Kraken Observes Bitcoin’s Renewed Momentum as Price Eyes $119,200

Bitcoin is showing signs of renewed upward momentum as it consolidates above the $117,500 support level. After a brief dip toward $116,000, the cryptocurrency has rebounded and is now trading near $118,500, testing resistance at the 100-hour Simple Moving Average. A decisive break above the $118,620 resistance—marked by a bearish trend line on hourly charts—could pave the way for a retest of the $119,200 level. Market participants are closely watching these key levels as Bitcoin builds momentum for a potential new climb. This development highlights the resilience of Bitcoin and its ability to attract buying interest even after minor pullbacks. As of July 31, 2025, the cryptocurrency market remains optimistic about Bitcoin's near-term prospects, with traders on platforms like Kraken actively positioning for further upside.

Bitcoin Price Sets Sights on a New Climb – Momentum Building Again

Bitcoin price is consolidating above the $117,500 support level, showing signs of renewed upward momentum. The cryptocurrency has rebounded from a brief dip toward $116,000 and now trades near $118,500, testing resistance at the 100-hour Simple Moving Average.

A decisive break above the $118,620 resistance—marked by a bearish trend line on hourly charts—could pave the way for a retest of the $119,200 level. Market participants are watching Kraken's BTC/USD pair for clues, as the exchange's data feed shows Bitcoin defending key Fibonacci retracement levels from its recent swing low of $114,733.

The current price action suggests accumulation at these levels, with bulls protecting the 76.4% Fib level of the MOVE from $114,733 to $119,796. This technical resilience indicates underlying strength despite short-term volatility.

XRP Price Consolidation Deepens as Resistance Caps Upside Momentum

XRP struggles to break through key resistance levels as its price action diverges from broader crypto market trends. The digital asset faces persistent selling pressure near the $3.15-$3.1650 zone, creating a technical standoff between bulls and bears.

After testing support at $2.999, XRP/USD shows tentative recovery signs on Kraken's exchange. The pair must clear the bearish trend line at $3.15 and 100-hour SMA to signal renewed bullish momentum. Market participants watch Fibonacci levels closely, with the 23.6% retracement already breached during the recent rebound attempt.

Technical formations suggest make-or-break conditions: sustained trading above $3.00 support could fuel another upward push, while failure to conquer $3.1650 resistance may prolong the consolidation phase. The price action remains notably weaker than bitcoin and Ethereum's performance, highlighting XRP's unique market dynamics.

Ethereum Price Regains Strength Amid Bullish Momentum

Ethereum has rebounded from key support levels, signaling potential upward trajectory toward $4,000. The cryptocurrency found strong footing NEAR $3,680 before climbing past critical resistance at $3,810, as evidenced by a breakout on the ETH/USD hourly chart via Kraken.

Trading above both the $3,820 level and the 100-hourly Simple Moving Average, ETH demonstrates renewed bullish momentum. Market observers note the defense of the 61.8% Fibonacci retracement level from its recent swing low of $3,515 as particularly significant.

The next resistance levels to watch include $3,880 and $3,920, with $4,000 emerging as a psychological target. This recovery mirrors broader market trends, where major cryptocurrencies are regaining lost ground after recent corrections.

Cardano (ADA) Aims Higher – Bullish Setup Hints at New Leg Up

Cardano's ADA has initiated a fresh upward trajectory after finding solid footing near the $0.7280 support level. The cryptocurrency now eyes a decisive breakout above the psychologically significant $0.80 threshold, with technical indicators suggesting growing bullish momentum.

A key development emerged as ADA breached a descending trendline at $0.7710 on hourly charts, while simultaneously clearing multiple resistance levels between $0.7450 and $0.7650. The current price action reflects a 23.6% Fibonacci retracement of the recent decline from $0.8557 to $0.7287, with the 50% retracement level near $0.7920 presenting the next immediate challenge.

Market observers note that sustained trading above $0.8080 could trigger accelerated buying pressure, potentially propelling ADA toward higher valuation territories. The asset's performance continues to correlate with broader market movements, mirroring recovery patterns seen in both Bitcoin and Ethereum.

Kraken Reports Q2 Profit Decline Amid Expansion into Multi-Asset Trading

Kraken's second-quarter profits fell 7% year-over-year to $79.7 million, down from $85.5 million in the same period last year. The exchange cited U.S. tariffs and macroeconomic uncertainties as key factors.

The platform is pivoting from crypto-exclusive services toward a multi-asset ecosystem. Recent product launches include US equities trading, 24/7 FX perpetual futures, and tokenized blue-chip stocks—part of its mission to enable universal access to trading.

Quarterly revenue dipped 13% to $412 million, though trading volumes climbed 19% year-over-year to $186.8 billion. Assets under management surged 47%, signaling resilience during the transition.

Kraken Reports 18% Revenue Growth in Q2 Amid Market Turbulence

Kraken's second-quarter revenue climbed to $411.6 million, an 18% year-over-year increase, despite broader market headwinds. The exchange saw total trading volume rise 19% annually to $186.8 billion, though activity dipped 11% sequentially from Q1's stronger performance.

Platform assets under management surged 47% to $43.2 billion, while stablecoin-to-fiat trading dominance jumped from 43% to 68% of spot volume. "We're strategically investing at the intersection of traditional and crypto markets," Kraken stated, highlighting new commission-free equity offerings and tokenized assets.

Adjusted EBITDA fell 7% to $79.7 million as macroeconomic uncertainty dampened trading activity. The decline reflects industry-wide seasonal softening, with Q2 typically being a slower period for crypto exchanges.