Bitcoin, Ether, Solana, XRP Price Analysis: BTC Resistance at $120K?
Bitcoin (BTC) is experiencing a strong upswing, driven by factors like negative dealer gamma buildup and a bull flag breakout in the IBIT indicator. The 14-day RSI exceeding 70 and a rising MACD histogram further reinforce bullish momentum. However, caution is warranted. The $120,000 strike call on Deribit, with a significant open interest of $2.37 billion, represents a key resistance level. A negative Coinbase premium and declining cumulative perpetual futures open interest on offshore exchanges suggest weaker US demand and potential for a pullback. Bearish divergence on the hourly RSI chart also indicates a possible pause or correction.
Ether (ETH) has decisively broken through the $2,800 supply zone, a significant resistance point in May and June. Increased spot volume and a bullish Guppy multiple moving average system signal further upward potential, targeting the $3,066 (61.8% Fib retracement level of the December-April downtrend). The price is firmly above the Ichimoku cloud, with RSI above 70 and a rising MACD, suggesting any pullbacks will likely be shallow, supported around $2,600.
Solana (SOL) rallied to $166, completing an inverse head-and-shoulders breakout and crossing above the Ichimoku cloud. This dual breakout suggests a potential move to $200, according to the measured move method. Resistance lies between $180 and $190, while key support sits at $145. A break below this level could trigger bearish pressure.
XRP (XRP) reached $2.58, its highest since May 14. The 14-day RSI surpassing 70 for the first time since January indicates the strongest bullish momentum in six months. A rising MACD histogram supports a potential break above $2.65 (May high), with further targets at $3.00 and $3.39 (yearly high). Increased perpetual futures open interest adds to the bullish narrative.
