Bitcoin’s price has slipped more than 5% in the past 24 hours, but according to market analysts, this correction is part of a healthy bull market pullback. Meanwhile, XRP futures open interest has reached a record high, suggesting that institutional and speculative demand remains strong across major tokens — even as volatility persists.
Bitcoin Pulls Back, But Bullish Structure Remains Intact
After hitting an all-time high above $123,000, Bitcoin (BTC) has cooled off, dropping to around $116,800 as of Tuesday. This decline is largely attributed to profit-taking by long-term holders, a typical feature of bull market cycles.
Importantly, technical indicators show BTC is likely retesting the key breakout zone near $111,960 — the May 22 high. This level represents a critical support zone and may act as a launchpad for renewed upside momentum if buyers return with volume.
From a charting perspective:
- BTC remains within an ascending channel on the daily chart, keeping the broader bullish bias intact.
- On the hourly chart, Bitcoin trades below the Ichimoku cloud, signaling short-term bearish pressure.
- However, the Relative Strength Index (RSI) has dipped below 30, marking oversold conditions that often precede a rebound.
Key BTC Levels to Watch:
- Support: $113,688 (38.2% Fibonacci), $111,960 (previous breakout level), $107,823 (61.8% Fibonacci retracement)
- Resistance: $118,000–$118,500, $120,000, $123,181 (recent ATH)
XRP Futures Open Interest Hits Record High
While Bitcoin consolidates, XRP is drawing attention for a different reason — futures open interest on XRP has hit a record level, signaling high institutional engagement and speculation ahead of the ProShares XRP Futures ETF launch.
This surge in open interest comes even as XRP faces a sharp 8% pullback, falling from $3.02 to $2.78. Analysts suggest this was driven by institutional de-risking, with some firms trimming exposure due to regulatory uncertainty. Despite the drawdown, a late-session recovery to $2.87 suggests corporate re-entry and accumulation near support levels.
Market Sentiment Remains Cautiously Bullish
According to CoinGecko and Coinglass, Bitcoin futures open interest is now at 734.82K BTC, close to the all-time high of 744K BTC set in October 2022. Most of this leverage appears to be coming from offshore exchanges, with funding rates on perpetual futures rising above 11%, showing growing demand for long exposure.
In contrast, the CME (Chicago Mercantile Exchange) — a favorite of institutional investors — shows more restrained positioning, with the three-month annualized basis still below 10%.
A Bullish Reset in Progress
Despite short-term pullbacks, on-chain data, technical support levels, and record open interest paint a picture of a market still in bullish territory. The current dip may serve as a springboard for higher prices, especially if BTC can defend the $111,960 zone and XRP continues attracting institutional flow amid the ETF narrative.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.