Daily Crypto Signals: Bitcoin Rallies to $108K, XRP Faces Legal Setback
Bitcoin surged to $108,000 following a bullish engulfing pattern with 78% historical accuracy, while XRP faced a legal blow as a US judge
Quick overview
- Bitcoin surged to $108,000 following a bullish engulfing pattern with a 78% historical success rate for leading to new highs.
- XRP faced a legal setback as a US judge denied Ripple and the SEC's request to reduce a $125 million penalty.
- Ethereum reclaimed key resistance levels, indicating potential for increased momentum and a possible altcoin market boost.
- Galaxy Digital's venture fund raised $175 million, highlighting growing institutional interest in crypto investment infrastructure.
Bitcoin BTC/USD surged to $108,000 following a bullish engulfing pattern with 78% historical accuracy, while XRP XRP/USD faced a legal blow as a US judge denied Ripple and SEC’s joint request to reduce the $125 million penalty. The crypto market displayed mixed sentiment with Ethereum ETH/USD reclaiming key resistance levels and nine firms now competing for spot Solana ETF approval.
Crypto Market Developments
This week, the cryptocurrency market was very unstable. This was due to a mix of technical patterns, changes in regulations, and maneuvers by institutions. Bitcoin showed strength by producing a bullish engulfing pattern, which has historically led to new highs 78% of the time, even while macroeconomic risks were rising and miner revenues were falling. As the Ripple-SEC issue gets more complicated, it becomes harder to get clear rules. At the same time, institutional interest in crypto ETFs is growing beyond Bitcoin and Ethereum to include Solana.
Galaxy Digital’s first externally financed venture fund raised $175 million, which is more than the $150 million it was aiming for. This is a big step forward for crypto investment infrastructure. The fund will focus on fast-growing areas like stablecoins, tokenization, and payments, which shows how the industry is moving toward more useful uses.
Bitcoin’s Next Move: Below $100K or New Highs Incoming?
Bitcoin (BTC) closed on Monday with a powerful 4.34% daily gain, making a bullish engulfing candlestick that completely reversed the price behavior of the previous two days’ bearish price action. This technical pattern, along with BTC staying above the $105,000 threshold for two days in a row, could mean that the market structure is about to change. Cointelegraph’s research shows that since 2021, 78% of Bitcoin’s bullish engulfing patterns have led to new local highs, especially when the overall trend is up. This shows that the bullish engulfing formation is very trustworthy.
When you think about the market context, the pattern’s effectiveness becomes even clearer. Since January 2021, Bitcoin has seen 19 instances of the bullish engulfing pattern matching certain confirmation requirements. 15 of them led to new local highs. It’s interesting to note that all of the successful cases happened during a bull market, whereas the identical pattern failed during the bear market in 2022. Bitcoin’s current position shows that the market is statistically favorable for continuation. The cryptocurrency may be ready to reach new highs before testing the $100,000 level again, which is a psychologically important level.
Ethereum Crosses $2,444 Resistance
Ethereum showed amazing strength by getting back above the important $2,444 resistance level after a quick rebound from its drop below $2,200. The quick rebound surprised traders, and many analysts saw the previous decline as a classic “fakeout” that shook out weak positions and set the ground for more positive movement. Ethereum is trading around $2,451, which means it has broken through the short-term falling trendline and is now testing large moving averages. This makes the $2,500–$2,800 zone a key battlefield.
The technical setup points to increasing momentum, with volume rising as prices rise. Ethereum is the most important cryptocurrency, thus its performance is very important for the overall market. If it breaks out, it might boost confidence in the altcoin market and start the long-awaited altseason. M-log1, an analyst, said that “ETH is back in range” after what he called a “nice fake out.” He stressed that altcoin success depends a lot on Ethereum going into higher ranges and breaking out as Bitcoin reaches new all-time highs.
XRP Stuck in Falling Wedge Pattern After Legal Setback
XRP had a big legal defeat when US District Judge Analisa Torres turned down a combined move from Ripple and the SEC to lower the $125 million civil penalty by 60%. Torres made it clear in her submission on Thursday that the court would not change past decisions that were in line with federal securities regulations approved by Congress. The judge said that Ripple’s past “willingness to push the boundaries” made it likely that they would break the law again in the future. This meant that the punishment reduction was not suitable, even though all sides agreed.
The decision says that any reduction in punishment must go through the appeals mechanism set up by Congress, not direct requests to the lower court. Even if the bigger case is coming to an end and all sides have decided to abandon the lawsuit, this decision was made. The $125 million is still in escrow. The initial conditions of the settlement said that $50 million would go to the SEC and $75 million would be returned to Ripple, but only if the court agrees.
From a technical point of view, XRP is still stuck in a falling wedge pattern that has been around for more than seven months. For the previous seven weeks, the cryptocurrency has been testing resistance levels over and over again, which analysts call “silent accumulation.” XRP is currently worth $2.17 and has a market valuation of $128.61 billion. It is trending sideways as short-term moving averages come together. Even though the technical indicators are neutral, some experts are still bullish. They point out that testing resistance zones over and over again can weaken them over time, which might lead to a big breakout after the legal issues are resolved.
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