Daily Crypto Signals: Mixed Signals as Bitcoin Consolidates Near $96K, XRP Shows Resilience
Early February 2025 sees mixed signals in the crypto market as institutional interest rises through businesses like Palantir while Bitcoin is consolidating at $96,000. Strong buying pressure in some altcoins and notable changes in crypto regulation point to underlying market resilience even with recent market volatility.
Crypto Market Developments
Signing historic cryptocurrency legislation in line with more general EU regulations and the Markets in Crypto-Assets (MiCA) regulation, Czech President Petr Pavel is making a major step for European crypto regulation. The new law provides banking access for licenced cryptocurrency enterprises and streamlines crypto tax laws.
By requiring that all outside crypto wallets only use TON Connect as their wallet connection protocol by February 21, Telegram has created ripples in the crypto world and fundamentally changed the blockchain approach of the messaging platform.
Bitcoin Sees Strong Support at $96,000
Trading around $96,600, Bitcoin BTC/USD is proving resiliency even under recent declining pressure. With seasonal statistics pointing possible upward to $120,000 in Q1 2025, market watchers remain hopeful. Leverage is still a major danger, though, since the clear liquidity disparity between $72,000 and $86,000 might cause a drop. The recent decline in open interest from $76 billion to $59 billion points to lower market leverage, thereby possibly influencing short-term price stability.
XRP Enjoys Strong Buying Activity Around $2
XRP XRP/USD has stayed over $2.00 after a recent market downturn mostly due to heavy purchasing demand from Korean traders. Though recent data suggests rising whale activity with over 180 million XRP tokens moving to Binance, the digital asset dropped significantly to $1.78 on February 3 but fast recovered. Open interest to $3.55 billion has dropped 44% in the futures market, implying a substantial deleveraging event.
Solana Testing Support at $180
Solana SOL/USD suffers ongoing pressure in early 2025; trading about $205 with a 9% drop during the prior 30 days. SOL finds it difficult to keep momentum even leading in DEX volume with over $258 billion in January and keeping 6.3 million daily active users. Technical study points to a turning point whereby the price moves between its 50-day and 200-day moving averages. Market watchers estimate possible volatility between $150 and $300, with immediate support around $186.
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