Daily Crypto Signals: Bitcoin Eyes $70,000, Solana Surges 12% Amid Market Rebound
Bitcoin recovered to an eight-day high of $68,190 on Wednesday amid a broader market rebound, though bulls face long odds ahead of Friday's
Quick overview
- Bitcoin reached an eight-day high of $68,190 amid a market rebound, but faces challenges with 88% of call options set to expire worthless below $70,000.
- Solana surged 10% to $86, driven by $40 million in spot ETF inflows, breaking out of a symmetrical triangle pattern with a potential target of $110.
- The global cryptocurrency market capitalization increased by 4% to $2.28 trillion, with Bitcoin leading the rise among large caps.
- The UK's Financial Conduct Authority selected four businesses to test stablecoin issuance, while Payoneer applied for a national trust banking charter to issue its own stablecoin.
Bitcoin BTC/USD recovered to an eight-day high of $68,190 on Wednesday amid a broader market rebound, though bulls face long odds ahead of Friday’s $10.5 billion monthly options expiry, with 88% of call options set to expire worthless below $70,000. Meanwhile, Solana SOL/USD surged 10% to $86 on the back of $40 million in spot ETF inflows since February 9, breaking out of a symmetrical triangle pattern with analysts eyeing a potential move to $110.
Crypto Market Developments
Cryptocurrency markets saw a widespread bounce on Wednesday, with the global market capitalization increasing 4% to $2.28 trillion for the day. With a 5% increase, Bitcoin led the charge among large caps, followed by Ether ETH/USD at 8% and XRP XRP/USD at 6%. Following weeks of selling pressure that caused Bitcoin to drop more than 21% below its price from a month ago, the comeback occurred.
Outside of price movement, the tokenized US Treasury market maintained its incredible increase, reaching a total market capitalization of over $10.8 billion, up more than $1 billion since January 1, 2026. The growth is indicative of a persistent institutional interest for on-chain representations of real-world assets, even in the face of broader market challenges and growing levels of US government debt.
Four businesses, Monee Financial Technologies, ReStabilise, Revolut, and VVTX, were chosen by the UK’s Financial Conduct Authority to test stablecoin issuance and payment services in its regulatory sandbox starting in Q1 2026. In addition, Payoneer, a financial services company, joined the growing number of fintech and cryptocurrency companies vying for federal banking certification by applying for a national trust banking charter with the Office of the Comptroller of the Currency with the goal of issuing its own stablecoin, PAYO-USD.
Bitcoin Tests $70,000 Resistance
Bitcoin made a technical double bottom close to the $62,500 support zone on Wednesday, rising to $68,190, its highest level in eight days. Bitcoin’s current 90% connection with the Nasdaq 100 Index, which analysts point out makes tech sector mood, including Wednesday’s Nvidia earnings announcement, a crucial short-term driver of BTC price direction, highlights the recovery that corresponded with an uptick in stocks. One of the primary points of contention among traders is whether or not this association endures.
Despite the rebound, Friday’s $10.5 billion monthly options expiry complicates Bitcoin’s weekend trajectory. If Bitcoin stays below $70,000, 88% of call options will expire worthless, according to Deribit, which has a 76% market share of the expiry. The open interest in put options with prices below $60,000 is $1.44 billion, whereas the effective value of call options is only $780 million. Given the current macro uncertainty, bulls would need to rise 9% from current levels in order to significantly tip the scales in their favor before Friday’s settlement.
Solana Sees Double-Digit Rally
With a 13.6% increase from a two-week low of $75 to an intraday high of $86, Solana was the day’s best performer. At the time of writing, it was trading at about $88. A 5% increase in SOL futures open interest to $5.27 billion and $15.4 million in short liquidations over the course of a day coincided with the shift, indicating that real demand, not speculative repositioning, was the driving force behind the rally. Since February 9, Spot Solana ETFs have seen net inflows of $40 million, giving the recovery more institutional weight.
On the six-hour chart, SOL broke above a symmetrical triangle. The pattern’s measured target is $110, which is the same level as the 50-day simple moving average and would indicate a 28.5% increase from current levels. Solana must stay above the 100-day SMA at $86 in order for the bullish scenario to hold. Relatively few holders experience losses in this zone, which lessens the possibility of selling pressure on the way up, according to Glassnode data, which indicates little historical buying activity above $85. At $115, where almost 22 million SOL tokens were previously gathered, there is the next major hurdle.
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