Bitcoin Pulls Back as Solana Hits Resistance at $168; Crypto Markets Show Mixed Signals
July 15, 2025
Bitcoin’s recent surge paused with a 5% decline, while Solana struggles to break through key resistance. Leading cryptocurrencies are testing support and resistance levels amid sustained volatility.
Bitcoin Experiences Typical Bull Market Correction
Bitcoin (BTC) retraced from a peak of $123,000 down to about $116,800, a drop of over 5%, as long-term holders took profits. Such pullbacks are normal in bullish markets and usually involve retesting earlier breakout points — here, near $111,960 — to gauge buying strength before potentially moving higher.
BTC remains inside an upward channel on the daily chart, preserving the long-term bullish trend. On shorter timeframes, bearish momentum is evident as BTC trades below the hourly Ichimoku cloud. However, the oversold reading on the hourly RSI hints at a possible near-term bounce. A move back above the descending channel would increase the odds of fresh all-time highs and reduce the risk of a deeper decline.
Open Interest Nears Record Highs Amid Rising Volatility
Total Bitcoin open interest in futures and perpetual contracts has climbed to 734,820 BTC, approaching the October 2022 record of 744,000 BTC, led mainly by offshore exchanges. Activity on CME futures remains subdued. High annualized funding rates—above 11%—on offshore perpetuals signal strong bullish demand.
The MOVE Index, which tracks volatility in U.S. Treasuries, recently bounced from levels that have historically preceded Bitcoin price tops and increased market turbulence. This may signal upcoming volatility and potential risk-off sentiment.
- Resistance: $118,000–$118,500, $120,000, $123,181
- Support: $113,688 (38.2% Fibonacci retracement), $111,965, $107,823 (61.8% Fibonacci retracement)
XRP Maintains Key Support at $2.81
XRP pulled back from $3 but holds above the 100-hour simple moving average and Ichimoku cloud near $2.81, showing resilience compared to Bitcoin’s decline. A break above this level could signal the end of the correction and a move toward the yearly high at $3.40, with $3 acting as near-term resistance.
Record-high perpetual futures open interest (2.74 billion XRP) and elevated funding rates (~15%) highlight strong leveraged bullish positioning.
- Resistance: $3.00, $3.40
- Support: $2.81, $2.60–$2.65, $2.38
Ethereum Consolidates as Momentum Pauses
Ether (ETH) remains range-bound within an expanding triangle, with overbought signals on the daily stochastic indicator suggesting momentum may be stretched. However, ETH trades above the Ichimoku cloud and maintains bullish moving averages.
A breakout could propel ETH toward $3,400, a key target noted by options traders.
- Resistance: $3,067, $3,500, $3,570, $4,000
- Support: $2,905, $2,880, $2,739, $2,600
Solana Struggles to Clear $168 Resistance
Solana (SOL) continues to test resistance near $168 without success, marked by repeated rejection and selling pressure. A confirmed break above this level is needed for bullish momentum to continue. Failure to hold support at $157, the neckline of a double top, could lead to a decline toward $146.
- Resistance: $168, $180–$190, $200
- Support: $157, $145, $125
