What to know:
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This week is starting quietly as Bitcoin attempts to stabilize above a crucial trendline following downtrends, with resistance around $86K as seen over the weekend. Notably, FLR, TRX, and SOL have outperformed the broader market, while the RWA protocol Mantra saw its OM token collapse significantly during Asian trading hours.
Mantra explained that the 90% plunge to just 70 cents was due to forced liquidations on various exchanges, while Spot On Chain observed a notable transfer of coins to OKX shortly before the crash. CEO Star Xu referred to the OM token decline as a significant scandal for the entire crypto landscape, urging transparency since all on-chain data is available for public review.
In further developments, data from IntoTheBlock indicated an increase in transaction volumes on Virtuals Protocol, a project focused on AI agents. Arkham Intelligence reports that Andrew Kang reinforced his bullish stance on Bitcoin with a long position valued at $200 million.
Despite the seeming stability of the crypto market as discussed by NYDIG, concerns linger regarding U.S.-China trade tensions which could affect Bitcoin’s range, especially following President Trump’s recent decision to lift certain tariffs, hinting at forthcoming negotiations. As articulated by QCP Capital, Bitcoin is in a sideways trading pattern between $80K and $90K, especially given the dominance of the $100K options.
Lisa Abramovicz from Bloomberg notes skepticism around the positive movements, citing that it remains a ‘sell rallies environment’ fraught with uncertainties. Outflows from spot Bitcoin ETFs have surpassed $700 million recently, fueled by diminished institutional interest, as highlighted by CryptoQuant.
The U.S. equity indices are on the verge of a technical pattern termed the death cross, indicative of caution ahead for risk assets.
Key events to watch:
- Monday: Market reactions to tariff exclusions by Trump.
- Wednesday: U.S. retail sales data along with Fed Chairman Jerome Powell’s address.
- Friday: Earnings announcements from major Wall Street firms.
