Bitcoin price stabilizes around $58,000; bearish outlook remains intact
Bitcoin (BTC) trades around $58,000 on Monday, down 0.7% on the day and extending the consolidation phase between $57,000 and $62,000 seen in the past ten days. From a technical perspective, the bearish thesis still prevails as BTC struggles to overcome key resistance levels and momentum indicators look weak. Still, investors’ behavior and data about miners’ recent activity suggest a decline in selling pressure, providing some support to the main crypto asset.
Solana could make double-digit gains for three reasons
Smart contract blockchain Solana (SOL), a key competitor for Ethereum,has noted a 150% increase in its stablecoin supply, largely driven by increasing DeFi opportunities, liquidity and lending protocols and expansion of projects from Ethereum ecosystem to Solana.
Vitalik Buterin moves 400 Ethereum, ETH hovers around $2,600
Vitalik Buterin, co-creator of Ethereum, the largest altcoin in the crypto ecosystem, moved ETH to a crypto mixer, early on Monday. The mixer is known to effectively prevent malicious actors and protect user privacy.
Buterin mover over $1.06 million in Ether to a new wallet address per data from an on-chain tracker. The transfer comes at a time when ETH is reeling from the crypto crash of early August.
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XRP en route to new all-time high; key metrics to watch out for
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Bitcoin: A healthy correction
Bitcoin (BTC) experienced a 7% correction earlier in the week, dropping to $90,791 on Tuesday before recovering to $97,000 by Friday. On-chain data suggests a modest rebound in institutional demand, with holders buying the dip. A recent report indicates BTC remains undervalued, projecting a potential rally toward $146K.
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