A week after the much-anticipated L2’s mainnet launch, the network is showing early liquidity gains, but traction is still below its KPIs for the MEGA token launch.
Ethereum Layer 2 MegaETH’s mainnet, which launched on Feb. 9 following a high‑profile stress test ahead of its debut, has seen total value locked climb to roughly $66.48 million as of today, Feb. 16. The total value on MegaETH represents a roughly 65% increase compared with TVL at the immediate post‑launch period, where it was around $40.3 million, data from DefiLlama shows.
Total value locked in MegaETH. Source: DefiLlama
Stablecoins account for the bulk of on‑chain balances, with the chain’s $99.2 million stablecoin market cap up 56% over the past week, while bridged asset TVL are about $122 million.
Top protocols by TVL on MegaETH. Source: DefiLlama
Decentralized crypto exchange Kumbaya is the largest app on MegaETH by value locked by a wide margin, with roughly $51 million in TVL, dwarfing other early entrants as users have parked capital in its liquidity pools since launch.
Behind Kumbaya, yield‑oriented vault Avon MegaVault, unified DEX World Markets and multi-chain lending protocol Aave collectively hold about $19 million in TVL as of press time.
Token Launch KPIs Lag
As The Defiant previously reported, MegaETH told supporters that its token generation (TGE) event for MEGA is explicitly tied to the network achieving one of three on‑chain key performance indicators after mainnet launch:
A $500 million circulating supply of the network’s stablecoin, MegaUSD (USDM)
At least ten “Mega Mafia” apps — the network’s first live and verified dApps — meeting usage thresholds of more than 100,000 transactions across at least 25,000 wallets
At least three dApps generating $50,000 in daily fees for a month.
As of press time, none of the above conditions have been met, according to MegaETH’s own dashboard that tracks the network’s progress toward TGE. The “Live Mafia Apps” counter shows 5 of the required 10 apps have deployed and are live with verified contracts.
Mega Mafia app metrics. Source: MegaETH
Meanwhile, USDM’s stablecoin circulation metric also sits at just about 10% of the $500 million target, with roughly 13% of that circulating supply deposited into verified smart contracts.
On the revenue front, none of the deployed dApps have hit the critical $50,000 daily fee threshold. According to the dashboard, both Kumbaya is generating $19,000 in daily fees, Cap has $13,000 in daily fees, and Avon hasn’t registered meaningful fee volume.
So, while L2’s infrastructure shows early traction with capital flows and app deployment, the core adoption milestones tied to TGE remain out of reach, at least for now.
MegaETH’s public token sale took place on Sonar in late October and was 20x oversubscribed, seeing over $1 billion in deposits competing for an allocation of the future MEGA token.
HONG KONG — Oleg Ogienko, A7A5’s director for Regulatory and Overseas Affairs, is looking to debate anyone who accuses him of breaking any compliance laws through his stablecoin company.
Speaking to CoinDesk during Consensus Hong Kong, the public face of the Ruble-denominated stablecoin issuer A7A5 — which grew faster last year than USDT or USDC — stressed that, like any stablecoin issuer, compliance with the laws of where it is incorporated is key (in this case, Kyrgyzstan), and criminals are not welcome on the platform.
“We are fully compliant with the regulations of Kyrgyzstan. We do not do illegal things,” he said, emphasizing the issuer’s regular audits. “We have KYC procedures, and we have AML mechanisms embedded into our infrastructure. We do not violate any Financial Action Task Force principles.”
But here is the catch: A7A5’s issuing and affiliated entities, Old Vector LLC and A7 LLC, and the bank that holds the reserves, Promsvyazbank (PSB), are sanctioned by the U.S. Department of the Treasury, barring the U.S. dollar-denominated financial world from interacting with them.
So while the company’s affiliates are restricted by the U.S (whose laws underpin a majority of the global trade), being used by Russian companies to avoid sanctions is not a crime in Kyrgyzstan (where A7A5 is based) or in Russia.
A7A5 facilitates cross-border payments for Russian users facing banking restrictions, while also providing a route into USDT liquidity, the market leader, through decentralized finance (DeFi) protocols without holding dollar stablecoins directly.
In fact, the restriction became one of the driving forces behind the stablecoin’s surprising growth. It added almost $90 billion in circulating supply last year, outpacing USDT, which added $49 billion, and Circle’s USDC, which added about $31 billion, according to data from Artemis.
