“As the Bull Market Retraces, Bitcoin and XRP Open Interest Hovers Close to Record Highs.” -

Bitcoin Pulls Back as Solana Faces Resistance at $168; Crypto Markets Experience Mixed Momentum

July 15, 2025

Bitcoin’s recent rally paused with a 5% drop, while Solana struggles to break past $168. Major cryptocurrencies are testing key support and resistance levels amid ongoing volatility.

Bitcoin: Normal Bull Market Retracement

Bitcoin (BTC) slipped from its record high of $123,000 to roughly $116,800, retreating over 5% as long-term holders lock in profits. Such pullbacks are typical in bull markets and often revisit previous breakout levels — here, near $111,960 — to assess buying interest before potentially climbing higher.

BTC remains within its daily ascending channel, maintaining a bullish longer-term trend. Short-term momentum looks bearish as price trades below the hourly Ichimoku cloud. However, an oversold hourly RSI hints at a possible rebound. A break above the descending channel could pave the way for new highs and lessen the chance of a deeper dip.

Open Interest Near All-Time Highs

Bitcoin futures open interest has surged to 734,820 BTC, approaching the October 2022 peak of 744,000 BTC, driven primarily by offshore markets. CME futures volume remains muted. Offshore perpetual contracts’ funding rates exceeding 11% indicate strong bullish sentiment.

The MOVE Index, tracking US Treasury volatility, has bounced from lows that historically precede BTC price peaks and volatility spikes, signaling caution ahead as bond market turmoil could trigger risk-off flows.

Resistance: $118,000–$118,500, $120,000, $123,181
Support: $113,688 (38.2% Fib retracement), $111,965, $107,823 (61.8% Fib retracement)

XRP: Holding Crucial Support at $2.81

XRP retraced from $3 but continues to hold above the 100-hour SMA and Ichimoku cloud at $2.81, showing relative strength versus Bitcoin’s downtrend. A breakout above this level could resume the broader uptrend toward $3.40, with $3 as near-term resistance.

Record perpetual futures open interest at 2.74 billion XRP and high 15% funding rates suggest strong leveraged bullish interest.

Resistance: $3, $3.40
Support: $2.81, $2.60–$2.65, $2.38

Ethereum: Consolidating as Momentum Pauses

Ethereum (ETH) remains in an expanding triangle pattern with overbought signals from the daily stochastic, suggesting short-term momentum fatigue. ETH trades firmly above the Ichimoku cloud with bullish moving averages intact.

A breakout could push prices toward the $3,400 level favored by options traders.

Resistance: $3,067, $3,500, $3,570, $4,000
Support: $2,905, $2,880, $2,739, $2,600

Solana: Faces Resistance at $168

Solana (SOL) has repeatedly failed to clear resistance near $168, showing signs of selling pressure. A confirmed breakout above $168 would signal bullish continuation, while a drop below $157 (double top neckline) may trigger a decline to around $146.