Bitcoin (BTC) has started the week in the red, with the price down over 1% and trading considerably below the $97,000 level at $96,400. The flagship currency dipped to a low of $96,144 before recovering to its current level. Analysts are worried BTC could enter a new bearish phase as investors reduce their risk exposure at current prices. BTC traded mainly sideways over the weekend before taking a bearish turn as the week began. The overall trend in the crypto market is bearish, with only a few altcoins bucking the trend and registering marginal increases. Ethereum (ETH) is down just over 1%, trading below $2,700. Meanwhile, Ripple (XRP) is down nearly 4% and trading at $2.70. Solana (SOL) registered an even bigger loss, with the price down almost 6% and trading around $184. Dogecoin (DOGE) also registered a substantial loss, with the meme coin down nearly 3.40%. On the other hand, Cardano (ADA) , Tron (TRX) , and Toncoin (TON) have registered notable increases. Argentine Lawyers File Charges Against President Milei Over Fake Crypto Promotion Javier Milei, the President of Argentina, is facing fraud charges for promoting a fake crypto coin, LIBRA. Lawyers in Argentina have filed a case against the leader in a criminal court. Milei promoted the project on X, leading it to a market capitalization of around $4.5 billion. The President noted that LIBRA aimed to encourage economic growth by funding small businesses and startups. Other politicians followed suit, posting about the token, leading to a surge in value. However, the post was deleted within a few hours, causing its value to collapse and leading to millions in losses for those who invested in the token. The events were documented by the Kobeissi Letter in a thread on X. “Javier Milei just DESTROYED the memecoin market: Hours ago, Argentinian President Milei launched a memecoin, $LIBRA, for ‘the growth of their economy.’ Within 5 hours, over -$4.4 BILLION of market cap was erased. Is this the biggest rug pull in history? It all began with this post from Javier Milei at 5:01 PM ET. As seen during President Trump's memecoin launch, the first hour was full of speculation: Was this a hack or a real launch? It turned out to be real as multiple other Argentinian politicians posted the news.” Milei attempted to distance himself from the project, stating he had no ties to the initiative. “I was not aware of the details of the project, and after having become aware of it I decided not to continue spreading it.” The President’s office also issued a statement emphasizing that Milei was not involved in any crypto-related promotions or activities and removed the post to avoid further speculation. However, a lawyer and one of the plaintiffs countered there was an illicit association to perform an indeterminate number of frauds. “Within this illicit association, the crime of fraud was committed, in which the president’s actions were essential.” Indian Authorities Seize $190M Tied To Ponzi Scheme Indian law enforcement agencies have seized almost $190 million in crypto associated with the BitConnect Ponzi scheme. The scheme collapsed in 2018, and BitConnect founder Satish Kumbhani was charged by the US Department of Justice in February 2022. Kumbhani reportedly built a global network of promoters, paying them hefty commissions to carry out the scheme. “The Enforcement Directorate (ED), Ahmedabad, has seized cryptocurrency worth Rs 1,646 crore during its investigation into BitConnect cryptocurrency fraud in which numerous depositors were allegedly duped in the name of securities investment.” The authorities also seized ₹13,50,500 ($15,582), a sport utility vehicle, and several electronic devices during raids conducted between February 11 and 15. The seized assets belong to associates of BitConnect. The platform caused investors across 95 countries to lose an estimated $2.4 billion. “During the period from November 2016 to January 2018, the accused persons allegedly collected money from investors worldwide, including those from India.” Some victims of the scheme took matters into their own hands, going to elaborate lengths to recover their dues. One individual who lost money investing in the scheme kidnapped two of Kumbhani’s employees, extorting 2,091 BTC, 11,000 LTC, and $1.7 million for their release. Cardano Could Surge After Globant Deal Cardano (ADA) rose to a 10-day high on Saturday after Charles Hoskinson announced a partnership with Globant, a publicly traded entity with a market cap of almost $10 billion. The deal allows Globant to use the Cardano blockchain to build decentralized applications. Cardano and Globant will also launch AI projects and applications in the near term as part of the deal. Globant is an Argentinian company that helps firms build applications and implement artificial intelligence and other digital solutions. Its clients include Nissan, Walt Disney, and Royal Caribbean. Bitcoin (BTC) Price Analysis Bitcoin (BTC) traded sideways for most of the weekend, confined between $94,000 and $98,000. Analysts expect an imminent breakout, but price action could take the