Bitcoin, XRP Open Interest Nears Record High as Bull Market Pullback Unfolds
2025-07-15 10:09:15
Main Idea
Bitcoin and other major cryptocurrencies like XRP and SOL are experiencing a bull market pullback, with key resistance and support levels identified for each.
Key Points
1. Bitcoin has pulled back over 5% to $116,800 from record highs, with potential support at $111,960 and resistance at $118,000-$118,500.
2. XRP futures open interest hits a record high of 2.74 billion XRP, with support at $2.81 and resistance at $3.
3. Ether (ETH) remains directionless in an expanding triangle, with resistance at $3,067 and support at $2,905.
4. SOL faces new resistance at $168, with support at $157 and potential for a deeper decline to $146 if broken.
5. Profit-taking by long-term holders is weighing on Bitcoin, but a bounce cannot be ruled out as the RSI on the hourly chart has dropped below 30.
Description
This is a daily analysis of top tokens with CME futures by CoinDesk analyst and Chartered Market Technician Omkar Godbole. Bitcoin: Bull Market Pullback Underway The bitcoin (BTC) market rally has stalled in the past 24 hours as expected , but instead of consolidation, prices have pulled back over 5% to $116,800 from record highs in a move typical of a bull market pullback. Reports suggest that profit-taking by long-term holders is weighing on the cryptocurrency's price. It's common for markets ...
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