Bitcoin is approaching a critical juncture as its textbook ascending triangle converges with a tight trading range. Consolidation near key support and resistance levels sets the stage for a potential breakout or breakdown, making the next moves crucial for market momentum.

Ascending Triangle Signals Strength

Alpha Crypto Signal, in a recent post, highlighted that Bitcoin is currently shaping a textbook ascending triangle pattern on the daily chart — a well-recognized bullish continuation setup. The analyst explained that price action is consolidating just under the horizontal resistance zone at $122,500, while a series of higher lows continues to form along the rising trendline, signaling strong underlying demand.

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The analyst emphasized that as long as BTC holds above the 9 EMA at $118,738 and respects the ascending triangle’s support line, the overall bias remains bullish. These levels are crucial in maintaining the pattern’s structure, and a break below them could shift sentiment in favor of the bears. The persistence of higher lows indicates that buyers are consistently stepping in, preventing significant pullbacks, as indicated on the chart.

In conclusion, Alpha Crypto Signal stated that a clean break above the $122,500 resistance, backed by strong volume, could open the door for BTC to push toward a new all-time high. Such a move is likely to confirm the ascending triangle breakout and potentially trigger the next major bullish wave in the market.

Bitcoin Stuck Between $112,592 And $123,334

In an X post, X_Crypto, after examining Bitcoin’s action in a 4-hour timeframe, revealed that the flagship asset is currently trading within a defined range between $112,592 and $123,334, as highlighted on the chart. Meanwhile, the price is hovering around $119,106, with local support at $117,445 and the nearest resistance set at $123,334.

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The analyst noted that above the current range, $124,576 stands out as a key resistance zone. If this level is breached, the next upside target would be $127,272, which could serve as a profit-taking point in a bullish scenario. These levels will be critical in determining the strength of any upward continuation.

On the downside, X_Crypto pointed out that a break below $117,445 could open the way for a drop toward $112,592 — the lower boundary of the range and a strong support zone where buyers are likely to step in. This area, the writer stressed, will be pivotal for defending the broader bullish structure.

Lastly, indicators on the lower timeframes, as mentioned by X_Crypto, are showing local oversold conditions, hinting at a potential short-term bounce. However, the analyst cautioned that without sustained consolidation above $119,106, selling pressure could persist, limiting any meaningful upside momentum.

Featured image from Getty Images, chart from Tradingview.com

Traders are in a market structured heavily in favor of upside exposure, with positioning and Greek profiles aligning at a delicate inflection point. Current open interest and premium distribution indicate that how these positions unwind could shape the next leg in Bitcoin’s rally.

Open interest in BTC options has steadily recovered from the early June dip, rising from 335,000 BTC to nearly 394,000 BTC as of July 14. The total notional value is back to $46.87 billion on a dollar basis, with Deribit accounting for 81%. BTC’s price increase over the same period has contributed to the rise in notional, but the surge in total contracts suggests new speculative inflows, not merely mark-to-market adjustments.

Deribit data shows 202,903 BTC worth of call options currently open, compared to 117,580 BTC in puts. While the raw number of contracts already reveals a clear tilt toward upside exposure, the disparity becomes more striking when measured in monetary terms. Calls have a notional value of $24.86 billion and a market value of $1.92 billion, whereas puts have a total notional value of $14.41 billion but just $106.39 million in market value. This means that although the notional value of puts is relatively high, indicating a sizable volume of downside coverage, the actual premium invested in those positions is minimal.

Notional value refers to the total underlying exposure of an option if exercised, in this case, the BTC amount multiplied by the strike price. On the other hand, market value reflects the current price of those options or the cost paid to acquire them. In options trading, notional value speaks to scale, while market value captures sentiment and risk appetite.

The stark difference between these two values for puts indicates a lack of conviction behind downside protection. Most existing put positions are far out-of-the-money, layered around the $100,000 strike or below, where the likelihood of these contracts being profitable at expiry is low. As a result, their premiums are deeply discounted, making them cheap to hold but relatively ineffective as real hedges.

