BTC pulled back from its $65,500 monthly high and most altcoins followed with negative volume deltas pointing to real selling pressure

You can see the conviction behind it in XRP too, open interest in its futures climbed to a 10-day high right as price dropped
Which means traders aren’t just watching from the sidelines, they’re actively building bearish positions into the move
That’s the backdrop MORPHO is pushing against. It’s up 3.5% since midnight, testing the $2.20 level, the exact resistance that rejected it and sent it down to $1.85 on July 2
On a normal day, that’d just be one green candle. On a day where capital is visibly rotating out of alts an asset still fighting toward its old rejection point is a genuinely different signal, it’s moving against both the tape and the rotation.
That’s what makes $2.20 the level to watch. A break here means MORPHO found demand strong enough to absorb a broad risk-off day