Bitcoin Eyes Breakout Toward $118K+ as Cup-Like Base Forms
Bitcoin (BTC/USDT) is trading at $114,490, up +0.46% in the last 4 hours, and continues to edge higher from the green accumulation zone around $112K. Price action on the 4H chart is shaping into a broad cup-style base — a pattern that often precedes strong upside continuation once resistance is cleared.
The key area to watch now is the $115K–$116.9K resistance band. This zone has capped every rally since late August. A decisive breakout above $116,978 (blue line) would confirm the pattern and open the door to a fast move into the red supply zone between $118K–$120K.
On the downside, the green box around $112K remains the major support where buyers have repeatedly stepped in. As long as $BTC holds above this area on pullbacks, the bullish bias stays intact. A failure to hold $112K would risk a slide back to the lower green zone around $106K.
Key Levels to Watch
Support: $112,000 (accumulation zone), then $106,000
Resistance: $115,000–$116,978; breakout target $118,000–$120,000
With the broader crypto market stabilizing, Bitcoin’s slow grind higher may be setting the stage for a clean breakout. A strong 4H close above $117K could act as a trigger for momentum traders looking for the next leg up.
Crypto Today: Bitcoin steadies above $114,000, Ethereum extends rally as XRP consolidates
Bitcoin holds above $114,000, buoyed by positive market sentiment and growing institutional interest.
Ethereum rises for the fifth consecutive day, reflecting rising demand from ETFs and treasury companies.
XRP finds footing around $3.00 as bulls tighten grip, backed by multiple buy signals.
Bitcoin (BTC) is trading above $114,000, underpinned by growing demand from both retail and institutional investors. On the other hand, Ethereum (ETH) is extending its recovery for the fifth consecutive day, hovering above $4,400, while Ripple (XRP) trades sideways around the $3.00 critical level.
On the macroeconomic data front, the consensus is that the United States (US) Federal Reserve (Fed) will cut interest rates on Wednesday, boosting risk-on sentiment, with investors anticipating risky assets such as crypto and equities to benefit significantly.
Data spotlight: Bitcoin ETF inflows surge as institutional demand grows
Bitcoin spot Exchange Traded Funds (ETFs) experienced a surge in daily net inflows, reaching $757 million on Wednesday. The uptick in inflows reflects growing interest among institutional investors amid optimism for what could be the first interest rate cut by the Fed this year.
Demand for Ethereum spot ETFs in the US also increased mid-week, with inflows of approximately $172 million. BlackRock’s ETHA ETF led with around $75 million in inflows, followed by Fidelity’s FETH with almost $50 million.
Meanwhile, retail interest in XRP is gaining momentum, supported by a steady increase in the futures Open Interest (OI), which averaged at $8.15 billion on Thursday, up from $7.37 billion on Sunday. This rising trend suggests that investors have a strong conviction in XRP’s ability to sustain its recovery to the record high of $3.66 reached on July 18.
Chart of the day: Bitcoin eyes $120,000 breakout
Bitcoin price holds above $114,000 as bulls push to establish a higher support level ahead of the next leg up toward the $120,000 target. A strong technical structure supports the bullish outlook, starting with a buy signal from the Moving Average Convergence Divergence (MACD) indicator, which has been in effect since Sunday on the daily chart.
The steady recovery in the Relative Strength Index (RSI) at 54 from 37 seen on September 1 implies an increase in buying pressure. As the RSI rises toward overbought territory, demand for BTC grows, supporting the anticipated breakout toward the $120,000 level.
Suppose profit-taking slows down the recovery or culminates in a trend correction. In that case, the 50-day Exponential Moving Average (EMA) at $112,984 is in line to absorb the selling pressure and allow for a quick reversal. Extended declines would likely see traders shift their focus to the 100-day EMA at $110,902, which would provide support.
Altcoins update: Ethereum and XRP hold key support
Ethereum remains above $4,400 as interest in the token increases, as evidenced by the uptick in ETF inflows and the recovery from the support level tested at $4,230 on Saturday. The RSI at 54 on the daily chart shows stability above the midline, indicating bullish momentum.