Going beyond sanctions
Ogienko admitted that life under sanctions puts pressure on people and limits access to some Western goods and services.
However, he argued that it has not stopped business activity or cross-border trade, describing the restrictions as an obstacle rather than an economic dead end and creating a market where A7A5 is in demand.
Ogienko said A7A5’s primary demand comes from businesses in Asia, Africa, and South America that trade with Russian exporters and importers and need cross-border payment mechanisms.
Right now, liquidity is limited because centralized exchanges won’t list the token due to the risk of secondary sanctions. DeFi liquidity pools exist where A7A5 can be swapped for USDT, though A7A5’s own dashboard says only around USDT 50,000 is available.
Ogienko says he was on the ground in Hong Kong trying to fix that, using the trip to Consensus to meet with exchanges and other blockchains — declining to name specifics — to build partnerships.
“We’ve been deployed on Tron and Ethereum, and now we are thinking about deploying on some other blockchains … we’re here to do cooperation with them,” he said.
While the firm wasn’t a sponsor at Consensus, having a U.S.-sanctioned entity at any conference could make organizers and sponsors nervous, even when its sponsorships are technically legal in some regions. This played out at Token2049 in Singapore — where A7A5 was a sponsor, organized by Hong Kong-registered BOB Group — a jurisdiction with no sanctions on Russia. BOB, however, later scrubbed references to A7A5 from the lists, after worries emerged from other sponsors.
Still, the sanctions and the politics surrounding the restrictions don’t bother Ogienko’s ambition to grow his business.
“We think that we can make the trade volumes settled in A7A5 grow … we hope that we can do more than 20% of Russia’s trade settlements with different countries in A7A5,” he said.
However, A7A5 still can’t be used in Russia, as lawmakers are still drafting stablecoin regulations.
Ogienko said that he is in contact with authorities in the country, describing the relationship as consultative and focused on blockchain regulation and financial infrastructure rather than direct government control.
“We’re not politicians. We are traders. We are businessmen,” he said, emphasizing neutrality. “We’re open for business cooperation with any country.”
Marco Li Mandri from ING frames generative AI in banking as something that augments people rather than replacing them. In his view, ING are not at a point where AI can genuinely take over the parts of banking that rely on judgement, accountability, and trust, especially when it comes to customer advice. ING points to big, high-stakes decisions like choosing the right mortgage or selecting an investment strategy, where the “human advice” element still matters most, not just for reassurance but because these decisions are personal, regulated, and often nuanced.
ING sees the real shift happening is in AI agents, which are tools that can carry out tasks, move processes along, and coordinate steps across a service journey and describes this as a “paradigm shift” that could make banking services noticeably faster for customers which can provide shorter “time to yes”, quicker approvals, and less waiting around while routine checks and handoffs happen in the background. In other words: people are staying central for guidance and decision-making, while agent-driven automation helps speed up the heavy lifting that slows customers down today.
Ether (ETH) opened the week with a drop below the psychological $2,000 level, placing the altcoin into a 20% loss for February. Still, onchain data shows long-term investors accumulating ETH and rising network usage.
Now, analysts are examining how ETH’s technical outlook and the derivatives data align with its emerging demand to determine if a prolonged rally above $2,000 is possible.
Key takeaways:
Over 2.5 million ETH flowed into accumulation addresses in February, lifting holdings to 26.7 million for 2026.
Ethereum weekly transactions hit 17.3 million as the median fees fell to $0.008, a 3,000x drop from 2021 peaks.
ETH open interest dropped to $11.2 billion, but leverage remains elevated, with liquidation clusters stacked near $1,909 and $2,200.
Ether accumulation grows despite price drop
Ether accumulation addresses added more than 2.5 million ETH in February, even as the price declined about 20%. Total holdings have risen to 26.7 million ETH, up from 22 million at the beginning of 2026.
ETH balance on accumulation addresses. Source: CryptoQuant
MN Capital founder Michaël van de Poppe noted that ETH valued against silver is at its lowest level on record, arguing that such difficult market phases often present a long-term accumulation window.
The network demand is also improving alongside improving fundamentals. Over 30% of ETH’s circulating supply (37,228,911 ETH) is currently staked, reducing the liquid supply. At the same time, weekly transaction count reached an all-time high of 17.3 million, while median fees fell to $0.008.
