Kraken Observes Bitcoin’s Retreat from Record High Amid Profit-Taking

Bitcoin recently surged to a new all-time high of $123,140 before experiencing a pullback to the $118,500 support level as traders engaged in profit-taking. This correction follows a 13% rally from the $108,636 swing low, with technical indicators pointing to potential consolidation before the next major price movement. The breakdown of the hourly trendline at $119,800 indicates short-term exhaustion, though the 100-day SMA is providing immediate support. Market participants are closely watching these developments as Bitcoin's price action continues to unfold. The current market behavior suggests a period of digestion after the recent rally, with traders assessing the next directional move. Kraken and other exchanges are monitoring these fluctuations as institutional and retail interest in Bitcoin remains strong.

Bitcoin Retreats from Record High as Market Digests Rally

Bitcoin's rally to a fresh all-time high of $123,140 met with profit-taking, triggering a pullback to the $118,500 support level. The correction follows a 13% surge from the $108,636 swing low, with technical indicators suggesting potential consolidation before next directional move.

The breakdown of the hourly trendline at $119,800 signals short-term exhaustion, though the 100-day SMA provides immediate support. Market participants now watch the $120,500 resistance level—a decisive breach could reignite upward momentum toward $122,000.

Kraken's order books show substantial liquidity near current levels, with institutional buyers reportedly accumulating at dips. 'This isn't profit-taking—it's price discovery,' remarked a senior trader at a London-based crypto hedge fund, speaking on condition of anonymity.

Ethereum Price Fails to Hold Momentum Above $3K — Correction Ahead?

Ethereum's price rally above $3,000 proved short-lived as the digital asset now faces consolidation NEAR $2,940. The failure to sustain momentum follows a break below the critical bullish trend line at $2,980, signaling potential downward pressure toward the $2,900 support level.

Market participants observed ETH's ascent from $2,800 to a peak of $3,081 before retracing 50% of its gains. The 100-hour moving average currently provides tenuous support, while resistance looms at $2,980 and $3,040. A decisive breach of either level could determine the next directional move.

The ETH/USD pair's technical posture on Kraken's charts reflects broader cryptocurrency market dynamics, where Bitcoin's movements continue influencing altcoin trajectories. Traders now watch whether Ethereum can defend its higher support levels or succumb to profit-taking after its recent climb.

XRP Price Corrects After Strong Rally — Support Levels in Focus

XRP surged past $3.00 before undergoing a corrective phase, with traders now eyeing critical support near $2.75. The digital asset remains firmly above its 100-hour moving average, suggesting underlying strength despite the pullback.

A bullish trend line forming at $2.820 on hourly charts signals potential accumulation. The 50% Fibonacci retracement level from the recent swing low of $2.660 to the $3.0324 peak now serves as a key technical reference point.

Market participants anticipate resistance near $2.920, with decisive breaks above $2.950 potentially reigniting momentum toward $3.080. The price action mirrors broader market trends observed in bitcoin and Ethereum.

Solana (SOL) Tests Key Support Level Amid Market Correction

Solana's native token SOL faces a critical test at the $155 support level after retreating from its recent peak near $168. The asset initially rallied past $160, mirroring broader momentum in Bitcoin and Ethereum, but encountered stiff resistance at higher levels.

Technical indicators show weakening bullish momentum, with SOL breaking below both a key trendline and its 100-hour moving average. The current pullback has erased over 76% of the gains from the recent $158-$168 upswing, signaling potential exhaustion among buyers.

Market participants now watch whether the $158-$155 zone can hold. A successful defense could set the stage for another attempt at conquering the $162 resistance level, while failure may trigger deeper corrections.

PUMP Token Struggles Near ICO Price Amid Whale Sell-Off

The newly launched PUMP token from Pump.fun is trading near its ICO price of $0.005, facing significant selling pressure from early whale investors. Initial trading on Kraken saw the price drop from $0.006 to $0.005 in a single red candle, with volumes reaching $47 million before tapering to $12 million the following day.

Market makers Wintermute and DWF Labs have received substantial allocations—$97 million and $17.4 million worth of PUMP, respectively—hinting at their potential role in stabilizing future liquidity. Retail traders remain cautious, awaiting clarity on promised airdrops while the token's distribution expands to 37,192 wallets.

PUMP's trajectory reflects the volatility of meme coin launches, where presale dynamics and whale activity often dictate short-term price action. The token's fate now hinges on broader exchange listings and whether retail demand can offset institutional sell pressure.