Price Check: Bitcoin Eyes $120K Resistance, While Ether, Solana, and XRP Chart Their Paths

Bitcoin Faces $120K Test as Altcoins Gain Strength

11/7/2025

Bitcoin’s (BTC) rally remains in full swing, but traders are eyeing the $120,000 level as a potential hurdle for further gains.

Bitcoin: Testing the $120K Ceiling

Momentum indicators for BTC look strong. A surge in “negative dealer gamma buildup” and a bull flag breakout on BlackRock’s IBIT suggest further upside potential. The 14-day RSI has climbed above 70, while the MACD histogram continues to print higher bars above the zero line—both classic signs of bullish control.

Yet caution is creeping in. With BTC in price discovery mode, pinpointing resistance is tricky, so many traders are turning to the options market for clues. On Deribit, the $120,000 strike call has emerged as the most popular, boasting $2.37 billion in open interest.

Other warning signs include the Coinbase premium flipping negative earlier today, hinting at softer demand in U.S. spot markets. At the same time, cumulative open interest in perpetual futures has dipped on offshore exchanges, signaling potential caution among traders.

On the short-term charts, the hourly RSI is worth watching for a possible bearish divergence that could foreshadow a brief correction.

AI’s take: Despite positive sentiment, BTC’s rally into uncharted territory leaves room for a pullback.
Resistance: $120,000
Support: $113,666 (23.6% Fibonacci retracement from the June low), $119,965 (May high)

Ether: Bullish Breakout Above Supply Zone

Ether (ETH) has finally broken through the stubborn $2,800 supply zone that capped gains in May and June. A spike in spot volumes backs this breakout, while a fresh buy signal from the Guppy Multiple Moving Average system hints at further upside.

With ETH now firmly above the Ichimoku cloud and key indicators flashing green—RSI above 70 and a rising MACD—dips could stay shallow and well-supported around $2,600. Targets to the upside include $3,066 (the 61.8% Fibonacci retracement of the December–April downtrend) and higher levels beyond.

AI’s take: ETH’s breakout above $2,800 suggests shifting sentiment and momentum for further gains.
Resistance: $3,066, $3,400, $3,525
Support: $2,880, $2,600, $2,370

Solana: A Dual Breakout Signals More Upside

Solana (SOL) surged to $166, triggering an inverse head-and-shoulders breakout and punching above the Ichimoku cloud—an emphatic dual breakout that’s fueling bullish sentiment.

Using the measured move from the inverse H&S pattern, traders see a potential target around $200. On the way up, resistance is expected between $180 and $190, a zone defined by May’s intraday highs. To the downside, $145 is a crucial support level; losing it could invite more selling pressure.

AI’s take: The dual breakout is a strong bullish signal, but traders should manage risk with stop-losses and monitor overall market conditions.
Resistance: $180–$190 range, $200
Support: $150 (100-day SMA), $145, $125

XRP: Strongest Bullish Momentum Since January

XRP has jumped to $2.58, its highest since May 14. The 14-day RSI has crossed above 70 for the first time since January, signaling the strongest bullish momentum in six months. The MACD histogram is also trending higher, supporting the case for a potential breakout above $2.65, which marked the May high.

Should XRP clear $2.65, the next targets are $3.00 and $3.39—the latter representing this year’s high. XRP perpetual futures open interest has surged to a multi-month peak of 833 million XRP, reinforcing the bullish sentiment.

AI’s take: XRP’s market signals are strongly bullish, hinting at further upside potential.
Resistance: $2.65, $3.00, $3.39
Support: $2.20, $1.90, $1.60

Bottom line: Bitcoin’s path to $120,000 could define the next chapter for crypto markets, while altcoins like ETH, SOL, and XRP show signs of independent strength. Traders, however, remain cautious as markets navigate new highs and potential resistance zones.