Ether total value staked. Source: CryptoQuant
In comparison, head of research at Lisk, Leon Waidmann, noted that the weekly transactions were near 21 million, but the median fees surged above $25 during the 2021 peak. The current structure reflects a higher usage at significantly lower cost.
ETH compresses below $2,000 as leveraged traders brace for a breakout
On the four-hour chart, Ether appears to be forming an Adam and Eve bottom, a bullish reversal setup that begins with a sharp, V-shaped low (the “Adam”) followed by a slower, rounded base (the “Eve”).
The structure reflects an initial aggressive sell-off that quickly finds buyers, then a period of gradual accumulation as the volatility contracts.
A confirmed breakout above the $2,150 neckline validates the pattern and may open the door toward the $2,473–$2,634 region, based on the measured move projection from the base. The invalidation remains below recent higher lows, with $1,909 acting as a key short-term liquidity level.
Open interest has declined to $11.2 billion from a $30 billion cycle peak in August 2025. However, the estimated leverage ratio remains elevated at 0.7, only slightly down from 0.77 in January. This suggests leverage is still concentrated in the system, increasing the possibility of a sharp move.
Percentage of ETH Global accounts long on Binance. Source: Hyblock
Hyblock data shows that 73% of the global accounts are currently long on ETH. Liquidation heatmaps show more than $2 billion in short positions clustered above $2,200, compared with roughly $1 billion in long liquidations stacked near $1,800, highlighting a heavier squeeze risk to the upside.
Although the nearest dense cluster sits at $1,909, where $563 million in longs are vulnerable, which may act as a potential short-term liquidity magnet before the expected uptrend.
ETH liquidation map. Source: CoinGlass
Related: Crypto funds log fourth week of outflows at $173M as BTC dips below $70K
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
Despite its steady bearish performance over the past few months, the sentiment toward XRP in certain areas appears to have turned bullish once again. One of the regions showing renewed interest and attention in the leading altcoin is South Korea, as its traders quietly build up more positions.
Signs Of XRP Accumulation Among Korean Traders
Trading activity of XRP is gaining momentum once again, especially from the South Korean region. There are emerging signs that Korean traders are stepping back into the market, re-accumulating the altcoin after a period of reduced exposure.
Regional exchange market data indicates a resurgence in buying demand, suggesting a potential change in attitude inside one of XRP’s most significant marketplaces. Arthur, a market expert and partner of the BingX exchange, disclosed the development using data from Bithump, one of South Korea’s largest exchanges.
As seen on the chart shared by the market expert, the leading South Korean cryptocurrency exchange has seen renewed activity on XRP pairs. In the past, periods of accumulation on the Korean markets have frequently been accompanied by greater momentum and liquidity. Meanwhile, this renewed buying activity could mark the beginning of an upward swing for XRP, driven by growing demand.
Source: Chart from Arthur on X
Since the re-accumulation signal, the price of the altcoin has increased by over 38%. Historically, when Korean liquidity steps in, Arthur stated that the price typically follows the trend. Thus, the expert believes that monitoring the flows could provide insights into the possible next direction of the token.
On the institutional level, accumulation appears to be showing robust strength. Business owner and investor Minus Wells shared that Evernorth, regarded as the MicroStrategy of XRP, has quietly scooped up nearly 0.5% of all the altcoin’s supply in the market.
Following the recent acquisition, the company now has more than 473 million XRP locked in its treasury vault. This stash represents almost half a percent of the entire supply sitting in one corporate vault. According to the expert, the firm is just getting started. “While everyone else is panicking over dips, this Ripple-backed beast is building the biggest public XRP hoard ever,” he added.
Positioned In A Sweet Spot
After persistent downside pressure, the altcoin is now positioned in a sweet spot as all of the liquidity below has been cleared, while the deep liquidity above is stacked all the way up to $4+. Bird highlighted that this is the point where many shorts, leverage positions, and stop levels are sitting.
Despite the price trajectory, the markets naturally move toward liquidity because that is where the orders are located. When price reclaims these areas, shorts are forced to close, and a closed short hints at buying re-accumulation at higher levels. As a result, upside moves can be extremely swift.
Furthermore, liquidations trigger buying pressure, which pushes prices higher and closes more shorts, leading to a resurgence of momentum. Following this, the market buys, and retail rushes in, driving the price wild.