flagship currency in either direction. One analyst shared some insights about BTC’s current predicament and highlighted key price levels in the short term. BTC surged to an all-time high on January 20 as Donald Trump took office. However, the flagship cryptocurrency has struggled since, failing to establish momentum and dropping below $100,000 to its current range. BTC has dipped below $95,000 as bearish sentiment intensifies, with no clear indication of its future direction. According to the analyst, BTC will experience a significant decline if it fails to move past $102,000, giving bears a potential opportunity to short the market. BTC could drop to $85,000 in such a scenario, where buyers may step in. However, if BTC fails to recover and continues its decline, it could fall to $90,000. A break below this level could drag the price to $76,000. Worryingly, Bitcoin flows between derivative and spot exchanges have also seen a dip, becoming the latest cause of panic among traders looking for a bullish price continuation. “When a significant amount of Bitcoin is transferred to derivative exchanges, the indicator signals a bullish period. This suggests that traders are moving coins to open long positions in the derivatives market. However, when Bitcoin starts flowing out of derivative exchanges and into spot exchanges, it indicates the beginning of a bearish period. This typically happens when long positions are closed, and large investors (whales) reduce their exposure to risk.” However, analysts are still optimistic about BTC’s current run ending anytime soon. The price chart shows BTC trading between $94,000 and $99,000 since last week when it dipped below the 50-day SMA. BTC bulls attempted a recovery following the collapse, briefly crossing $100,000 last Friday before sellers drove the price down to $96,634. Price action remained muted over the weekend as BTC registered a marginal increase on Saturday and a marginal decline on Sunday to settle at $96,526. BTC was back in positive territory on Monday, rising 0.98% to $97,468, but fell back Tuesday, dropping nearly 2% and settling at $95,800. Source: TradingView BTC plunged to an intraday low of $94,118 on Wednesday as selling pressure intensified. However, it recovered from this level to register an increase of 2.17% and settled at $97,881. Sellers were back in control on Thursday as BTC dropped to $96,663. BTC surged to an intraday high of $98,927 on Friday but could not stay at this level, ultimately settling at $97,556. Buyers retained control on Saturday, and BTC registered a marginal increase to settle at $97,705. However, bearish sentiment returned on Sunday, and BTC fell 1.51% to $96,225. The current session sees BTC marginally down as buyers and sellers struggle to establish control. The MACD and RSI are bearish, indicating sellers have the upper hand. Ethereum (ETH) Price Analysis Ethereum (ETH) is attempting to build momentum and retake $2,700 after registering a notable decline over the weekend. ETH price action has been muted, with the world’s second-largest cryptocurrency struggling to stay above $2,700. ETH is trading around $2,690 after registering an increase of just over 1% during the previous week. However, its weekend decline saw the price slip back below $2,700. Since being rejected at the descending trendline on February 1, ETH has declined substantially, slipping below key support levels and moving averages. However, the price has remained relatively stable since last weekend. ETH ended the previous weekend on a bearish note, registering a marginal decline and settling at $2,628. The price recovered on Monday as ETH registered an increase of 1.30% and moved to $2,663. The price was back in the red on Tuesday dropping over 2% and settling at $2,603. However, buyers returned to the market on Wednesday, preventing a decline below $2,600. As a result, ETH rose over 5% to reclaim $2,700 and settle at $2,739 after reaching an intraday high of $2,800. Source: TradingView ETH could not sustain momentum and fell on Thursday, dropping 2.26% and settling at $2,677. The price reached an intraday high of $2,791 on Friday as price action picked up. However, it could not stay at this level and ultimately settled at $2,725. Bearish sentiment returned over the weekend as ETH registered a drop of 1.16% on Saturday and 1.17% on Sunday to slip below $2,700 and settle at $2,661. The current session sees buyers back in control, with ETH up 1.52% and trading at $2,702. ETH’s RSI has rebounded from the oversold zone and currently sits at 40, indicating a decline in selling pressure. However, it must climb above its neural level to sustain bullish momentum. On the other hand, the MACD flipped to bullish last week, indicating an upward trend ahead. Solana (SOL) Price Analysis Solana (SOL) has started the week on a bearish note, with sellers looking to drive the price below $180. SOL has been trading between $180 and $200 over the past couple of weeks as it struggles to overcome the resistance at the upper boundary of this range. SOL registered a marginal increase last Sunday to remain at $200. However, it started the previous week in the red, registering a marginal decline on Monday before dropping 1.24% to $198 on Tuesday. Selling pressure intensified on Wednesday as SOL fell to an intraday low of $188. However, it recovered from this level to reclaim $190 and settle at $196, registering a marginal decline. Sellers retained control on Thursday, and SOL dropped 1.26% to $194. Source: TradingView However, buyers reversed the bearish trend on Friday as SOL reached an intraday high of $205 before settling at $199, an increase of nearly 3%. Bears retook control over the weekend as SOL dropped 2.48% on Saturday and over 3% on Sunday, slipping below $190 and settling at $188. Sellers have retained control during the current session, with SOL down over 2% as sellers look to drive the price below $180. The MACD and RSI are both bearish, indicating growing selling pressure. If SOL dips below the 200-day SMA and $180, it could drop to $150. Buyers must reclaim $200 for bullish sentiment to return. Dogwifhat (WIF) Price Analysis Dogwifhat (WIF) slipped below a key support level on Thursday before rebounding. However, it fell back into the red over the weekend and is struggling to build momentum during the ongoing session. WIF started the previous week on a positive note even though price action remained muted, rising just over 2% and settling at $0.657. However, it fell on Tuesday, dropping over 4% to $0.628. Sellers retained control on Wednesday as WIF fell nearly 4% and settled at $0.605. The price went below a key support level on Thursday, dropping 2.54% to slip below $0.60 and settle at $0.589. Source: TradingView However, WIF rallied on Friday as it surged over 23%, reaching an intraday high of $0.797 before settling at $0.728. Bearish sentiment returned on Saturday as the price dropped nearly 6%, slipping below $0.70 and settling at $0.685. Sellers retained control on Sunday, and WIF dropped just over 4% to $0.657. The current session sees WIF up 2.50% as buyers look to push it back towards $0.70. The RSI has rebounded from the oversold zone while the MACD flipped to bullish over the weekend, indicating waning selling pressure and a possible uptick in prices. Celestia (TIA) Price Analysis Celestia (TIA) is struggling to move past the 20-day SMA and $3.50, with the token trading between $2.70 and $3.50. TIA started the previous week on a positive note as it registered an increase of nearly 4% and settled at $3.23. The price surged to an intraday high of $3.56 on Tuesday as buyers attempted a move past $3.50. However, TIA lost momentum after reaching this level and fell to $3.21, ultimately registering a marginal decline. Wednesday saw TIA plunge to an intraday low of $2.96 as selling pressure intensified. However, it rebounded from this level to reclaim $3 and settle at $3.22, registering a marginal increase. Source: TradingView Bearish sentiment returned Thursday as TIA fell over 5% and settled at $3.05. The price recovered on Friday, registering an increase of nearly 4%, moving to an intraday high of $3.30 before settling at $3.16. Bearish sentiment returned over the weekend as TIA dropped 3.30% on Saturday and 1.13% on Sunday to settle at $3.02. The current session sees TIA up over 3% and trading at $3.12. Arbitrum (ARB) Price Analysis Arbitrum (ARB) failed to move past $0.50 last week after being rejected from that level twice, as it struggles to overcome resistance. ARB started the previous week on a positive note, rising over 5% on Monday and settling at $0.472. Despite a strong start, ARB was back in the red on Tuesday, falling 1.99% to $0.462. Bullish sentiment returned on Wednesday as ARB surged nearly 7%, reaching an intraday high of $0.509 before settling at $0.493. With sellers active at this level, ARB fell 1.30% on Thursday and settled at $0.487. Buyers regained control on Friday as ARB retested $3.50, reaching an intraday high of $0.511. However, it fell back to $0.497 ultimately registering an increase of just over 2%. Source: TradingView Bearish sentiment returned on Saturday as ARB fell over 4% and settled at $0.476. Sellers retained control on Sunday, thwarting an attempted recovery and pushing ARB down 0.57% to $0.474. The current session sees ARB up 2.51% and trading at $0.487. Optimism (OP) Price Analysis Optimism (OP) is looking to move past the 20-day SMA and reclaim $1.20 as it starts the week positively. OP registered an increase of 1.37% last Monday, starting the week positively. However, it fell back on Tuesday, dropping nearly 2% and settling at $1.07. Buyers returned to the market on Wednesday as OP registered an increase of almost 5% and settled at $1.12. OP registered a marginal increase on Thursday before rising nearly 3% on Friday and settled at $1.15. Source: TradingView However, buyers lost momentum on Saturday as OP failed to move past the 20-day SMA. As a result, OP fell 2.21% to $1.13. The price declined on Sunday, dropping 1.55% to $1.11. The current session sees OP up nearly 4% as buyers attempt to move past the 20-day SMA. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
