Crypto Price Analysis 2-14: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, RIPPLE: XRP, DOGECOIN: DOGE, OPTIMISM: OP, UNISWAP: UNI

Bitcoin (BTC) rebounded after dropping to a low of $95,346 late on Thursday to reclaim $97,000. However, price action remains sluggish, and market sentiment is mixed. Cautious optimism allowed BTC to push higher after inflation numbers caused a market-wide drop. The flagship cryptocurrency has been marginally down over the past 24 hours and is trading at around $97,000. 

As mentioned earlier, market sentiment is mixed. Ethereum (ETH) is down just over 1%, struggling to remain above $2,700. On the other hand, Ripple (XRP) is up over 4% and trading at $2.59. Solana (SOL) is marginally down, remaining below $200 while Cardano (ADA) is up over 3%. Dogecoin (DOGE) is also marginally down as it struggles to build momentum. Chainlink (LINK) is down 1.20%, while Stellar (XLM) , Litecoin (LTC) , and Polkadot (DOT) have registered notable increases. 

GameStop Considering Bitcoin Investment 

Video game retailer GameStop is considering investing in Bitcoin (BTC) and other cryptocurrencies. The retailer-turned-meme stock is exploring investments in alternative assets, including BTC. GameStop shares soared over 20% following the news. However, the retailer could still decide not to follow through with its investments. According to sources, the company is still trying to determine if the move is viable from a business perspective. Last weekend, GameStop CEO Ryan Cohen posted a photo with MicroStrategy co-founder and Chairman Michael Saylor, prompting speculation that Saylor was involved in some capacity. However, sources have confirmed Saylor is not involved with GameStop’s decision. MicroStrategy is the largest corporate holder of BTC. 

Cohen joined GameStop’s board in 2021 as the company became a key meme stock. His e-commerce experience was seen as key to helping modernize the brick-and-mortar retailer. However, the company is still struggling to adapt to the changing spending habits of gamers. Cohen has focused on cutting costs and streamlining operations to ensure the business remains profitable even though it is not growing. The company has amassed a $4.6 billion cash pile and uses the funds to make investments. 

Robinhood Shares Surge As Company Cements Foothold In Crypto 

Robinhood shares have seen a significant jump as the company continues to establish its foothold in crypto, thanks to its commission-free model, which helps attract price-conscious customers. The model has helped the platform cement itself as a rival to traditional crypto exchanges like Coinbase. Robinhood reported an eight-fold jump in transaction-based revenue from crypto trading during the fourth quarter. As a result, its stock jumped 14% in early trading, reaching its highest level since 2021 and adding $6 billion to the company’s market value. 

Robinhood offers fewer trading options than exchanges like Coinbase. However, it is steadily gaining market share and could benefit under a friendly administration and the United States Securities and Exchange Commission (SEC). Robinhood surpassed all expectations for quarterly earnings on Wednesday. 

“Trading volumes in equities, options, and crypto surged for the fourth quarter, a sign that retail traders have confidence in all risk markets across the board. It's hard to predict when the transaction revenue growth will end, but perhaps the long historical investment norm of buy and hold has retired with the baby boomers.”

However, while Robinhood has seen stellar growth, outmaneuvering exchanges like Coinbase is a tall ask. 

“Coinbase, Kraken, and Binance serve a more crypto-focused consumer and are also present in far more jurisdictions.”

Coinbase Eyes Return To Indian Market 

Coinbase is in discussions with Indian regulators as it eyes a return to the market after stopping operations in 2023. The exchange held talks with the country’s Financial Intelligence Unit (FIU) to explore its re-entry into the market. A spokesperson for the exchange stated, 

“Coinbase is excited by the opportunities in the Indian market and intends to comply with applicable regulatory requirements, but we have nothing to announce regarding a FIU registration at this time.”

The exchange’s potential return comes over a year after it shuttered its operations in India. Coinbase asked its Indian users to withdraw their funds in September 2023, adding it was discontinuing its services in the country. The US-based exchange had several run-ins with Indian regulators. In April 2022, Coinbase stopped its United Payments Interface (UPI) services for users just three days after the exchange’s launch. The suspension was triggered after the National Payment Corporation of India stated that it did not recognize the legal standing of crypto exchanges using the UPI service of the Reserve Bank of India (RBI). 

