Bitcoin News Today: Bitcoin Approaches Key 161.8% Fibonacci Level at $122,056

Bitcoin (BTC) is currently trading in a tight range between $116,000 and $120,000 as it approaches the 161.8% Fibonacci extension level of $122,056, a key psychological and technical hurdle known as the "Golden Ratio" [1]. This level is derived from a Fibonacci sequence originating from the December 2018 lows, December 2022 lows, and the 2021 high. It is considered a critical benchmark in technical analysis due to its historical relevance in both nature and financial markets [1]. A sustained breakout above $122,056 would signal strong buying pressure and potentially push the price toward the 261.8% extension at $187,929. However, if momentum stalls at this level, it could indicate a potential peak in the current bull market [1].

XRP, meanwhile, has found support at the 38.2% Fibonacci retracement level of $2.995 following a pullback from its recent rally [1]. The price action on the hourly chart suggests a potential double-bottom formation with a neckline at $3.33. A move above this level could lead to a retest of the recent high of $3.65, but bearish indicators such as a negative daily MACD and declining moving averages indicate caution [1]. Traders are advised to monitor a breakdown below $2.995, which could trigger a deeper decline.

Ether (ETH) is showing signs of weakening as the daily chart MACD histogram has turned bearish, signaling a potential pullback [1]. The convergence of the 50-, 100-, and 200-hour simple moving averages at flat lines suggests a loss of upward momentum. A break below the July 25 low of $3,510 would confirm a short-term bearish trend, potentially leading to a test of the $3,000 support level [1]. On the upside, a break above the $4,000–$4,100 resistance zone could spark a FOMO (fear of missing out) rally [1].

Solana (SOL) is at risk of breaking out of its bullish trendline drawn from higher lows since June 22 [1]. A downward move would indicate a bearish shift and could lead to a test of the 50-, 100-, and 200-day SMAs at $160–$162. A bullish reversal would require a retest and close above the July 28 high of $195 [1].

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Source: [1] [BTC Faces Golden Fibonacci Hurdle at $122K, XRP Holds Support at $3](https://www.coindesk.com/markets/2025/07/31/btc-faces-golden-fibonacci-hurdle-at-usd122k-xrp-holds-support-at-usd3)