Bitcoin, XRP Open Interest Nears Record High as Bull Market Pullback Unfolds
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 ...
Latest News
- Crypto Hackers Capitalize on ETH Surge, Offloading $72M This Week2025-08-15 14:28:24
- Hyperbeat Secures $5.2M Backing From ether.Fi, Electric Capital2025-08-15 13:40:10
- BONK Holds Key Support After Heavy Selling Hits Solana Meme Token2025-08-15 13:35:33
- CoinDesk 20 Performance Update: Avalanche (AVAX) Gains 3.4% as Index Trades Higher2025-08-15 13:32:14
- Circle to Offer 10 Million Class A Shares at $130 Each2025-08-15 10:00:47