Daily Crypto Signals: Bitcoin Tests $120K Resistance, Solana Eyes $185 Breakthrough Amid Political Crypto Push
Bitcoin shows its first major bearish signal in weeks as it faces resistance at $120,000, with miners increasing selling pressure and profit
Quick overview
- Bitcoin faces resistance at $120,000, showing its first major bearish signal in weeks as miners increase selling pressure.
- Solana gains momentum towards $185 with new institutional liquid staking solutions, indicating growing interest from professional investors.
- US lawmakers are revisiting crypto legislation after initial setbacks, while Cantor Fitzgerald plans a significant $3.5 billion Bitcoin acquisition from Blockstream.
- Hyperliquid sees increased adoption as corporate treasuries begin utilizing its token treasury, showcasing a shift towards decentralized finance.
Bitcoin BTC/USD shows its first major bearish signal in weeks as it faces resistance at $120,000, with miners increasing selling pressure and profit-taking reaching record highs, while Solana SOL/USD gains momentum toward $185 following new institutional liquid staking solutions. Meanwhile, US lawmakers are reconsidering crypto legislation after initial setbacks, and Cantor Fitzgerald plans a massive $3.5 billion Bitcoin acquisition from Blockstream.
Crypto Market Developments
This week, the cryptocurrency industry saw big political and institutional changes as US lawmakers decided to look at three important crypto proposals again after they failed during Congress’ “crypto week.” The House of Representatives voted 215–211 to look at again a bill that would change the rules for payment stablecoins, the structure of the crypto market, and limits on central bank digital currencies (CBDCs). This happened even though five Republicans went against President Trump’s vocal support.
Cantor Fitzgerald is said to be close to buying $3.5 billion worth of Bitcoin from Adam Back’s Blockstream Capital. This would be a big deal for the company. Blockstream would give up to 30,000 Bitcoin in exchange for shares in Cantor Equity Partners 1, a special purpose acquisition company that would change its name to BSTR Holdings. This comes after Cantor’s $3.6 billion crypto agreement with SoftBank and Tether in April, which shows that institutions are still interested in Bitcoin.
Bitcoin Battles Resistance at $120,000
After a 19% rise over the past 21 days, Bitcoin issued its first clear bearish signal since early May, forming a bearish engulfing candle pattern. The cryptocurrency is having a hard time getting above the $120,000 mark, and technical indicators imply that it may be running out of steam in the immediate term. The Miners’ Position Index rose to 2.78, its highest level since November 2024. This means that miners are selling more Bitcoin than usual, sending more to exchanges than they did a year ago.
Even though the technical signs are bearish, Bitcoin’s fundamentals are still solid, and there was a lot of purchasing activity during the recent pullback. Between $116,000 and $118,000, investors bought more than 196,600 BTC, worth more than $23 billion. This shows that the market is still confident. The realized profit and loss from Bitcoin deposits to exchanges reached an all-time high of $9.29 billion, which shows that people are aggressively taking profits. However, as long as the cryptocurrency stays above the important $112,000 support line, it will be positive in the long term.
SOL to Rally on Liquid Staking Development
Liquid Collective’s development of Liquid Staked SOL (LsSOL) in cooperation with major exchanges like Coinbase, Kraken, Galaxy, Anchorage Digital, and Fireblocks has sparked increased interest in Solana from institutions. This liquid staking option meets the growing demand from institutions for the network, especially as SOL-based exchange-traded funds may soon get the green light from US regulators. The development is a big boost to the infrastructure that could get more professional investors involved.
From a technical point of view, Solana successfully finished an inverted head-and-shoulders pattern when it broke above $159.
Bulls have held this level during later tests. The 20-day exponential moving average has started to go up around $157, and the relative strength index is very close to being overbought, which shows that the market is quite bullish. SOL might rise to the overhead resistance at $185 if buyers keep the price over $168. If it breaks out, it could go up to $210. The route is still optimistic unless the price drops below the moving averages, which could cause it to drop to $144 and maybe even $137.
Hyperliquid Forms Part of Corporate Treasuries
Hyperliquid got a big boost when corporate treasuries started using it. This happened when Nasdaq-listed biotech company Sonnet BioTherapeutics said it would combine with the newly formed Rorschach to build a Hyperliquid token treasury. Hyperliquid Strategies Inc. is the firm that came out of this. It wants to hold 12.6 million HYPE tokens and $305 million in cash that it plans to use to buy more HYPE tokens in the future. This is a good example of a company’s treasury branching out into decentralized finance tokens.
After testing the psychological $50 resistance mark, the token has held up well, with bulls continuing to defend against negative onslaught. Technical indicators are still positive since moving averages are going up and the relative strength index is close to being overbought, which means buyers are still in charge. A rebound from the $45.80 support level would mean that the conversion to support was effective, which would make it more likely that the price would break out above $50 and reach the $60 goal. But sellers would have to drive the stock below the 20-day exponential moving average at $42.93 to slow down the bullish momentum and maybe signify a short-term peak.
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