Key points:
Bitcoin could rally to $115,000 and then to $120,000, but the upside looks capped in the near term if the whales continue to sell.
Select altcoins look strong and ready to break above their overhead resistance levels.
Bitcoin (BTC) started the new week on a positive note with buyers attempting to sustain the price above $112,500, but the bears are unlikely to give up easily.
Market participants will have to keep a close watch on the whale activity in the next few days. According to CryptoQuant data, whales have sold 114,920 BTC over the past month, the largest whale sell-off since July 2022. Analysts believe continued selling by the whales could cap BTC’s up move for the next few weeks.
On the downside, traders are closely watching the $100,000 level. Popular trader ZYN said in a post on X that BTC had bottomed at the 0.382 Fibonacci retracement level in Q3 2024 and Q2 2025 and that may happen again. ZYN expects the worst-case scenario to be a 10% drop near $100,000, “before a 50% rally above $150,000.”
Crypto market data daily view. Source: Coin360
Another negative for BTC in the near term is that demand from BTC treasury companies continues to fall. Michael Saylor’s Strategy, the world’s largest holder of Bitcoin, acquired roughly 7,714 BTC in August, significantly less than the 31,466 BTC purchased in July.
Other treasury companies bought 14,800 BTC in August, a considerably smaller quantity than their record-high purchase of 66,000 BTC in June.
Could BTC overcome its overhead resistance? Will select altcoins start a new up move? 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) made a new intraday all-time high on Friday, but the higher levels attracted profit booking.
SPX daily chart. Source: Cointelegraph/TradingView
The negative divergence on the relative strength index (RSI) suggests that the bullish momentum may be weakening. If sellers pull the price below the 50-day simple moving average (SMA) (6,356), the index could start a deeper correction to the breakout level of 6,147.
On the other hand, if the price turns…
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