XRP trading at $1.45 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Goldin closed its Pokémon & TCG Auction with a $16.492 million sale of Logan Paul’s PSA 10 Pikachu Illustrator, setting a Guinness World Records-certified benchmark for the most expensive trading card ever sold at auction. Guinness-Certified: Goldin Sells Pikachu Illustrator for $16.5M The internationally known auction house said the Pikachu Illustrator — the only example […]
Japan’s financial heavyweight SBI Holdings Inc. is moving to take control of Singapore-based crypto platform Coinhako, marking another calculated push into Asia’s regulated digital asset markets. SBI Holdings Targets Majority Stake in Singapore Crypto Platform Coinhako The transaction will be executed through SBI’s wholly owned subsidiary, SBI Ventures Asset Pte. Ltd., and includes a capital […]
WHY THIS MATTERS: This joint announcement by Backbase and Plaid is a pivotal development in the fight against data fragmentation within established financial institutions. For years, the promise of digital transformation has been undermined by legacy systems and disparate data silos, which cripple a bank’s ability to onboard customers quickly and deliver contextualized experiences. This partnership provides a pre-integrated solution that merges Backbase’s leading AI-powered banking platform with Plaid’s robust open banking data connectivity layer. The industry significance lies in offering incumbent banks a fast track to competitive personalization. By instantly aggregating and enriching account data, this solution moves banks beyond raw transaction lists toward a 360-degree view of financial health, enabling the rapid deployment of the actionable, understandable insights necessary for modern customer service and AI-driven processes.
Backbase, the leader in AI-powered banking, announces a partnership with Plaid, a data network that serves as the analytics layer for financial services. Together they solve one of banking’s biggest challenges: data fragmentation that slows innovation and limits customer experience.
Financial institutions face a common problem: Data lives in silos, legacy integrations break constantly, customer onboarding often takes several days – and lack of visibility across databases means creating personalized experiences is challenging and costly.
The partnership changes that equation. By integrating Plaid’s secure, real-time financial data connectivity with Backbase’s AI-powered Banking Platform, the collaboration allows banks to onboard customers faster, aggregate account data seamlessly, and deliver personalized financial journeys without wrestling with outdated integrations.
“Data is only valuable when it is actionable and understandable,” said Mayank Somaiya, Global Vice President, Head of Ecosystem Partnerships at Backbase. “By integrating Plaid’s aggregation and enrichment capabilities, we are enabling banks to move beyond raw transaction lists. We are providing a pre-integrated solution that gives customers a holistic, 360-degree view of their financial health -enriched with the clarity they expect -without the burden of building it from scratch.”
The solution is available now to banks across the world, which can get access via Backbase’s website, along with solution consultants, technical guidance, and implementation support.
Plaid’s network connects more than 12,000 financial institutions and 7,000 fintechs,. Combined with Backbase’s footprint of 100+ banks globally, this partnership brings together two proven leaders in digital banking transformation.
“Artificial intelligence is rapidly changing what’s possible in financial services, but only with strong data foundations,” said Adam Yoxtheimer, Head of Partnerships at Plaid. “By combining Plaid’s real-time connectivity and intelligence with Backbase’s Banking Platform, more banks can access the permissioned data and corresponding insights needed to deliver enhanced, personalized experiences.”
Both companies will continue strengthening the partnership, working closely to address evolving client needs and expand the solution as the market demands.
FF NEWS TAKE: This partnership fundamentally moves the needle by productizing the solution to banking’s biggest headache—fragmented data foundations. It significantly lowers the technical barrier for larger banks to harness real-time data for personalization and faster onboarding. The immediate factor to watch is the speed of implementation among Backbase’s global client base. Success will depend on the solution’s ability to seamlessly handle complex regional compliance and the scale required to truly optimize the personalized financial journeys promised.
Bitcoin remains under pressure as bears are selling on rallies near the $74,508 resistance
The bears are mounting a solid defense in several major altcoins at higher levels, indicating a negative sentiment.
Bitcoin (BTC) has started the new week on a cautious note as bulls attempt to maintain the price above $67,500. Investors are not rushing in to buy the dip, as seen from the $133.3 million in outflows from BTC exchange-traded products last week. The total outflows from crypto investment products have risen to $3.8 billion over the past four weeks, according to a CoinShares update on Monday.
