Bitcoin Pulls Back as Solana Meets Resistance at $168

July 15, 2025

Bitcoin’s rally has taken a breather, with prices falling over 5% in the last 24 hours. Meanwhile, Solana faces new hurdles at $168 as several major cryptocurrencies test key support levels.

Bitcoin: Healthy Pullback or Deeper Correction?

Bitcoin (BTC) has retreated from record highs, dropping from $123,000 to around $116,800 — a 5% decline. Analysts attribute the dip to profit-taking by long-term holders, a typical pattern during bull markets.

It’s common for markets to revisit previous breakout zones — in this case, around $111,960 (the high from May 22) — to test buying interest before launching into further gains. Earlier this year, BTC similarly retraced from over $100,000 down to $75,000, testing prior breakout points before resuming its uptrend.

Technically, Bitcoin remains within its ascending channel on the daily chart, preserving its broader bullish structure. However, short-term charts show bearish signals: BTC is trading below the Ichimoku cloud on the hourly chart, and the downtrend remains steep.

Yet, the hourly RSI has slipped below 30, indicating oversold conditions — a sharp contrast to yesterday’s overbought readings. A short-term bounce is possible. A recovery that breaks the current downward channel could put fresh all-time highs back on the table, reducing the chances of a deeper pullback to $111,960.

Open Interest Nears Historic Levels

Volatility may persist as total open interest across onshore, offshore futures, and offshore perpetuals has climbed to 734,820 BTC, close to the record of 744,000 BTC set in October 2022, per CoinGecko.

Offshore exchanges are leading this surge, while CME’s activity remains below its May highs. Notably, the annualized funding rates for offshore perpetuals have surpassed 11%, pointing to strong bullish positioning.

MOVE Index Signals Potential Risk

The MOVE Index, which measures 30-day implied volatility in U.S. Treasuries, has rebounded from levels that previously signaled sharp volatility spikes in broader markets. This is a warning sign for crypto bulls: volatility in the bond market often precedes financial tightening and risk-off moves. Since 2024, lows in the MOVE Index have frequently coincided with local BTC tops.

Analysts caution that history could repeat, resulting in a deeper pullback for bitcoin.

• AI’s take: Bitcoin’s current 5% dip appears to be a healthy retracement typical of bull markets, targeting the key breakout level near $111,960 as potential support before another rally attempt.
• Resistance Levels: $118,000–$118,500, $120,000, $123,181
• Support Levels: $113,688 (38.2% Fib retracement of the rally from June lows), $111,965, $107,823 (61.8% Fib retracement)

XRP: Strong Support at $2.81

XRP has fallen from its recent highs near $3.00 and is moving within a downward channel on the hourly chart, mirroring BTC’s recent price action. However, XRP appears more resilient, holding above the 100-hour SMA and the Ichimoku cloud support at $2.81.

A breakout above the channel could end the correction and reignite the uptrend toward the yearly peak of $3.40, though resistance at $3 remains significant. Conversely, a drop below the Ichimoku cloud would strengthen the bearish outlook, opening the door to the 200-hour SMA at $2.60.

XRP volatility could stay elevated, with perpetual futures open interest hitting a record 2.74 billion XRP, according to Coinglass. Funding rates are high at 15%, signaling aggressive bullish speculation.

• AI’s take: Despite following BTC’s downtrend, XRP’s ability to stay above key technical levels suggests solid support. Strong open interest and high funding rates indicate significant bullish sentiment, raising the chances of a rebound toward $3 and potentially $3.40 if support holds.
• Resistance Levels: $3.00, $3.40
• Support Levels: $2.81, $2.60–$2.65, $2.38

Ethereum: Stalled at Resistance

Ethereum (ETH) remains trapped in an expanding triangle pattern on the charts. The daily stochastic signals an overbought condition, suggesting upward momentum may be stretched for now, and a decisive breakout could be delayed.

Nonetheless, ETH trades firmly above the Ichimoku cloud on the daily timeframe, and short-term moving averages continue to point upward, maintaining an overall bullish structure. If ETH breaks out, traders are eyeing targets near $3,400 — a level that has attracted significant interest in options markets.

• AI’s take: The overbought stochastic suggests ETH may consolidate rather than break out immediately, despite broader bullish signals.
• Resistance Levels: $3,067 (61.8% Fib retracement), $3,500, $3,570, $4,000
• Support Levels: $2,905, $2,880, $2,739, $2,600

Solana: Facing Barrier at $168

Solana (SOL) is struggling to push past $168, despite recent technical breakouts on the daily chart. Bulls have been rejected at this level multiple times, as indicated by long upper wicks on recent candles.

A confirmed move above $168 would signal renewed bullish momentum. However, if SOL loses support at $157 — the neckline of a double top pattern on the hourly chart — it could trigger a decline toward $146, based on measured move projections.

• AI’s take: SOL must break above $168 to confirm bullish continuation. A fall below $157 would risk deeper losses to around $146.
• Resistance Levels: $168, $180–$190, $200
• Support Levels: $157, $145, $125