Bitcoin and XRP Pull Back, But Bulls Have Reason for Optimism: Analysis

Key Points

1. Bitcoin's price fell to $117K after failing to break above $121,000 resistance, with technical indicators like ADX (29) and RSI (60) still supporting a bullish trend.

2. XRP dropped 8.37% to $3.25 after hitting an all-time high near $3.60, but its ADX (54) and RSI (66) indicate the underlying trend remains strong.

3. Market sentiment remains in 'greed' territory (Fear & Greed Index: 70), suggesting the pullback may be temporary.

4. Key support levels for Bitcoin are $115,000 (immediate) and $112,000 (strong), while resistance levels are $121,000 (immediate) and $123,091 (all-time high).

5. XRP's support levels are $3.25 (23.6% Fibonacci retracement) and $3.00 (psychological), with resistance at $3.48 (today's high) and $3.60 (all-time high).

6. Fundamental drivers like JP Morgan's crypto-backed loans and the GENIUS Act continue to support the crypto market's bullish backdrop.