If BTC ends the month below $79,500, it will record its first-ever consecutive negative monthly closing in January and February. With more than 22% loss, BTC is staring at its worst first-quarter performance since the 49.7% loss in 2018, per CoinGlass data.
Crypto market data daily view. Source: TradingView
Despite BTC’s weak performance and uncertain near-term direction, Strategy co-founder Michael Saylor indicated in a post on X that the company is buying more BTC. That will be Strategy’s 99th BTC transaction, showing their long-term bullish view remains intact.
Could BTC and the major altcoins defend the support levels and start a strong relief rally? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) is witnessing a tough battle between the bulls and the bears at the support line of the ascending channel pattern.
The moving averages are on the verge of a bearish crossover, and the relative strength index (RSI) is in the negative territory, indicating that the bears are making a comeback. The index may start a deeper correction to 6,720 and then to solid support at 6,550 if the price breaks below the 6,780 level.
Buyers will have to propel the price above the 7,002 level to retain control. If they manage to do that, the index may resume its uptrend and surge toward the 7,290 level.
US Dollar Index price prediction
The US Dollar Index (DXY) has been trading below the moving averages, but the bears have failed to challenge the 96.21 to 95.55 support zone.
The bulls will try to strengthen their position by pushing the price above the moving averages. If they can pull it off, the index may rally to 99.49 and then to the overhead resistance at 100.54.
Contrarily, if the price turns down sharply from the moving averages, it suggests that the bears continue to sell on rallies. The index may the next leg of the downtrend on a close below the 95.55 support.
Bitcoin price prediction
Sellers are attempting to halt BTC’s recovery near $71,000, indicating that the bears remain sellers on rallies.
The sellers will have to pull the price below the $65,000 level to remain in command. The BTC/USDT pair may then retest the critical $60,000 level. If the $60,000 support cracks, the next stop is likely to be $52,500.
Buyers will have to drive the Bitcoin price above the breakdown level of $74,508 to signal that the bearish momentum is weakening. The pair may then surge toward the 50-day SMA ($83,910), where the bears are expected to mount a strong defense.
Ether price prediction
Ether (ETH) once again turned down from the $2,111 level on Sunday, indicating that the bears are fiercely defending the level.
Sellers will attempt to pull the price below the immediate support at $1,897. If they do that, the ETH/USDT pair may drop to the $1,750 level. Buyers are expected to defend the $1,750 level with all their might, as a close below it may sink the pair to $1,537.
Instead, if the Ether price turns up and breaks above the 20-day EMA ($2,221), it signals that the selling pressure is reducing. The pair may then rally to the 50-day SMA ($2,744).
BNB price prediction
BNB’s (BNB) relief rally fizzled out at $642 on Sunday, indicating that the bears are selling on every minor rise.
The bears will attempt to increase their hold by pulling the BNB price below the $570 level. If they manage to do that, the BNB/USDT pair may extend its decline to psychological support at $500.
The bulls will have to drive the price above the 20-day EMA ($686) to suggest that the bears are losing their grip. The pair may then climb to $730 and subsequently to the 50-day SMA ($817).
XRP price prediction
XRP (XRP) turned up from the support line of the descending channel pattern on Friday and pierced the 20-day EMA ($1.53) on Sunday.
However, the bears successfully defended the breakdown level of $1.61 and pulled the XRP price back below the 20-day EMA. The bulls are unlikely to give up easily and will make another attempt to clear the $1.61 level.
If they succeed, the XRP/USDT pair may rise to the 50-day SMA ($1.81). Such a move suggests that the pair may remain inside the channel for some more time.
Sellers will have to tug the price below the support line to gain the upper hand. The pair may then retest the Feb. 6 low of $1.11.
Solana price prediction
Buyers are attempting to push Solana (SOL) back above the breakdown level of $95, but the bears have held their ground.
The Solana price may trade inside the $76 to $95 range for some time. Such a move increases the likelihood of an upside breakout. The SOL/USDT pair may then rally toward $117.
This positive view will be negated in the near term if the price turns down and breaks below the $76 support. The pair may then retest the Feb. 6 low of $67, where the buyers are expected to step in.
Related: $75K or bearish ‘regime shift?’ Five things to know in Bitcoin this week
Dogecoin price prediction
Dogecoin (DOGE) turned down from the breakdown level of $0.12 on Sunday, indicating that the bears are defending the level.
