Crypto Price Analysis 2-19: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, DOGWIFHAT: WIF, ARBITRUM: ARB, HEDERA: HBAR

Bitcoin (BTC) briefly dipped below $95,000, falling to a low of $93,487 before recovering and moving to its current level of $95,100. The flagship cryptocurrency has been down almost 1% over the past 24 hours, with sentiment further dampened after the odds of a US strategic reserve drop on Polymarket. Analysts expect price action to remain muted over the week, with no significant catalysts in the pipeline. 

The crypto market was bearish, with notable tokens registering substantial declines, while others bucked the trend and registered notable increases. Ethereum (ETH) is marginally down and trading just under the $2,700 level. Meanwhile, XRP is down just over 4%, trading at $2.52. Solana (SOL) registered a significant decline of nearly 5%, while Dogecoin (DOGE) is down just under 2%. Cardano (ADA) , Stellar (XLM) , Chainlink (LINK) , Toncoin (TON), and Polkadot (DOT) also registered substantial declines. Meanwhile, Litecoin (LTC) and Tron (TRX) have bucked the bearish trend, registering notable increases over the past 24 hours. The crypto market cap is down nearly 1.50% and sits at $3.13 trillion. 

Grayscale Introduces Pyth Network Fund 

Grayscale has announced the launch of a new trust focused on the Pyth Network’s governance token. The move expands its growing suite of single-asset digital investment products for retail and institutional investors. The Grayscale Pyth Trust is open to retail and institutional investors and is similar to other single-asset vehicles offered by the asset manager. It is also exclusively tied to PYTH’s market price. Pyth is a decentralized oracle powering roughly 95% of dApps on Solana. It delivers real-time data feeds to blockchain systems, allowing financial transactions to be priced accurately. According to Rayhaneh Sharif-Askary, Grayscale’s head of product and research, the trust will allow investors to access emerging opportunities in the Solana ecosystem. 

“The Pyth network plays one of the most significant roles in the Solana ecosystem. By introducing Grayscale Pyth Trust, we aim to give investors access to additional higher-beta and higher-upside opportunities associated with the continued growth of Solana.”

Solana is one of the most prominent blockchains in the crypto ecosystem, and Pyth’s data feeds play a crucial role in many of its applications. Grayscale also recently filed a conversion filing for the XRP trust and is awaiting regulatory clearance to convert other single-asset trusts, including those for Solana and Litecoin, into ETFs. 

Russian Central Bank Moves To Dispel Rumors 

The Russian Central Bank has taken measures to address rumors it plans to burn unused digital ruble coins in inactive wallets as it prepares its CBDC rollout. The head of the central bank’s national payment system department, Alla Bakina, told a Russian TV show the videos were based on false news after witnessing what the bank called a “surge in calls to ditch the digital ruble on social media platforms.” The executive stated, 

“No, of course, these social media reports are fake. They do not correspond to reality, and none of what they claim is outlined in any law. The funds in a digital ruble wallet belong to the wallet holder alone. And that wallet holder has the right to use the coins at their own discretion. Just as the Central Bank issues cash,” as soon as funds “reach a person, these funds become their property. From that point, of course, the funds have no statute of limitations. The wallet holder or cash holder has the right to spend the funds whenever they want.”

The Central Bank clarified that the CBDC will not be forced on citizens and that opening a digital ruble account is voluntary. 

Norwegian Authorities Indict Four In Alleged Crypto Scheme 

Authorities in Norway have charged four individuals for allegedly fleecing investors in a crypto investment scheme. The group then laundered the ill-gotten gains through the accounts of a law firm. According to a statement by the National Authority for Investigation and Prosecution of Economic and Environmental Crime, or Økokrim, the scam collected over 900 million Norwegian kroner ($80 million) from victims. Joakim Zeisler Berge, Økokrim state prosecutor, stated, 

“We believe this is a large and extensive fraud. We are talking about a large number of victims in many countries who have lost their money and significant sums that have ended up with the defendants.”

According to Økokrim, the victims were duped into thinking they were receiving a share in the investments and profits of an expensive and highly profitable business that made significant investments in gas, mining operations, and real estate. However, the scheme made no significant investments and had no earnings, while existing investors recruited fresh investments from friends and acquaintances. Authorities alleged over 700 million Norwegian kroner ($62 million) were laundered through the accounts of a local law firm. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) continues to trade below the $100,000 level, indicating a lack of buying activity at lower levels unless the price drops close to support levels. According to CryptoQuant, BTC is flowing out of derivative exchanges and going into spot exchanges, suggesting the beginning of a bearish phase for the flagship cryptocurrency. Large outflows from crypto exchange-traded products (ETPs) suggest markets are turning cautious in the short term. According to a report by CoinShares, Bitcoin ETPs registered over $430 million in outflows during the previous trading week, triggered by macroeconomic concerns, an escalating trade war, geopolitical tensions, and a hawkish Federal Reserve. 