The news comes at a time when Coinbase’s Chief Legal Officer, Paul Grewal, is joining the US-India Business Council (USIBC) global board of directors. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) is marginally up over the past 24 hours, and trading at around $96,800. BTC remained range-bound as it struggled to push towards $100,000 on Thursday. Instead, the flagship cryptocurrency dropped to an intraday low of $95,315 before settling at $96,663. Price action during the current session remains muted as buyers struggle to exert influence. On-chain data suggests retail and small investors are likely capitulating out of fear. Fears of a deeper correction still plague investor sentiment, leading to traders reducing their BTC holdings. BTC continues to consolidate below the $100,000 level after dropping just over 1% on Thursday. 

According to Santiment data, Bitcoin traders have 277,240 fewer non-empty wallets than three weeks ago. The change indicates small wallet holders and retail traders are offloading their BTC, worried about a further decline in the asset’s price. BTC’s decline is part of a market-wide correction in crypto. However, as retail belief drops, BTC’s mid-to-long-term performance could improve. Analysts have noted that when small traders offload their holdings, whales and other institutional holders accumulate the token. Analysts also predict BTC’s price and volatility will stabilize after a short-term correction. 

BTC has registered a slight increase in its 24-hour trading volume, suggesting increased market activity. However, overall market sentiment remains cautious. Bitcoin dominance has also registered a marginal increase, rising 0.16%, indicating that BTC is still the preferred trading asset for traders as altcoins struggle to gain momentum. 

BTC has traded within a narrow range since last Tuesday’s drop of 3.54%, which saw the price slip below $100,000 and the 50-day SMA to $97,983. Sellers retained control on Wednesday as BTC dropped 1.34% to $96,668. BTC attempted to retake $100,000 on Thursday as it reached an intraday high of $99,237. However, it lost momentum after reaching this level and dropped to $96,641. The price briefly crossed $100,000 on Friday, reaching $100,222 before falling to $96,634. BTC remained muted over the weekend, registering a marginal increase on Saturday and a marginal decline on Sunday to settle at $96,526.

Source: TradingView

Buyers returned to the market on Monday as BTC started the week positively, rising nearly 1% to $97,468. However, it was back in the red on Tuesday, falling almost 2% to $95,800. BTC dropped 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 settle at $97,881. BTC’s seesaw price action continued on Thursday as the price fell 1.24% to $96,663, but not before dropping to an intraday low of $95,315. The current session sees BTC marginally up as buyers attempt to move past the 50-day SMA and reclaim $100,000. 

BTC’s RSI is still bearish, just below the neutral zone. However, the MACD displays consecutive shortening red bars, indicating that bearish sentiment could be waning. BTC’s price action shows the market is in transition, registering modest gains that counteract broader weekly losses. BTC faces resistance around $98,000 and $100,000. A break above these levels could see BTC surge to $105,000 and potentially set a new all-time high. However, if sellers drive BTC below $96,000, the price could decline to $90,000. 

Ethereum (ETH) Price Analysis 

Ethereum (ETH) has gained just over 3% this week as it looks to consolidate above $2,700 and push higher. ETH’s recent price gain can be attributed to several factors. The gains are primarily driven by Cboe filing for SEC approval to allow staking in the 21Shares Ethereum ETF. The Cboe exchange submitted a 19b-4 proposal to allow staking ETH, adding, 

“Based on discussions with the Sponsor, the Exchange proposes to amend several portions of the Eth ETP Amendment No. 2, as amended, in order to allow the staking of the Ethereum held by the Trust.”

If approved, it would be a significant step, making it the first ETF to offer staking rewards, according to Bloomberg’s ETF analyst James Seyffart. The SEC had approved the 21Shares Core Ethereum ETF last year, along with BlackRock and Fidelity’s applications. 

