, but a positive sign is that the bulls have not allowed the price to dip back below the 20-day SMA.
If the price rises above $3.38, the XRP/USDT pair could march toward $3.66. Sellers are expected to aggressively defend the $3.66 level, but if the bulls have their way, the rally could extend to $4 and later to $4.50.
On the contrary, if the price continues lower and breaks below the 20-day SMA, it signals that the bears remain active at higher levels. XRP price could then tumble to the 50-day SMA ($2.81).
BNB price prediction
BNB (BNB) has held above the $794 level for the past two days, but the bulls are struggling to sustain the…
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