Bitcoin

bulls mounted a fresh challenge to a crucial resistance level as traders looked forward to U.S. inflation data.

The top cryptocurrency rose to $122,056, testing the 1.618% Fibonacci extension originating from the 2018 bear market low and the 2022 bear market low. The 1.618% extension is derived from the “golden ratio,” a revered mathematical constant in finance, which is widely found in nature and art. Many believe it also influences human psychology and market movements.

This is the bulls’ second attempt to scale the key resistance levels. They previously penetrated the same last month, but failed to sustain gains, which ultimately led to a price pullback to lows under $112,000.

A successful hold above the “golden ratio” would cement expectations for a rally toward $140,000, the most popular call option strike on the crypto derivatives exchange Deribit. As of writing, the $140,000 call boasted a notional open interest of over $3 billion, according to data source Deribit Metrics.

However, if the bulls fail to hold their ground for a second time, it would suggest the buying pressure is insufficient, potentially yielding a deeper correction.

As of writing, BTC changed hands at $122,000, having hit a high of $122,171 during the early Asian trading hours, according to CoinDesk data.

Focus on U.S. inflation

Data due Tuesday is expected to show that the impact of Trump’s tariffs crept into inflation in July, lifting price pressures in the economy.

The core consumer price index, which strips out volatile food and energy costs, is likely to have risen 0.3% in July, according to the median projection in a Bloomberg survey of economists. In June, the core CPI increased by 0.2% from the previous month.

A hotter-than-expected inflation print may trigger market volatility, but it is unlikely to deter the Fed from cutting rates in September, according to Marc Chandler, chief market strategist at Bannockburn Global Forex. In other words, the dollar’s downtrend could continue after the CPI report, boding well for risk assets, including cryptocurrencies.

“With U.S. interest rates still at the lower end of their ranges, despite a soft reception at the U.S. refunding last week, we suspect the market is vulnerable to what may prove to be the third consecutive monthly increase in the year-over-year headline and core CPI. After the report, we suspect the dollar’s downtrend can resume,” Chandler said in the market report on Sunday.

He explained that July’s weak jobs report was a significant turning point that raised bets for a Fed rate cut, ending the dollar’s counter-trend recovery rally.

Read more: Ether Volatility Spikes on Rally as Bitcoin Edges Back Toward Record Highs

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Bitcoin (BTC) has surged more than 10% over the past seven days and is currently trading in the low $90,000 range. Crypto analyst Titan of Crypto suggests that further gains may be on the horizon based on Fibonacci extension levels.

Bitcoin May Climb To $135,000

In a post published on X today, Titan of Crypto outlined Bitcoin’s potential path to $135,000. Using Fibonacci extension levels, the analyst predicts that the flagship digital asset could surge as high as $135,109 by July-August 2025.

For the uninitiated, Fibonacci extension levels are technical analysis tools used to identify potential price targets during strong trends by projecting key Fibonacci ratios beyond a recent price swing. Traders use these levels to anticipate where an asset might find resistance or complete a move after a breakout.

According to the following weekly BTC chart shared by Titan of Crypto, a 100% Fibonacci extension from Bitcoin’s recent retest of the $76,000 support level projects its next major target near $135,000.

The chart highlights similar price behavior from August 2024, when BTC surged nearly 100%, setting a new all-time high (ATH) around $73,000 by November 2024. If the current trend follows a similar trajectory, BTC may post a new ATH by July 2025.

Other crypto analysts also predict positive price action for the leading digital asset. For example, crypto analyst Jelle shared a chart showing BTC breaking through a downside deviation.

Jelle noted that BTC is giving bulls “exactly what they want to see.” Following the recent rally, BTC experienced a shallow pullback and appears poised to confirm a range-low reclaim before potentially pushing higher. The analyst added that BTC could next test resistance near $100,000.

Binance Data Indicates An Upcoming Short Squeeze

Adding to the bullish case is trading data from Binance. According to a CryptoQuant Quicktake post by Novaque Research, BTC outflows from the exchange have risen significantly since April 19.

The surge in withdrawals is backed by declining exchange reserves, suggesting reduced short-term selling pressure and a market increasingly driven by retail participants. The post states:

High-leverage longs were flushed out between $82K and $88K, indicating that weak hands had been eliminated. Large short positions remain susceptible above $92,000, creating the possibility of a short squeeze, which might act as the next step higher.

Broader macroeconomic factors could also contribute to BTC’s upside. For instance, rising concerns over the US Federal Reserve’s autonomy may drive investors toward decentralized assets like Bitcoin. At press time, BTC trades at $93,302, up 0.8% in the last 24 hours.

Featured Image from Unsplash.com, charts from X and TradingView.com

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The past 24 hours have been challenging for XRP holders. A sharp 5.8% decline in price has brought the asset close to testing critical support around $2, with selling pressure currently dominating XRP’s trading volume. The sentiment is turning bearish, but one analyst is confident in the cryptocurrency’s long-term trajectory, predicting that the altcoin is still on track to reach new all-time highs.