ETH registered a sharp drop last Tuesday following Monday’s recovery. The price fell over 5% to $2,732, but not before dropping to an intraday low of $2,636. Buyers returned to the market on Wednesday, and ETH registered an increase of just over 2%. However, it was back in the red on Thursday, dropping nearly 4% to go below $3,000 and settle at $2,688. ETH attempted a recovery on Friday as it rose to an intraday high of $2,798. However, it lost momentum after reaching this level and fell 2.42% to 42,623. Price action was muted over the weekend, and ETH registered a marginal increase on Saturday and a marginal decline on Sunday to settle at $2,628.

Source: TradingView

ETH started the current week positively, rising 1.30% to $2,663. However, the price fell on Tuesday as sellers took the upper hand, dropping over 2% to $2,603. Buyers returned to the market on Wednesday, pushing ETH up over 5% to $2,739. Despite a significant uptick on Wednesday, ETH was back in the red on Thursday, dropping 2.26% to $2,677. The current session sees ETH up nearly 1% and trading just above $2,700. If ETH recovers, it could test the resistance at $2,800. A break above this level could drive it to $3,000. However, if sellers take control, ETH could drop below $2,500, possibly finding support around $2,400. The MACD could flip bullish if ETH maintains its position above $2,700. The RSI is still below the neutral zone but has bounced off oversold territory, indicating a reducing bearish sentiment.

Solana (SOL) Price Analysis

Solana (SOL) continued its decline on Thursday, dropping 1.27% to $194, but not before hitting an intraday low of $189. SOL has struggled to reclaim $200 since dropping below it earlier this week, with price action remaining subdued. SOL dipped below the 50-day SMA on Tuesday, falling 4.51% to $206. The price continued to drop on Wednesday, falling over 5%, slipping below $200 and settling at $196. SOL attempted a recovery on Thursday as it reached an intraday high of $204. However, it lost momentum after reaching this level and ultimately dropped over 3% to settle at $189.

Source: TradingView

Buyers returned to the market on Saturday as SOL reached an intraday high of $203 before settling at $192. Buyers retained control on Sunday, pushing SOL up nearly 4% to $199. The price encountered volatility as sellers attempted to prevent a move past $200. Buyers ultimately gained the upper hand, and SOL registered a marginal increase to settle at $200. Buyers attempted a move past $200 on Monday as SOL rose to an intraday high of $209. However, it lost momentum after reaching this level and dropped to $200. SOL continued to decline on Tuesday, declining 1.24% to $198. A marginal decline on Wednesday saw SOL drop to $196, with the price dropping to $194 on Thursday. The current session sees SOL up over 1% as it looks to reclaim $200.

Ripple (XRP) Price Analysis 

The Securities and Exchange Commission recently acknowledged Grayscale’s XRP ETF application, with Bloomberg ETF analyst James Seyffart announcing the news on X, stating, 

“There it is – The SEC just acknowledged Grayscale and NYSE’s 19b-4 filing to list an XRP ETF. (This was mostly expected but officially means the clock will start soon for this and Dogecoin).”

The acknowledgment brings XRP a step closer to entering the ETF market. Unsurprisingly, sentiment around Ripple (XRP) has been positive since the news and the prospect of a crypto-friendly SEC dismissing the lawsuit against it. However, XRP did register a sharp decline last Tuesday, falling over 6% to slip below the 50-day SMA to $2.52. The price continued to drop on Wednesday and Thursday, declining 5.80% and 2.34%. However, sentiment changed on Friday as XRP surged to an intraday high of $2.54 before settling at $2.39, an increase of just over 3%. The weekend was mixed, with XRP rising 0.89% on Saturday and registering a drop of just over 1% on Sunday to settle at $2.39.

Source: TradingView

XRP started the current week positively, rising 1.24% to $2.42. However, it was back in the red on Tuesday, dropping 0.44% after reaching an intraday high of $2.53. Bulls took control on Wednesday as XRP rose 2.51% and moved to $2.47. Bullish sentiment intensified on Thursday as the price registered an increase of nearly 4% and settled at $2.56. The current session sees XRP up almost 6%, having moved past the 20 and 50–day SMAs and trading at $2.72. If bulls maintain control and buyer activity picks up, XRP could surge to $3. The RSI is back above the neutral zone, indicating growing bullish sentiment. The MACD is also on the verge of completing a bullish crossover.

