Bitcoin Pulls Back, Solana Hits Resistance as Crypto Markets Test Support Levels
July 15, 2025
Bitcoin’s impressive rally has hit a pause, with prices dropping over 5% in the past 24 hours. Meanwhile, Solana faces stubborn resistance at $168 as major cryptocurrencies navigate technical hurdles and volatility remains elevated.
Bitcoin: Pullback Reflects Typical Bull Market Behavior
Bitcoin (BTC) has slipped from its record high of $123,000 to around $116,800, down over 5% as traders take profits. According to analysts, long-term holders are realizing gains, weighing on the price in what is considered a typical bull market correction.
Historically, such retracements revisit prior breakout levels to test market strength. For BTC, this zone sits around $111,960, the high from May 22. A similar pattern played out earlier this year when prices dropped from above $100,000 to $75,000, retesting support before resuming the uptrend.
From a technical standpoint, Bitcoin remains in a broader ascending channel on the daily chart, signaling the bullish bias is intact. However, on the hourly chart, BTC is trading below the Ichimoku cloud, highlighting short-term bearish momentum.
Still, the hourly RSI has fallen below 30, indicating an oversold condition and raising the possibility of a rebound. A recovery strong enough to break the downward channel could set the stage for fresh record highs and reduce the risk of further declines to $111,960.
Open Interest Nearing Historic Highs
Volatility could remain elevated as total open interest across both onshore and offshore futures and perpetual contracts has climbed to 734,820 BTC, close to the all-time high of 744,000 BTC set in October 2022, according to CoinGecko.
Offshore platforms are driving this surge, while CME’s futures activity is lagging below its May highs. Meanwhile, annualized funding rates for offshore perpetual contracts have surged above 11%, signaling robust demand for bullish exposure.
MOVE Index Points to Possible Risks
The MOVE Index, tracking 30-day implied volatility in U.S. Treasuries, has bounced off key lows that have historically preceded volatility spikes across markets. This poses a cautionary signal for crypto bulls: heightened Treasury volatility often leads to financial tightening and risk-off sentiment. Since 2024, such lows in the MOVE Index have frequently coincided with interim BTC tops.
Traders are watching closely to see if history repeats and triggers a deeper correction in bitcoin.
- AI’s Take: Bitcoin’s current decline is a normal feature of bull markets, potentially setting up a retest of the key breakout area around $111,960 before a stronger rally.
- Resistance Levels: $118,000–$118,500, $120,000, $123,181
- Support Levels: $113,688 (38.2% Fibonacci retracement of the rally from June lows), $111,965, $107,823 (61.8% Fibonacci retracement)
XRP: Clinging to Key Technical Support
XRP has retreated from recent highs near $3.00 and is moving within a downward channel on the hourly chart, echoing BTC’s price action. However, XRP looks more resilient, maintaining support above both its 100-hour simple moving average (SMA) and the Ichimoku cloud at $2.81.
A breakout above the current channel would suggest an end to the correction and could renew the push toward the yearly high of $3.40, though resistance at $3 remains a key hurdle. A drop below the Ichimoku cloud would, however, reinforce bearish sentiment and focus attention on the 200-hour SMA at $2.60.
Adding fuel to the potential volatility, XRP perpetual futures open interest has hit a record 2.74 billion XRP, according to Coinglass, while annualized funding rates hover around 15%, highlighting strong bullish leverage in the market.
- AI’s Take: Although XRP’s chart mirrors BTC’s downtrend from $3, its hold above key support levels suggests solid underpinnings. The surge in open interest and high funding rates indicate a bullish appetite, raising the likelihood of a move toward $3.40 if support holds.
- Resistance Levels: $3.00, $3.40
- Support Levels: $2.81, $2.60–$2.65, $2.38
Ethereum: Consolidation Before a Potential Breakout
Ether (ETH) is currently confined within an expanding triangle pattern, while the daily stochastic indicator signals an overbought condition, suggesting upward momentum could be temporarily exhausted.
Despite this, ETH remains firmly above the Ichimoku cloud on the daily chart, and short-term moving averages continue to trend upward, preserving the overall bullish outlook. A decisive breakout could open the path toward $3,400, a level drawing significant attention among options traders.
- AI’s Take: The overbought stochastic readings suggest ETH may consolidate before attempting a breakout, despite maintaining bullish technical signals.
- Resistance Levels: $3,067 (61.8% Fibonacci retracement), $3,500, $3,570, $4,000
- Support Levels: $2,905, $2,880, $2,739, $2,600
Solana: Struggling at $168
Solana (SOL) remains unable to decisively break through $168, despite recent bullish setups on the daily chart. Price action since Friday has shown repeated failures to push higher, as evidenced by long upper wicks on candles, indicating persistent selling pressure at this level.
For SOL to confirm a bullish continuation, it needs a clear break above $168. On the downside, a move below $157, the neckline of a double top pattern on the hourly chart, could trigger a deeper drop toward $146, based on technical projections.
- AI’s Take: A breakout above $168 would validate further upside for SOL. Otherwise, losing support at $157 raises the risk of a decline to $146.
- Resistance Levels: $168, $180–$190, $200
- Support Levels: $157, $145, $125