However, despite recent bearishness, some are still optimistic about BTC. Bitwise CEO Hunter Horsley has said he has never been more optimistic about BTC and it would take into the mainstream this year. Bitwise head of alpha strategies Jeff Park echoed Horseley’s sentiments, calling BTC a generational opportunity. 

BTC has fallen towards the lower range of its trading range over the past few sessions, as sellers look to drive it towards $90,000 while buyers try to prevent a decline below $95,000. Price action was mixed during the previous week, with BTC starting positively and settling at $97,468 after an increase of nearly 1%. However, it fell back in the red on Tuesday after a failed attempt to move past the 50-day SMA, dropping almost 2% to $95,800. Sellers drove BTC to an intraday low of $94,118 on Wednesday as selling pressure intensified. However, it recovered from this level to register an increase of over 2% and settled at $97,881. BTC’s seesaw price action continued on Thursday, dropping over 1% to settle at $96,663, but not before falling to an intraday low of $95,315.

Source: TradingView

BTC surged to an intraday high of $98,929 on Friday, briefly crossing the 50-day SMA. However, it could not stay at this level and ultimately settled at $97,556, registering an increase of almost 1%. Buyers retained control on Saturday, and BTC registered a marginal increase and settled at $97,705. However, bearish sentiment returned on Sunday, and BTC fell 1.51% to end the weekend in the red at $96,225. BTC continued to decline on Monday, dropping 0.48% to slip below $96,000 and settle at $95,767. The price encountered volatility on Tuesday as buyers attempted to reclaim $96,000. As a result, BTC rose to an intraday high of $96,781 and fell to an intraday low of $93,430 before settling at $95,634, ultimately registering a marginal decline. The current session sees BTC marginally up as buyers and sellers struggle to establish control.

Bitcoin bulls are struggling to build momentum and push the price beyond key moving averages and resistance levels, indicating demand is drying up at higher levels. Bulls must reclaim $100,000 and move past the 20 and 50-day SMAs. This suggests they have a foot in the door, and could lead to an uptrend, taking BTC to $105,000 and retesting its all-time high. However, bears will look to drive the price below the $94,000-$95,000 levels. A break below this level could see BTC drop to $90,000. Analysts expect buyers to step in at this level and prevent a further decline. A break below this level could complete a double-top pattern, and BTC could decline to $70,000.

Ethereum (ETH) Price Analysis

Ethereum (ETH) trades between $2,500 and $2,800 as bulls struggle to build momentum and move past the 20-day SMA. The world’s second-largest cryptocurrency is experiencing buying near support levels and selling near resistance levels. Buyers have attempted to start a relief rally but lost momentum towards the upper reaches of the trading range.

ETH started the previous week with an increase of 1.30% and moved to $2,663. However, it fell back on Tuesday, dropping 2.25% to $2,603. Buyers returned to the market on Wednesday as ETH registered an increase of over 5% to move above $2,700 and settle at $2,739. Despite Wednesday’s strong showing, ETH was back in the red on Tuesday, dropping over 2% and settling at $2,667. The price rebounded on Friday and ETH registered an increase of almost 2% to reclaim $2,700 and settle at $2,725.

Source: TradingView

ETH turned bearish over the weekend, dropping 1.16% on Saturday and 1.17% on Sunday to settle at $2,661. The price recovered on Monday, surging to an intraday high of $2,850 and briefly surpassing the 20-day SMA. However, ETH lost momentum after reaching this level and ultimately settled at $2,745, an increase of over 3%. Despite the strong start to the week, ETH was back in the red on Tuesday, falling nearly 3% to slip below $2,700 and settle at $2,670. The current session sees ETH up almost 2% as buyers look to keep the price above $2,700. If bulls start a successful relief rally, ETH could move past $2,800 toward the 200-day SMA and $3,000. On the other hand, if the price is rejected from these levels, it could drop to $2,500. A break below this level could drive ETH towards $2,000-$2,100. The MACD flipped to bullish over the weekend, indicating growing bullish sentiment, indicating we could see a jump in prices.

Solana (SOL) Price Analysis

Solana (SOL) is attempting to reverse its recent bearish trend, with the price marginally up during the current session. However, the MACD and RSI indicate bears are firmly in the driving seat, and we could see SOL drop further in the near term. The price dipped below a key support level on Monday and continued its decline, falling to a low of $160 the following day before recovering.

SOL has been bearish since last week, starting with a marginal drop on Monday. Sellers retained control on Tuesday as SOL dropped 1.24%, slipping below $200 and settling at $198. The price dropped to an intraday low of $188 on Wednesday as bearish sentiment intensified. However, it recovered from this level to reclaim $190 and settle at $196, registering a marginal decline. SOL continued to drop on Thursday, falling 1.26% to $194. SOL recovered on Friday despite facing considerable selling pressure, reaching an intraday high of $205 before settling at $199, ultimately registering an increase of 2.59%.

