Bitcoin Struggles Near $120,000 Resistance
Bitcoin’s price action lately feels like watching someone try to push open a heavy door—only for it to slam shut every time. The cryptocurrency has tested the $120,000 mark twice in the past week, but both attempts fizzled out. Sellers keep stepping in, pulling the price back down before it can gain any real footing.
From a technical perspective, this isn’t great. Repeated rejections at the same level suggest $120,000 isn’t just a number on a chart—it’s a mental hurdle, too. The 26-day and 50-day moving averages are creeping closer, which might squeeze Bitcoin into making a move soon. But here’s the thing: the trading volume during these breakout attempts has been weak. Historically, real breakouts need a surge in volume to stick. Without it, the risk of a fakeout—where the price briefly spikes before crashing back—goes up.
If buyers don’t step up, Bitcoin could slide toward support levels around $116,350 or even $114,380. On the flip side, a clean break above $120,000 with strong volume could send it soaring to new highs. Right now, though, the market seems unsure.
XRP Nears a Volatile Breakout
XRP is coiling up like a spring, trapped in a symmetrical triangle pattern on the daily chart. These patterns usually end with a sharp move—one way or the other. The price is hugging the triangle’s tip, and volume has been drying up, which isn’t unusual. Traders are waiting, watching for a breakout to give them direction.
If XRP punches through the upper trendline, we could see a run toward the July high near $3.70. But if it breaks downward? The $2.83 to $3.06 zone might come into play, where the 50-day moving average could offer some support. Either way, the narrowing range suggests a big move is coming. It’s just a question of when—and which way.
Ethereum’s Rally Isn’t Slowing Down (Yet)
Ethereum, meanwhile, keeps charging ahead. It’s smashed through resistance levels like they weren’t even there, and now $5,000 seems like the next logical target. The chart looks strong, with each upward leg building on the last. But there are a couple of red flags.
For one, the volume behind this latest push hasn’t been as strong as earlier rallies. That could mean fewer buyers are jumping in now, which might slow things down. There’s also a bearish divergence in the RSI—a fancy way of saying the price is making higher highs, but the momentum indicator isn’t keeping up. That often signals a pullback or pause.
Still, Ethereum’s dominance in the market is holding firm. Even if there’s a short-term dip, the overall trend feels bullish. Whether it’s a straight shot to $5,000 or a bumpy ride, ETH isn’t giving up the spotlight anytime soon.
Markets are messy, and right now, all three of these assets are at critical points. Bitcoin’s stuck at resistance, XRP’s coiled for a breakout, and Ethereum’s rally might be running out of steam—or just taking a breather. Whatever happens next, it probably won’t be boring.