Traders may be deploying them as low-cost insurance or as part of broader strategies like collars or spreads, rather than making directional bets on a decline. This contrasts with the call side, where higher premiums are concentrated around at-the-money and slightly out-of-the-money strikes, such as $115,000, $120,000, and $130,000.

Option strike clusters reveal focal zones

A key feature of the current options setup is the clustering of open interest around specific strike prices. The most concentrated levels of activity are:

• $100,000: 9,620 puts and 6,050 calls ($1.92 billion notional)
• $115,000: 15,080 calls and 2,530 puts ($2.16 billion notional)
• $120,000: 20,160 calls and 951 puts ($2.59 billion notional)
• $130,000: 16,150 calls and 174 puts ($2.00 billion notional)
• $140,000: 18,030 calls and 265 puts ($2.24 billion notional)

These figures show a strong upward ladder of call positioning, with the $120,000 strike currently serving as a key inflection. With spot trading just above this level, the market is effectively pressing against its most crowded call wall. The low number of puts at these upper strikes indicates little interest in hedging against a downside reversal.

Option Greeks provide further insight into why BTC holds close to the $121,000 mark. Gamma peaks just above $123,000, forming a classic bell curve around the current spot price. Dealers short gamma in this region must adjust their hedges frequently, buying BTC as it rises and selling as it falls. This suppresses volatility while the price stays within the gamma apex range. If spot breaks materially above or below, the suppression effect fades, and volatility can resurge.

Delta shows a sharp transition between –0.25 and +0.45 near $121,000-$123,000. That means a small move in spot can flip dealer hedging behavior from net short to net long, potentially triggering rapid buying from desks caught offside. This tells us that the $121,000 to $125,000 range is psychologically and structurally important.

Theta is also steepest near the current range, suggesting that time decay is working hardest against option holders right where most speculative capital is concentrated. Vega also peaks at $123,000, indicating that volatility sensitivity is maximized there.

The current structure of the options market suggests that traders are net short calls at key strike prices, particularly at above $120,000. As Bitcoin remains above these levels, options traders will be forced to delta-hedge by buying BTC in spot or futures, which can push prices higher. This is a relatively common short-gamma feedback loop and likely one of the forces sustaining Bitcoin near its all-time high.

If BTC hovers around $121,000, gamma pinning should hold the price range tight, and volatility may remain suppressed into the July 15 expiry. A breakout above $125,000 would trigger aggressive dealer hedging and a possible squeeze toward $130,000.

With calls dominant, this could create an accelerated upward move with limited friction. However, a reversal below $118,000 would flip delta and reduce hedging demand. Given the thin put structure, a reversal could gather speed quickly if long calls are abandoned.

The post Options gamma pin at $123k holds Bitcoin in a tight range after new ATH appeared first on CryptoSlate.

Ethereum is trading at a critical level after enduring weeks of aggressive sales pressure. Since falling below the major $2,000 mark, the second-largest cryptocurrency has struggled to regain bullish momentum. Currently down 21% from that level, ETH continues to hover nearly $1,580, reflecting the lack of clear convictions from both buyers and sellers.

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The market has entered a period of extreme indecisiveness. According to top analyst Darn, Ethereum prices remained particularly compressed, with little movement in the past two days. This type of integration often precedes sharp price action in either direction, with traders carefully looking at signs of breakouts and breakdowns.

Macroeconomic uncertainty continues to affect investors’ feelings as global trade tensions and monetary policy concerns continue to put pressure on risky assets like Ethereum. For now, the Bulls will need to regain their $1,850 resistance zone to see a trend reversal, but drops below $1,500 can open the door to deeper losses.

Current compression could be milder before the storm, as volatility is built in the background. Will it be upside down or is there a more downside in store?

Ethereum compression signals breakout as macro pressure accumulates

Ethereum faces critical testing as it trades at a compression level after weeks of sustained sales pressure. The broader crypto market is under pressure as global tensions grow. President Donald Trump’s trade war with China continues to shape macroeconomic sentiment, with investors becoming cautious across all risky asset classes.

Despite last week’s announcement of a 90-day tariff suspension on all countries except China, uncertainty remains. The unresolved position of US-China trade relations continues to show weight in the market and is one of the key factors that will discourage price movements. For Ethereum, this translates to very low volatility and stalled price structure.

