Crypto Market Update: Bitcoin Targets $120K as Altcoins Rally
11/7/2025
Bitcoin (BTC) continues its impressive rally, trading above $118,000 and approaching the key psychological level of $120,000. However, signals suggest traders should stay cautious as the market enters uncharted territory.
Bitcoin Nears $120,000
Bitcoin’s uptrend has been fueled by technical factors, including a “negative dealer gamma buildup” and a bullish breakout in BlackRock’s IBIT ETF. The 14-day RSI is firmly above 70, and the MACD histogram remains positive, reflecting strong momentum.
Despite the bullish signals, potential hurdles are emerging. Deribit’s options market reveals $120,000 as the most popular call strike, with $2.37 billion in open interest—a level that may act as resistance.
Moreover, some signs point to softening demand: the Coinbase premium turned negative earlier today, and open interest in offshore perpetual futures declined overnight, hinting at cautious sentiment. On shorter timeframes, the hourly RSI could be forming a bearish divergence, suggesting a potential pullback.
- AI insight: While Bitcoin’s rally is strong, the market’s new highs leave room for short-term corrections.
- Resistance: $120,000
- Support: $113,666 (23.6% Fib retracement from June low), $119,965 (May high)
Ether Clears Major Resistance
Ether (ETH) has finally broken through the $2,800 resistance level that capped gains in previous months. The move is supported by increased spot volume and a bullish signal from the Guppy Multiple Moving Average system.
ETH trades above the Ichimoku cloud, while both the RSI above 70 and a rising MACD point to further upside potential. The next key target is $3,066, aligning with the 61.8% Fibonacci retracement of the December–April decline. Any dips are likely to find support around $2,600.
- AI insight: ETH’s breakout above $2,800 suggests sustained bullish momentum and a possible push higher.
- Resistance: $3,066, $3,400, $3,525
- Support: $2,880, $2,600, $2,370
Solana’s Dual Bullish Signal
Solana (SOL) surged to $166, confirming both an inverse head-and-shoulders pattern and a breakout above the Ichimoku cloud—strong bullish signals.
A measured move projection points toward $200 as the next target, although resistance between $180 and $190 may present obstacles. Key support lies at $145, with a break lower potentially triggering further selling.
- AI insight: SOL’s strong technical breakout is encouraging for bulls, but traders should keep risk controls in place.
- Resistance: $180–$190 range, $200
- Support: $150 (100-day SMA), $145, $125
XRP Hits Highest Since May
XRP has rallied to $2.58, its highest price since mid-May. The 14-day RSI has climbed above 70 for the first time since January, signaling robust bullish momentum, while the MACD histogram continues to strengthen.
A break above the $2.65 resistance level could clear the path toward $3.00 and potentially $3.39, the yearly high. Meanwhile, perpetual futures open interest has surged to a multi-month peak of 833 million XRP, underscoring heightened market engagement.
- AI insight: XRP’s technical signals point to solid bullish momentum, with room for further gains if resistance breaks.
- Resistance: $2.65, $3.00, $3.39
- Support: $2.20, $1.90, $1.60
Summary: Bitcoin’s approach to $120,000 remains the market’s primary focus, but altcoins like ETH, SOL, and XRP are showing their own strength. While momentum is clearly positive, traders should remain mindful of volatility and potential resistance levels ahead.
