Bitcoin demonstrates potential for a rebound toward record territory as institutional adoption and technical support levels provide strong market foundations. The cryptocurrency briefly dipped below $115,000 before attracting significant buying interest, signaling possible upward momentum toward historic highs above $123,000.
Institutional commitment remains robust with Bitcoin Treasury Companies accumulating 791,662 BTC valued at approximately $93 billion. Simultaneously, Ethereum’s institutional demand surged with $5.43 billion flowing into US spot ETH exchange-traded funds during July, strengthening ETH’s position near critical technical support at its 20-day Simple Moving Average ($3,590).
Major altcoins including XRP, BNB, and Solana are successfully defending crucial support thresholds that could catalyze upward price movements. Key technical levels under scrutiny include Bitcoin’s $115,000 floor, Ethereum’s $3,590 foundation, and XRP’s defensive line at $2.95 as pivotal markers for market direction this month.