Daily Crypto Signals: Bitcoin Tests $120K Support While Ethereum Eyes $10K Target
Bitcoin faces downward pressure as it drops below $120,000 with bearish signals emerging, while veteran trader Peter Brandt suggests BTC
Quick overview
- Bitcoin is experiencing downward pressure, dropping below $120,000, with veteran trader Peter Brandt suggesting it could either peak soon or surge to $185,000.
- Ethereum shows strong fundamentals with onchain activity reaching 9.5 million daily contract calls, supporting long-term price targets of $10,000 despite recent weakness.
- Luxembourg's sovereign wealth fund has invested 1% of its portfolio into Bitcoin ETFs, marking a significant move by a European state-backed agency.
- Despite Bitcoin's recent struggles, analysts are closely monitoring its price movements, with local range lows set around $108,000 as a critical target.
Bitcoin BTC/USD faces downward pressure as it drops below $120,000 with bearish signals emerging, while veteran trader Peter Brandt suggests BTC could either peak soon or surge dramatically to $185,000. Meanwhile, Ethereum ETH/USD demonstrates robust fundamental strength with onchain activity hitting 9.5 million daily contract calls and tokenized real-world assets reaching $11.7 billion, supporting long-term price targets of $10,000 despite short-term weakness to $4,300.
Crypto Market Developments
The cryptocurrency market had a mixed trading session. Bitcoin had trouble staying above the important $120,000 barrier, and Ethereum kept going through its consolidation pattern. Roger Ver, a supporter of Bitcoin, has apparently reached a tentative arrangement with the US Department of Justice to pay $48 million in back taxes to avoid going to jail for tax evasion. Under the Trump administration, there has been a general easing of legal measures linked to cryptocurrencies.
Luxembourg’s sovereign wealth fund made news by putting one percent of its portfolio into Bitcoin exchange-traded funds. This was one of the first such actions by a European state-backed investment agency. The Intergenerational Sovereign Wealth Fund put almost $9 million into Bitcoin ETFs. Finance Minister Gilles Roth made the announcement during his 2026 Budget presentation. Bob Kieffer, the Director of the Treasury, said that the investment shows that digital assets are becoming more mature and that Luxembourg is a pioneer in digital finance.
Bitcoin Dipped Under $120K Thursday Before Bouncing Back
Bitcoin is currently trading above $121,000; however on Thursday, the price fell below the $120,000 support level since there was a lot of selling pressure. The daily drop of about three percent has traders on the lookout for more losses, and technical analysts have set the local range lows around $108,000 as a significant target. Exchange order book data shows that there isn’t much support for bids below $120,000. At the same time, sell orders have increased at higher price levels, making it hard for bulls to start price discovery again.
Veteran trader Peter Brandt gave a more nuanced view of Bitcoin’s near future, saying that the market is at a very important point right now. Brandt said that looking at the characteristics of the last three bull markets, it was likely that Bitcoin would reach a cycle high any day soon. He did say, though, that there was a 50/50 chance that this cycle could break from how things have gone in the past. Brandt thinks that if Bitcoin doesn’t hit its peak in the next few days, it might go up a lot more than $150,000, with objectives as high as $185,000. The analysis is based on Bitcoin’s past behavior, which shows that the distances between cycle peaks after halving have always matched the distances before halving. This has been true for three cycles in a row.
Ethereum Breakts $4,400 Support
Ethereum’s fundamentals are still robust, even though the price has been bad in the near term. Analysts say that the network’s onchain activity has reached what they call a “new normal.” Since mid-July, daily internal contract calls have gone from 7 million to over 9.5 million. These calls keep track of complicated network interactions, such as DeFi protocols and the tokenization of real-world assets. This change in structure means that the ecosystem will grow in a lasting way, not only for a short time. Three main things are driving the growth: clearer rules about stablecoins in the US, record amounts of money coming into spot Ether ETFs from institutions, and a “treasury war” between companies as they build up ETH as a long-term asset.
The tokenized real-world asset sector on Ethereum has grown at an incredible rate, going from $1.5 billion at the start of 2024 to $11.71 billion in 2025, which is almost 680% more. Ethereum has a market share of 56.27 percent, which is almost five times more than its nearest competitor. Ether’s price, on the other hand, has been having a hard time lately. It fell to $4,300 after being turned down four times near the $4,800 resistance mark in less than ten weeks. Technical research shows that there is a key support range between $4,100 and $4,250. Some analysts have warned that the price could drop below $4,000 before it starts to go up again. Even though the market is volatile in the near term, many traders still have long-term targets of $10,000 for Ethereum. They point to its breakout from a megaphone pattern and its solid fundamentals, such as institutional adoption and network growth.
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