Daan shares insights that suggest that Ethereum’s prices are “very compressed” and has not shown any meaningful movement for the majority of the two days. According to Dahn, this type of compression usually precedes a large breakout, but the direction of its movement remains unknown.

Both investors and traders are closely monitoring this setup. This is because compressed price actions usually lead to a large momentum-driven shift. With wider macro risk still playing, Ethereum’s next move will define short-term trends and set the tone of the market in the coming weeks.

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The ETH Bulls aim to regain control

Ethereum is trading at $1,590 after several days of lateral price action, hovering between support and nearly $1,700 resistance at $1,550. Despite holding the lower end of this range above, ETH is struggling to generate the momentum it needs to confirm and confirm a short-term recovery.

To establish a stronger position, the ETH must push beyond the 4-hour 200-day moving average (MA) and exponential moving average (EMA), both of which continue to function as dynamic resistance. Breakouts above these metrics can spark new interest from traders and indicate the onset of the recovery phase.

However, the true test is at the $2,000 level, a major psychological and technical resistance zone. Regaining this level marks changes in market emotions, opening the door to higher targets.

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On the downside, if you can’t get the ground beyond your current range and fall below $1,550, you’ll immediately drag when your ETH falls below $1,500, increasing the risk of a deeper correction. For now, Ethereum remains in the integration phase, with the next critical move likely to decide whether the Bulls will regain control or whether sellers will push prices into a low demand zone.

Dall-E special images, TradingView chart

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On-chain data shows conviction remains strong among the Shiba Inu long-term holders as they still control a decent majority of the supply.

Shiba Inu Long-Term Holders Haven’t Been Selling Amid Volatility

In a new post on X, the market intelligence platform IntoTheBlock has discussed how the holdings of the Shiba Inu long-term holders have changed recently.

The analytics firm defines long-term holders or ‘HODLers’ as investors who have been holding onto their coins since more than one year ago. The investors not part of this group can be classified into two categories: ‘traders’ who purchased their coins within the past month and ‘cruisers’ who have gone beyond the one-month cutoff but are yet to mature into the HODLers.

Statistically, the longer an investor holds onto their coins, the less likely they become to sell said coins in the future. As such, holder resolve rises as one goes from traders to HODLers.

Though the long-term holders include the strongest of hands in the market, it doesn’t mean that the cohort never participates in selling. Indeed, some periods can be too overwhelming for even these stalwart diamonds.

As the below chart shows, the Shiba Inu HODLers saw their supply go through a notable drop during the price rally in the first quarter of 2024, suggesting the members of this group took part in profit-taking.

The value of the metric appears to have been climbing in recent months | Source: IntoTheBlock on X

A couple of small selloffs also came toward the end of 2024 and the start of 2025, but other than them, the Shiba Inu long-term holders have shown remarkable resilience through the recent volatility.

In fact, the supply held by these diamond hands has observed a net increase in the last couple of months. Following this rise, the HODLers own more than 80% of the meme coin’s circulating supply. “This indicates that even amid challenges in the memecoin market, many SHIB holders remain optimistic,” notes IntoTheBlock.

Something to note is that an increase in this metric isn’t an indication that the long-term holders are participating in ‘buying.’ Rather, it represents a promotion of supply from the cruiser group. The actual buying would have occurred twelve months ago, meaning that there is a delay of one year present between when the indicator goes up and when the accumulation actually happened.

While buying has this time-gap attached to it, the same isn’t true for selling, since HODLers are instantly demoted into the trader group as soon as they break their dormancy.

In another X post, the analytics firm has also shared the trend in the supply of Bitcoin long-term holders. From this chart, it’s visible that the BTC diamond hands participated in significant selling during the bull rally, but their supply has also started to turn around recently.

The trend in the BTC HODLer balance over the past decade | Source: IntoTheBlock on X

SHIB Price

At the time of writing, Shiba Inu is floating around $0.000012, down almost 16% in the last seven days.

The trend in the SHIB price during the last five days | Source: SHIBUSDT on TradingView

Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com

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