Crypto Market Update: Will Bitcoin Break $120K? Analysis for ETH, SOL, and XRP

Bitcoin Eyes $120K as Altcoins Keep Gaining Ground

11/7/2025

Bitcoin (BTC) remains in rally mode after breaking above $118,000, but traders are increasingly focused on $120,000 as the next big test for the market’s momentum.

Bitcoin: Key Resistance Ahead

Bitcoin’s surge has been fueled by technical indicators like a “negative dealer gamma buildup” and a bullish breakout in BlackRock’s IBIT ETF. The 14-day RSI has climbed above 70, and the MACD histogram continues to print higher bars above zero, all signaling strong bullish momentum.

Still, caution is advised. With BTC in price discovery, identifying resistance zones is tricky. One major clue lies in Deribit’s options market, where the $120,000 strike call now carries the highest open interest at $2.37 billion, making it a potential magnet for price action—and a possible barrier.

Signs of cooling demand are also surfacing. Earlier today, the Coinbase premium turned negative, hinting at weaker interest in U.S. spot markets. In addition, cumulative open interest in offshore perpetual futures has dipped, suggesting traders may be turning more cautious.

On shorter time frames, the hourly RSI is under scrutiny for possible bearish divergence that could signal a short-term pullback.

• AI’s insight: Despite strong momentum, Bitcoin’s climb into new territory leaves room for potential correction.
• Resistance: $120,000
• Support: $113,666 (23.6% Fibonacci retracement from June low), $119,965 (May high)

Ether: Clears the $2,800 Barrier

Ether (ETH) has finally broken through the stubborn $2,800 resistance zone that capped prices in May and June. Rising spot trading volumes and a fresh bullish signal from the Guppy Multiple Moving Average system point to further upside.

ETH is firmly above the Ichimoku cloud, with the RSI sitting above 70 and a rising MACD, indicating strong momentum. The next target to watch is $3,066, which represents the 61.8% Fibonacci retracement of the December–April decline. Pullbacks should find support around $2,600.

• AI’s insight: ETH’s move above $2,800 signals shifting sentiment and potential for further gains.
• Resistance: $3,066, $3,400, $3,525
• Support: $2,880, $2,600, $2,370

Solana: Dual Bullish Signals

Solana (SOL) rallied to $166, confirming both an inverse head-and-shoulders pattern and a move above the Ichimoku cloud—a dual breakout signaling solid bullish momentum.

Applying the measured move method, traders see potential for SOL to hit $200. However, resistance could appear between $180 and $190, defined by May’s intraday highs. On the downside, $145 remains a crucial support level; losing it could encourage further selling.

• AI’s insight: SOL’s dual breakout highlights strong bullish momentum, but prudent risk management remains important.
• Resistance: $180–$190 range, $200
• Support: $150 (100-day SMA), $145, $125

XRP: Strongest Momentum Since January

XRP has climbed to $2.58, its highest level since May 14. The 14-day RSI has crossed above 70 for the first time since January, signaling the strongest bullish momentum in six months. The MACD histogram also reflects growing buying pressure.

A move above the $2.65 resistance—the May high—could open the door to targets at $3.00 and $3.39, the latter representing this year’s high. Meanwhile, XRP’s perpetual futures open interest has reached a multi-month peak of 833 million XRP, signaling robust market engagement.

• AI’s insight: XRP’s technicals indicate strong bullish momentum, with further upside possible.
• Resistance: $2.65, $3.00, $3.39
• Support: $2.20, $1.90, $1.60

Takeaway: Bitcoin’s path toward $120,000 is the key narrative for now, but altcoins like ETH, SOL, and XRP are showing solid independent strength. Traders remain optimistic but cautious, mindful that high volatility can quickly change the landscape in these markets.