Analyst Highlights $2.222 As Breakout Level To Watch

Renowned crypto analyst Dark Defender took to social media platform X to reiterate his bullish outlook on XRP, even as the token grapples with short-term volatility. According to him, the token has reached its lowest Fibonacci level after the recent downturn, hinting that this could be a major pivot point. He described $2.222 as a significant resistance level, suggesting that a breakout above it could usher in a wave of renewed bullish momentum.

During the time of his post, XRP was trading at approximately $2.18, having just pulled back after facing rejection at $2.46. This rejection marked the start of a fresh decline, one that ultimately brought XRP down to the lowest Fibonacci threshold laid out in his earlier projections. However, Dark Defender added that the altcoin might not yet be done with its retracement phase. He noted that there remains a possibility of a further dip toward $2.04, which he previously identified as the final Fibonacci level in the current structure.

As of now, the altcoin is hovering just around this $2.04 zone, making it a decisive area for the bulls. Whether this level holds or gives way could determine the short-term direction of XRP’s price movement.

$5 To $8 Still In Play For XRP As Wave 5 Target Despite Bearish Momentum

Despite the ongoing price correction, Dark Defender maintained his forecast of an XRP price range of $5 to $8, aligning this target with the expected completion of the ongoing fifth wave in the Elliott Wave count structure. The current wave structure suggests that April and May could be the months where it sees explosive growth, even as most traders are now adopting a bearish stance.

This bearish stance is particularly notable in the crypto market Fear and Greed Index, which is now at a fear level of 24. However, Dark Defender noted that bearish market sentiment is not necessarily a bad sign. In fact, he described the prevailing bearish outlook held by 90% of market participants as “excellent,” implying that it might set the stage for a surprise reversal.

At the time of writing, XRP is trading at approximately $2.05, having lost 5.7% in the last 24 hours and over 15.8% in the past week. Trading volume has also been down by 17% in the past 24 hours.

Featured image from iStock, chart from Tradingview.com

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The broader market is in decline, and like many top cryptocurrencies, Dogecoin (DOGE) faces bearish pressure with volatile price movements. Given its currently weak position, many have considered selling off their bags. With this in mind, a crypto analyst has outlined his sell-off strategy, highlighting key Fibonacci levels that could serve as optimal exit points. 

Dogecoin Sell Strategy: Fibonacci Levels To Watch

In a recent X (formerly Twitter) post, crypto analyst the Charting Guy discussed his strategy for selling Dogecoin based on Fibonacci extension and retracement levels and overall market trends. The analyst declared that if the Dogecoin price rises to the 0.702 or 0.786 Fibonacci level over the next few months and fails to break above it, he would sell off the majority of his DOGE holdings. This selling strategy aims to mitigate potential losses and attain as much profit as possible, even with the market’s weakness.

The Charting guy disclosed that his thesis for the future Dogecoin price action suggests that a bottom may be forming, followed by a potential market peak by late April or early May. He announced that he planned to sell his bags close to this price peak, expecting a severe breakdown to new lows in March 2025. 

Sharing a Dogecoin price chart on a weekly time frame, the Charting guy draws several Fibonacci retracement and extension levels from a key high and low. The 0.702 Fib level at $0.43 is acting as a potential resistance zone for Dogecoin. 

If the meme coin can claim and break through this resistance level, the crypto analyst predicts that it could regain its former bullish momentum and aim for higher Fibonacci levels. This could lead to a gradual climb past key Fib levels: 0.618 ($0.26), 0.786 ($0.42), 0.888 ($0.55), 1 ($0.76), 1.272 ($1.60), 1.414 ($2.36), and ultimately 1.618 ($4.1), the highest bullish target.

On the flip side, if Dogecoin fails to break this level and gets rejected, it would confirm a broader market weakness and possibly lead to a deeper price correction to lower Fibonacci support levels of 0.382 ($0.139), 0.236 ($0.09), 0.136 ($0.07), and 0 ($0.0491). 

Before then, the Charting guy stated that he would sell his bags rather than hold out for a rise to $1. He plans to exit the market between $0.32 and $0.42, prioritizing profit taking over unnecessary risks. 

Golden Pocket Weakens DOGE’s Bullish Outlook

While the Charting Guy projects a bullish and bearish outlook for Dogecoin, the crypto analyst also highlights that the popular meme coin has weakened, reinforcing the possibility of a more negative price action. He disclosed that Dogecoin lost its Golden Pocket around the 0.618 ($0.267)—0.65 Fib ($0.30) levels. 

This Golden Pocket loss had weakened DOGE’s position, making it riskier to hold long-term and invalidating the analyst’s bullish charts.

Featured image from Unsplash, chart from Tradingview.com

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