The token also holds above key moving averages, including the 50-day EMA at $4,109, the $100-day EMA at $3,663 and the 200-day EMA at $3,235, supporting the positive market sentiment.
Demand for Ethereum is expected to continue increasing as the RSI rises toward overbought territory. Traders will also look out for a potential buy signal from the MACD indicator, encouraging them to increase exposure. Such a signal manifests when the blue line crosses above the red signal line within the same daily time frame.
Key milestones likely to mark the Ethereum price recovery are the resistance at $4,500, which was tested on August 29, and its record high of $4,956 reached on August 24.
As for XRP, the price holds above several key levels, including the resistance-turned-support at $3.00, a descending trendline and the 50-day Exponential Moving Average (EMA) at $2.918 on the daily chart.
The MACD indicator reinforces the short-term bullish outlook, sustaining a buy signal triggered on Monday. Investors will likely continue to seek exposure as long as the blue MACD line holds above the orange signal line.
The RSI, positioned at 55, shows that bearish momentum is gradually fading, paving the way for bulls to regain control of the trend. Higher RSI readings, approaching overbought territory, would underpin the steady increase in buying pressure backing retail demand for XRP.
Still, traders should be cautious and watch out for sustained pullbacks below the 50-day EMA support at $2.918.
$BTC
$ETH
$XRP
XRP price breakout looms following US CPI report
Ripple (XRP) edges closer to a breakout, trading around the critical $3.00 level on Thursday. The release of the United States (US) Consumer Price Index (CPI) data has triggered a spike in volatility in the broader cryptocurrency market, as investors focus on the Federal Reserve’s (Fed) interest rate decision anticipated next week.
US inflation increases as focus remains on the Fed
US consumer prices increased 0.4% MoM in August after rising 0.2% in July, according to the Bureau of Labor Statistics (BLS) report. On an annual basis, the CPI increased 2.9%, up from 2.7% posted in July. This was the highest reading since January, underscoring the impact of US President Donald Trump’s higher tariffs.
The Core CPI, which accounts for all consumer items excluding the volatile food and energy prices, rose 0.3% in August, matching the increase in July. On an annual basis, the Core CPI rose 3.1%.
US CPI data
Fed officials pay close attention to the Core CPI to better gauge long-term trends. All eyes are now on the Federal Open Market Committee (FOMC), which is expected to release its decision on interest rates next Wednesday.
Following the CPI report, expectations of a September 0.25 percentage point interest rate cut to the range of 4.00% to 4.25% dipped slightly from around 91% on Wednesday to 88.7% at the time of writing on Thursday, according to the CME Group’s FedWatch tool.
Meanwhile, retail interest in $XRP remains relatively high compared to last week. CoinGlass data shows the XRP futures Open Interest (OI) averaging $8.15 billion on Thursday, up from $7.37 billion on Sunday.
The rising OI trend suggests that investors have a strong conviction in XRP’s ability to sustain its recovery to the record high of $3.66 reached on July 18.
Technical outlook: XRP$ upholds bullish case ahead of breakout
XRP holds around the $3.00 pivotal level as traders quickly scope up short-term dips toward the 50-day Exponential Moving Average (EMA) at $2.91. Still, upside movement lacks the catalyst to extend the up leg toward the next hurdle at $3.35, which was previously tested in mid-August.
Despite the lack of a strong tailwind to drive XRP’s next recovery phase, its bullish case remains intact, buoyed by a buy signal maintained by the Moving Average Convergence Divergence (MACD) indicator since Monday.
Traders tend to increase their exposure with the MACD line in blue holding above the red signal line. The steady upward movement in the Relative Strength Index (RSI) at 54 indicates bullish momentum as selling pressure declines.
XRP/USDT daily chart
Higher RSI readings, approaching overbought territory, would underpin the steady increase in buying pressure backing retail demand for XRP. Still, traders should be cautious and watch out for sustained pullbacks below the 50-day EMA support at $2.91.