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) is looking to move past a key resistance level as it recovers after a significant decline in recent months. Despite last Monday’s recovery, DOGE dropped nearly 8% on Tuesday, falling to $0.264. DOGE continued to drop on Wednesday, falling just over 3% to $0.256. Sellers retained control on Thursday, and DOGE dropped below $0.250, falling to $0.248, declining just over 3%. Buyers attempted a recovery on Friday as DOGE reached an intraday high of $0.262. However, it lost momentum after reaching this level and dropped to $0.247. DOGE had a mixed weekend, registering an increase of 2.35% on Saturday and then dropping 1.54% to settle at $0.249.

Source: TradingView

The current week began positively, as DOGE registered an increase of 2.53% and settled at $0.255. The price rallied to an intraday high of $0.269 on Tuesday but lost momentum after reaching this level, ultimately dropping to $0.252, a drop of 0.94%. Bullish sentiment returned on Wednesday as DOGE registered an increase of just over 4% and settled at $0.263. However, it could not push higher and dropped to $0.262 on Thursday after a marginal decline. The current session sees DOGE up 1.45% as it looks to move past the resistance at $0.270. If DOGE moves past this level, it could result in a push towards $0.30. While the RSI is still below the neutral zone, the MACD has flipped to bullish, indicating growing bullish sentiment.

Optimism (OP) Price Analysis

Optimism (OP) was bearish for most of last week, slipping below a key support level as selling pressure drove the price lower. OP dropped nearly 6% on Tuesday, falling to $1.11. Sellers retained control on Wednesday and Thursday as OP slipped below a key level to $1.03. Buyers attempted a recovery on Friday as OP reached an intraday high of $1.11. However, it lost momentum after reaching this level and dropped nearly 2% to $1.01. Sentiment changed over the weekend as OP registered an increase of 4.36% on Saturday and 1.64% on Sunday to settle at $1.08.

Source; TradingView

Buyers retained control on Monday, and OP rose 1.37% to $1.09. Despite growing bullish momentum, OP dropped nearly 2% on Tuesday and settled at $1.07. Bullish sentiment returned Wednesday as OP rose almost 5% and moved to $1.12. The price could only register a marginal increase on Thursday as sellers attempted to lower the price. However, OP has resumed its upward trajectory during the current session, with the price up nearly 3% and trading at $1.15. Buyers will look to maintain control and push OP beyond the 2-day SMA. The RSI has rebounded after falling into oversold territory, while the MACD has flipped to bullish, indicating growing bullish momentum.

Uniswap (UNI) Price Analysis

Uniswap (UNI) is looking to reclaim $10 and move past the 20-day SMA during the ongoing session as buyers look to consolidate above the moving average. Despite a strong recovery last Monday, UNI registered a substantial drop on Tuesday, falling nearly 9% to go below the 200-day SMA and settle at $9.08. Buyers attempted a recovery on Wednesday but could not move past the moving average, ultimately registering an increase of nearly 2% and settling at $9.26. The price fell back on Thursday, dropping 3% to $8.98. However, a marginal recovery on Friday allowed UNI to reclaim $9.

Source: TradingView

UNI registered a 1.58% increase on Saturday and a marginal decline on Sunday to end the weekend at $9.14. UNI started the current week positively, rising 3.47% to $9.46. It attempted to move past the 200-day SMA on Tuesday but lost momentum after reaching $10.04 and dropped to $9.38. Buyers took control on Wednesday and pushed UNI past the 200-day SMA to $9.95 after an increase of over 6%. However, it fell on Thursday, dropping nearly 1% to $9.87. The current session sees UNI marginally up and trading at $9.99. Buyers will look to reclaim $10 and push UNI past the 20-day. A break above this level could see UNI push towards the 50-day SMA.

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.