Bulls Regain Ground: Bitcoin Back Above $115K as Altcoins Rebound

It seems the bears may be starting to lose their grip on the market. Bitcoin is slowly climbing back above $115k, while altcoins are beginning to rebound, with Ethereum leading the charge. ETH is up over 6% and looks poised to break out against Bitcoin once again.

The broader market was green across the board as traditional risk-on assets recovered sharply. After shedding over $1 trillion in market cap on Friday, equities bounced back by more than $1 trillion today, fuelled by strong large-cap tech earnings and renewed AI enthusiasm. Trump was quick to celebrate the rally, declaring that “there will be many more days like this,” despite his own actions often being the trigger for market dips.

One of the drivers behind the recent correction was the renewed tension with Russia and the threat of sanctions on nations that continue to trade with them. India reaffirmed over the weekend that it would maintain trade with Russia. In response, Trump announced overnight that the US will continue raising tariffs on Indian goods. Interestingly, markets largely shrugged this off. What actually moved sentiment was a different Trump post entirely – his comments about Sydney Sweeney.

Following the release of Sweeney’s new American Eagle ad, the retailer’s share price jumped more than 30%, with a 12% spike on the ad drop and another 20% overnight after Trump praised both the ad and Sweeney.

With the market now showing signs of bullish recovery, those who had the conviction to buy during the pullback are likely to be rewarded. Meanwhile, traders who overextended on leverage were hit hard. Over $1.6 billion worth of leveraged positions have been liquidated since the start of the month, serving as yet another reminder that holding spot ultimately proves the safer strategy.

Stormrake Spotlight: Hedera (HBAR) ($0.250)

HBAR rose nearly 1% yesterday, underperforming the broader market but reclaiming its 21 EMA – a key sign that bullish momentum remains intact. With a new higher low now confirmed, the next move we’re watching is a push back toward recent highs to maintain its bullish structure.

BTC/USD Key Levels and Price Action:

Bitcoin has continued its bounce from the prior all-time high support at $112k, reclaiming $115k and shifting short-term momentum back to the bulls. If this momentum holds, we could see a structural bullish flip and a potential move back to $120k. While the lows may be in, BTC is not entirely out of the woods just yet.

BTC Total ETF Flows for 4 Aug: $ - 8.8 million

*All prices are denominated in USD unless stated otherwise*

Written by Alexandar Artis

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