Source: TradingView

However, bearish sentiment returned over the weekend as SOL dropped 2.48% on Saturday and over 3% on Sunday, slipping below $190 and settling at $188. Bearish sentiment intensified on Monday as SOL dropped nearly 6%, dropping below a key support level and the 200-day SMA and settling at $177. Tuesday saw SOL dip to an intraday low of $160 as sellers continued to exert control. However, the price recovered from this level to settle at $169, ultimately registering a drop of nearly 5%. The current session sees SOL marginally down as buyers and sellers struggle to establish control. With SOL trading below key support levels, analysts expect the price to drop to $160 before rebounding. However, if buyers wrest control and reclaim $180, SOL could move towards $200.

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) attempted a relief rally last week but was rejected at $0.27, a level where the price faces considerable resistance. Despite starting the previous week positively, DOGE fell back on Tuesday after a failed attempt to move past $0.27. The price rebounded on Wednesday, rising over 4% to $0.263. However, it lost momentum after reaching this level, registering a marginal decline on Thursday but not before hitting an intraday low of $0.252. DOGE rebounded spectacularly on Friday, surging to an intraday high of $0.287. Despite the rally, it could not stay at this level and ultimately dropped to $0.270, registering an increase of just over 3%. Buyers retained control on Saturday as DOGE managed to register a marginal increase.

Source: TradingView

However, sentiment changed on Sunday as DOGE dropped over 2% to $0.265, ending the weekend on a bearish note. Sellers retained control on Monday as the price fell 2.52% to $0.258. DOGE fell to an intraday low of $0.241 on Wednesday as selling pressure intensified. It recouped some of its losses as it settled at $0.25. The current session sees DOGE up just over 1% and trading near $0.252. However, sentiment around the meme coin remains negative. If sellers push DOGE below the 200-day SMA, it could drop to $0.20. However, if the price recovers from this level, it would suggest traders are buying the dip. If DOGE moves past the 20-day SMA, it could signal the return of bullish sentiment.

Dogwifhat (WIF) Price Analysis

Dogwifhat (WIF) has traded downwards since its November surge, with the meme coin down nearly 60% over the past month. WIF was bearish for most of the previous week, dropping over 4% on Tuesday and 3.72% on Wednesday to settle at $0.605. Sellers retained control on Thursday as the price fell 2.54% to $0.589. Despite the overwhelming bearish sentiment, WIF rebounded on Friday, surging over 23% to reach an intraday high of $0.797 before settling at $0.728.

Source: TradingView

However, the rally disappeared like a flash in the pan over the weekend as WIF dropped nearly 6% on Saturday and 4.09% on Sunday to settle at $0.657. Sellers retained control on Monday, and WIF dropped over 4% to $0.63. A further decline on Tuesday saw the price fall to $0.614. The current session sees WIF up nearly 2% and trading at $0.626. Buyers will look to keep WIF above $0.60 and move past the 20-day SMA.

Arbitrum (ARB) Price Analysis

Arbitrum (ARB) failed to move past the resistance at $0.50 last Wednesday, settling at $0.493, an increase of nearly 7%. With momentum waning, sellers took control on Thursday, and ARB dropped 1.30% to $0,487. The price recovered on Friday, registering an increase of just over 2% and settling at $0.497. However, it fell back into the red over the weekend, dropping over 4% on Saturday and 0.57% on Sunday to settle at $0.474.

Source: TradingView

Bullish sentiment returned on Monday as ARB surged to an intraday high of $0.514. However, it could not stay at this level and ultimately settled at $0.496, registering an increase of nearly 5%. However, with demand drying up at upper levels, ARB fell back on Tuesday, dropping over 7% to $0.46 but not before falling to an intraday low of $0.439. The current session sees ARB up over 1% as buyers look to build momentum and move past $0.50 and the 20-day SMA.

Hedera (HBAR) Price Analysis

Hedera (HBAR) faced volatility the previous week, rising to an intraday high of $0.249 on Tuesday and dropping to an intraday low of $0.212 on Wednesday before recovering to settle at $0.234. Sellers returned to the market on Thursday as HBAR dropped below a key support level and settled at $0.225. The price recovered on Friday, registering an increase of just over 2%. However, it fell back over the weekend, registering a marginal decline on Saturday before dropping nearly 4% on Sunday to settle at $0.22.

Source: TradingView

HBAR continued to drop on Monday, dropping 3.89% to $0.211. Selling pressure intensified on Tuesday as HBAR fell to an intraday low of $0.194. The price recovered from this level to reclaim $0.20 and ultimately settled at $0.207, registering a drop of just over 2%. The current session sees HBAR marginally up as buyers look to prevent a drop below $0.20.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.