The 20-day EMA ($0.10) is flattening out, and the RSI is just below the midpoint, signaling a possible range-bound action in the near term. The DOGE/USDT pair may swing between $0.08 and $0.12 for a few days.
Buyers will gain the upper hand on a close above the $0.12 resistance. That opens the doors for a rally to $0.16. Alternatively, the advantage will tilt in favor of the bears on a close below $0.08. The Dogecoin price may then slump to $0.06.
Cardano price prediction
Cardano’s (ADA) relief rally reached the 20-day EMA ($0.29) on Saturday, which is expected to act as a stiff hurdle.
If the bulls do not give up much ground to the bears, the possibility of a break above the 20-day EMA increases. That suggests the ADA/USDT pair may remain inside the descending channel for some more time. A break and close above the downtrend line signals a potential short-term trend change.
Sellers will have to pull the Cardano price below the support line to extend the downward move toward the next support at $0.20.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) surged above the 20-day EMA ($544) on Friday, indicating that the bears are losing their grip.
The recovery is facing resistance at the 50-day SMA ($578), but a positive sign is that the bulls have not allowed the Bitcoin Cash price to slip back below the 20-day EMA. That increases the likelihood of the continuation of the relief rally. If buyers pierce the 50-day SMA, the BCH/USDT pair may reach $600.
Sellers will have to swiftly yank the price below the 20-day EMA to apply pressure on the bulls. The pair may then skid to the $500 support.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
The past week’s price action has been rather lackluster for Bitcoin. After seeing a big bounce from $60,000, the price failed to get above short-term resistance at $71,800 last week. Instead, the price tested the short-term support at $65,650 before bouncing back up to close the week out at $68,811. While the weekly chart is showing some buying strength below $66,000, the lack of follow-through for buyers on the bounces so far is a sign of weakness. Look for the price to drift towards the $60,000 lows this week if the bulls can’t keep it above $71,000 on a daily close to challenge higher levels.
Key Support and Resistance Levels Now
Last week, $65,650 proved to be valid short-term support as the price dipped just below it before rallying quickly back above it. If a day closes below $65,650, look for $63,000 to act as support. Below $63,000, we have the 0.618 Fibonacci retracement at $57,800. This is a key level to hold as there isn’t much support below until $44,000.
If the bulls can muster up some strength, resistance still sits overhead at $71,800. Closing above this level leads to $74,500, with $79,000 resistance above here. If the bulls can somehow manage to get above $79,000 (unlikely), $84,000 remains as a very strong barrier up above.
Outlook For This Week
The outlook for this week is a tough one to call. U.S. markets are closed on Monday, so don’t expect too much movement until Tuesday morning. We really could go either way from this $68,800 close. I would look for the $67,000 level to be tested early this week, and if we see support near there, we may be able to push past $71,000 later into the week. If $67,000 is lost, though, look for the low $60,000 to be challenged once again.
Market mood: Very bearish – The price could not manage to gain any upward momentum last week at all. The bears are in full control.
The next few weeks As I mentioned last week, the price may range in the area from $60,000 to $80,000 for a while, with maybe a wick down to the 0.618 Fibonacci retracement at $57,800. At the moment, this ceiling can be lowered to $74.5k. There is no telling exactly when the impending “Crypto Bill” will be passed by Congress, or exactly what it will entail for the crypto space as a whole. It is not guaranteed to result in higher prices for bitcoin when it eventually passes, either, so for now, we must rely on the technicals to guide us. For the time being, the bias is still bearish, and if we lose $57,800, the bitcoin price will likely take the next leg down.
Terminology Guide:
Bulls/Bullish: Buyers or investors expecting the price to go higher.
Bears/Bearish: Sellers or investors expecting the price to go lower.
Support or support level: A level at which the price should hold for the asset, at least initially. The more touches on support, the weaker it gets and the more likely it is to fail to hold the price.
Resistance or resistance level: Opposite of support. The level that is likely to reject the price, at least initially. The more touches at resistance, the weaker it gets and the more likely it is to fail to hold back the price.
Fibonacci Retracements and Extensions: Ratios based on what is known as the golden ratio, a universal ratio pertaining to growth and decay cycles in nature. The golden ratio is based on the constants Phi (1.618) and phi (0.618).
