Bitcoin Surges Above $120K as BTC Technical Indicators Flash Mixed Signals
The post Bitcoin Surges Above $120K as BTC Technical Indicators Flash Mixed Signals appeared on BitcoinEthereumNews.com. Lawrence Jengar Aug 13, 2025 00:08 BTC trades at $120,115 (+1.21%) despite recent ETF outflows, with technical analysis showing bullish momentum but resistance ahead at $123K levels. Quick Take • BTC currently trading at $120,115.97 (+1.21% in 24h) • Bitcoin’s RSI at 62.06 suggests neutral momentum with room for upward movement • Recent ETF outflows and Ethereum’s surge creating headwinds for Bitcoin dominance What’s Driving Bitcoin Price Today? The BTC price has shown resilience today, gaining 1.21% despite significant challenges from multiple fronts. Most notably, Ethereum’s explosive rally past $4,400 on August 12th has narrowed the gap with Bitcoin, as institutional money flows toward ETH amid expectations of SEC approval for Ethereum ETFs. This shift represents a potential threat to Bitcoin’s market dominance as investors diversify their cryptocurrency allocations. Adding pressure to the BTC price, significant outflows from Bitcoin ETFs contributed to a 6.7% decline earlier this month on August 6th. The selling pressure was compounded by concerns over potential U.S. tariffs, creating a challenging macroeconomic backdrop for risk assets including Bitcoin. An interesting development has emerged with struggling companies beginning to invest heavily in Bitcoin to boost their share prices. While this trend was noted on August 8th, it introduces potential systemic risks if the BTC price were to experience a significant correction, as these companies could face forced selling pressure. BTC Technical Analysis: Bullish Signals Emerge Bitcoin technical analysis reveals a predominantly bullish picture despite recent volatility. The BTC price currently sits above all major moving averages, with the 7-day SMA at $118,405 providing immediate support. The 20-day SMA at $116,881 has acted as a strong foundation, while the 200-day SMA at $99,957 remains well below current levels, confirming the long-term uptrend. The BTC RSI reading of 62.06 indicates Bitcoin…
The post Bitcoin Surges Above $120K as BTC Technical Indicators Flash Mixed Signals appeared on BitcoinEthereumNews.com.
Lawrence Jengar Aug 13, 2025 00:08 BTC trades at $120,115 (+1.21%) despite recent ETF outflows, with technical analysis showing bullish momentum but resistance ahead at $123K levels. Quick Take • BTC currently trading at $120,115.97 (+1.21% in 24h) • Bitcoin’s RSI at 62.06 suggests neutral momentum with room for upward movement • Recent ETF outflows and Ethereum’s surge creating headwinds for Bitcoin dominance What’s Driving Bitcoin Price Today? The BTC price has shown resilience today, gaining 1.21% despite significant challenges from multiple fronts. Most notably, Ethereum’s explosive rally past $4,400 on August 12th has narrowed the gap with Bitcoin, as institutional money flows toward ETH amid expectations of SEC approval for Ethereum ETFs. This shift represents a potential threat to Bitcoin’s market dominance as investors diversify their cryptocurrency allocations. Adding pressure to the BTC price, significant outflows from Bitcoin ETFs contributed to a 6.7% decline earlier this month on August 6th. The selling pressure was compounded by concerns over potential U.S. tariffs, creating a challenging macroeconomic backdrop for risk assets including Bitcoin. An interesting development has emerged with struggling companies beginning to invest heavily in Bitcoin to boost their share prices. While this trend was noted on August 8th, it introduces potential systemic risks if the BTC price were to experience a significant correction, as these companies could face forced selling pressure. BTC Technical Analysis: Bullish Signals Emerge Bitcoin technical analysis reveals a predominantly bullish picture despite recent volatility. The BTC price currently sits above all major moving averages, with the 7-day SMA at $118,405 providing immediate support. The 20-day SMA at $116,881 has acted as a strong foundation, while the 200-day SMA at $99,957 remains well below current levels, confirming the long-term uptrend. The BTC RSI reading of 62.06 indicates Bitcoin…
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