- Bitcoin hovers near $119,600, with a $120K breakout eyed for a potential run toward $150K.
- Spot Bitcoin ETFs log $65.94M inflows, extending a five-day streak of institutional buying power.
- Ethereum ETFs pull $524M in six days, led by BlackRock’s $319M single-day inflow record.
Cryptocurrencies pushed up today and brought total market cap to a record high of $4.06 trillion. The level of trading increased by 12.26 percent to reach $218.21 billion. The dominance led by Bitcoin calmed to 58.6%. The Fear & Greed Index is 73, which is in the zone of greed. The sentiment in Bitcoin market remains bullish, though a critically important price level remains a decisive move in the future.
Source: Alternative.me
Bitcoin is facing the resistance, and various rejections on the daily close have been done at the $119,000 level. It turns out that this price zone has become the determinant level in the present rally. The market observers concur on the fact the next defining trend will depend on the way Bitcoin responds to this action.
$120K Close to Define Bitcoin’s Path
Any confirmed close above $120,000 on a daily basis may ignite a breakout. Analysts estimate that such a move can continue to reach $150,000. A rejection would put in danger a sweep down to the demand zone of the $111,000. This price action is keenly watched in the trading desks all around the globe.
Source: X
Analyst Crypto Patel has signaled the key zone to be at $120,000. He observed that this value is where a prolonged rally and a perhaps severe pullback take place. The daily close is proving to be an important note on which traders are pressuring.
ETF Inflows Strengthen BTC and ETH’s Market Support
Institutional inflows keep the fire burning to the market. On August 12, Bitcoin spot ETFs counted $65.94 million in net inflows. This became the fifth day running of positive flows. These stable instances of huge purchasing on the part of buyers strengthen the market context.
Ethereum has also seen good institutional demand. Spot Ethereum ETFs reported more than half a billion US dollars in net inflows in 6 consecutive days. On a single day, BlackRock incurred $319 million with regard to its ETHA product. These numbers highlight a larger desire by asset managers to have exposure to crypto.
Both Bitcoin and Ethereum are also experiencing ETF inflows which is stabilizing prices. Analysts reckon they are also firming up support at important technical levels. In the case of Bitcoin, this will occur when the PCI price structure is in the delicate stage of price breakout or rejection.
Source: SoSo Value
There is a sentiment of much optimism and guarded expectations in the market. Bulls believe that the many tests of the $119,600 resistance are generating pressure to burst out. Holding above the vital level of $120,000 will be crucial not to push the correction further, bears warn.
Altcoins are performing strongly with the consolidation of the Bitcoin. The decline in the dominance of Bitcoin is an indication that the traders are investing in other large-sized assets. Such dispersion may point to optimism in the wider recovery of the market.
Meanwhile, the entire focus is on the target of $120,000 that Bitcoin has obtained. It has been supported by high technical arrangements, growing volumes, and good flows of ETFs, which have put to the floor a definitive movement. It will soon become clear whether such a move will drive Bitcoin to new levels or cause a short-term backtrack.