Daily Crypto Signals: Bitcoin Holds $108K Support, Ethereum Genesis Wallets Stir After Decade-Long Dormancy
Bitcoin maintains critical support levels while signaling potential for a $120K rally, as two dormant Ethereum wallets from the 2015 genesis
Quick overview
- Bitcoin is holding critical support levels and may rally to $120K, while two dormant Ethereum wallets moved $2.9 million worth of ETH after nearly a decade.
- Regulatory clarity and corporate treasury shifts are influencing institutional adoption patterns in the cryptocurrency market.
- Ethereum's recent wallet activity reflects a trend of dormant wallets becoming active again, coinciding with significant price gains since the Pectra upgrade.
- Top altcoins like XRP, Solana, BNB, and Cardano are showing signs of strength and potential breakout opportunities.
Bitcoin BTC/USD maintains critical support levels while signaling potential for a $120K rally, as two dormant Ethereum wallets from the 2015 genesis block moved $2.9 million worth of ETH after nearly 10 years of inactivity. Meanwhile, regulatory developments and corporate treasury shifts highlight evolving institutional adoption patterns across major cryptocurrencies.
Crypto Market Developments
This week, there were several big changes in the crypto market . For example, there was more clarity from regulators about privacy methods, and corporate treasury policies changed. The US court officially put a stop to Coin Center’s appeal against the Treasury Department over Tornado Cash sanctions. This ends a long legal struggle that started in 2022. The firing caused the price of TORN tokens to go up by 14% for a short time before it fell back to $9.47.
In the memecoin market, Solana-based LetsBonk beat out rival Pump.fun in terms of income generation during 24 hours, bringing in $1.04 million compared to Pump.fun’s $533,412. This change shows that there is more competition in the memecoin launchpad space of the Solana ecosystem. But there was some regulatory confusion when UAE officials disputed claims that Toncoin holders could get golden visas by staking $100,000 worth of TON. This caused the token to drop 6% from its 24-hour peak.
Bitcoin Tests $108,000 Support
Bitcoin is still trading in a narrow range between $107,300 and $110,600, and market watchers say that compressed Bollinger Bands could be a warning that a breakout is coming soon. Even though it hit resistance around $110,500, the cryptocurrency has stayed above its key moving averages, which suggests that institutional buyers are protecting these important levels. The derivatives data reveals that people are feeling better. The put-to-call ratio on Deribit went up to 0.8 after hitting a year-high level over the weekend.
Futures markets are becoming more and more positive, with total open interest rising 7% over the past 30 days. This is the first time this has happened since the May-June slump period. The Bitcoin Futures Market Power indicator has turned positive for the first time since May. It has reached 22,000, which means that long-side pressure is building without any symptoms of the market overheating. Net futures posture is now positive, with $27.4 million in net long exposure. The futures premium has also gone back above the 5% neutral barrier, even though prices have been stable lately.
Ethereum Genesis Wallets Move 1,000+ ETH
Ethereum ETH/USD made news when two genesis wallets that had been inactive for almost ten years suddenly became active and moved a total of 1,140 ETH, which is worth about $2.9 million. These wallets were made on July 30, 2015, when Ethereum’s “Frontier” mainnet went live. They show some of the first people to join the network. The fact that these funds have grown by 89,450% since they were first funded is part of a larger trend in the cryptocurrency sector where dormant whale wallets are waking up again.
The Ethereum ecosystem is always changing. The Pectra upgrade included smart accounts, made it easier to scale, and raised the limitations on staking. Since the upgrade started on May 7, ETH has gone up from $1,812 to $2,540, which is a 40% gain. Vitalik Buterin, one of the co-founders of Ethereum, has also suggested a gas cap of 16.77 million for each transaction. This would improve the network’s efficiency and security while making transaction processing costs more predictable.
Top Altcoins to Watch Today
- XRP XRP/USD shows signs of strength as it attempts to break above the $2.34 resistance level, with the 20-day EMA turning upward and RSI moving into positive territory. A successful break could propel XRP toward $2.48 and subsequently $2.65, with the ultimate target at $3.00 representing a significant psychological level.
- Solana SOL/USD remains in a consolidation phase around $149, struggling to break above the 50-day SMA at $154. However, bulls defending the 20-day EMA suggests accumulation at current levels, with a potential breakout above $159 opening doors for a rally to $185.
- BNB BNB/USD continues to show resilience, bouncing off the 20-day EMA at $652 with upward momentum targeting the $665 resistance. A break above this level could lead to further gains toward $675 and potentially $698, where sellers are expected to mount stronger resistance.
- Cardano ADA/USD clings to the 20-day EMA at $0.58, showing reduced selling pressure with bulls maintaining support. A sustained move above this level could trigger a rally to the 50-day SMA at $0.64 and the critical downtrend line resistance.
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