“Bull Market Pullback Unfolds as Bitcoin, XRP Open Interest Approaches Historic Highs.”

Bitcoin Dips as Solana Faces Resistance at $168; Crypto Markets Show Mixed Signals

July 15, 2025

Bitcoin’s recent rally paused with a pullback of over 5%, while Solana hits a key resistance level at $168. Major cryptocurrencies navigate critical support zones amid elevated volatility.

---

Bitcoin: Typical Bull Market Pullback

Bitcoin (BTC) retreated from its all-time high of $123,000 to around $116,800, falling more than 5% as long-term holders took profits. Such retracements are common in bull markets, often revisiting previous breakout levels—in this case, roughly $111,960—to test buying interest before continuing higher.

Technically, Bitcoin remains inside an ascending channel on the daily chart, preserving the bullish trend. However, short-term momentum has turned bearish with BTC trading below the Ichimoku cloud on the hourly chart. The hourly RSI indicates oversold conditions, suggesting a possible near-term bounce. Breaking above the current downtrend channel could lead to fresh highs, reducing the chance of a deeper pullback.

---

Open Interest Near Record Highs, Volatility Remains Elevated

Total Bitcoin open interest across futures and perpetual contracts has surged to 734,820 BTC, nearing the October 2022 record of 744,000 BTC (CoinGecko). Offshore exchanges are fueling this rise, while CME futures remain subdued. Funding rates on offshore perpetual contracts exceed 11%, signaling strong bullish demand.

Meanwhile, the MOVE Index, measuring U.S. Treasury volatility, has rebounded from lows historically linked to BTC price tops and market volatility spikes. This raises caution for bulls, as rising Treasury volatility often precedes tighter financial conditions and risk-off market behavior.

• Resistance: $118,000–$118,500, $120,000, $123,181
• Support: $113,688 (38.2% Fib retracement), $111,965, $107,823 (61.8% Fib retracement)

---

XRP: Holding Key Support at $2.81

XRP has retraced from $3, tracking Bitcoin’s downtrend but maintaining support above the 100-hour SMA and Ichimoku cloud at $2.81. A breakout above this channel could resume the uptrend toward the yearly high near $3.40, though resistance at $3 remains significant.

Perpetual futures open interest hit a record 2.74 billion XRP, with funding rates around 15%, reflecting strong leveraged bullish interest.

• Resistance: $3, $3.40
• Support: $2.81, $2.60–$2.65, $2.38

---

Ethereum: Consolidation Amid Overbought Momentum

Ether (ETH) is consolidating within an expanding triangle, with daily stochastic readings signaling overbought conditions. While momentum may be stretched short term, ETH trades above the Ichimoku cloud and its moving averages remain bullish.

Traders eye a potential breakout targeting $3,400, a key level attracting options activity.

• Resistance: $3,067, $3,500, $3,570, $4,000
• Support: $2,905, $2,880, $2,739, $2,600

---

Solana: Resistance at $168 Tests Bulls

Solana (SOL) has encountered resistance near $168, failing to break higher despite recent bullish setups. Multiple rejections at this level indicate selling pressure.

A break above $168 would signal renewed bullish momentum, while a drop below $157—the neckline of a double top pattern—could trigger a decline toward $146.

• Resistance: $168, $180–$190, $200
• Support: $157, $145, $125

---

About The Author