The bullish momentum behind Bitcoin is slowing near $120,000, and charts indicate that it could reverse. Ethereum is declining, XRP is moving away from resistance, and Solana is approaching its peak. Despite some short-term gains, indicators suggest that momentum is fading in most major cryptocurrencies. The situation raises concerns about a short-term correction in the overall market.
What’s keeping Bitcoin close to $120K?
Around the $120,000 mark, Bitcoin (BTC) is having trouble finding its way. Deribit’s options data shows that there is strong dealer gamma positioning at $120,000 and $120,500. This means that market makers are buying low and selling high, which naturally lowers volatility and keeps prices in a tight range.
But a closer look at the charts shows that there is reason to be worried. The three-line break chart showed a small gain of 0.12% on July 22, which suggests that the uptrend is fading. If BTC falls below the $116,000-$117,000 support zone, it will probably stop just below $112,000, which was the high in May. The only way to get back to new highs is if the price breaks out clearly above $120,000, as per a report by CoinDesk.
Is Ethereum’s rise losing momentum?
Ether (ETH) recently reached a seven-month high of $3,937, but the trend didn’t last. Prices quickly fell back to $3,880, which was in line with technical signals that were flashing red. The 14-day RSI didn’t confirm the new high, which is a sign of bearish divergence, and the MACD is getting close to a bearish cross.
Even though the price has gone up, on-chain fundamentals like Ethereum fees and revenue haven’t kept up, which makes the bullish case weaker. Strong support is still at $3,510, and resistance is between $3,900 and $4,100, as per a report.
Can Solana and XRP keep their recent gains?
Solana (SOL) has started to recover by moving above its hourly Ichimoku cloud and making higher lows. But a tweezer top around $205–$206 is still a big deal. If it drops below $184, it could fall all the way to the 200-day SMA at $163.
It looks like XRP is also going the other way. It briefly went up, but it couldn’t stay above the $3.35 resistance. The hourly RSI has gone below trendlines, and the MACD has turned negative. A classic bearish reversal signal, the tweezer top around $3.65 on the weekly charts is worrying, as per a report.
The crypto market may be getting ready for a break if the bulls don’t come back with strength, since the momentum is slowing down for most major coins.
Also read: Bitcoin’s Devastating Bear Markets May Be Over, Say Analysts
