Bitcoin (BTC) remained sluggish over the weekend, hovering between $96,000 and $97,000. However, it dipped below $95,000 early on Monday, falling to a low of $94,855 before rebounding and moving to its current level of $97,450. The flagship cryptocurrency is marginally up over the past 24 hours and could face further downward pressure after Donald Trump announced tariffs on aluminum and steel.
The crypto market remains bearish, with major altcoins in the red. Ethereum (ETH) is down just over 1%, trading below the crucial $2,700 level. Ripple (XRP) is down nearly 4%, while Solana (SOL) is down almost 1% as it struggles to stay above $200. Dogecoin (DOGE), Cardano (ADA), Tron (TRX), Chainlink (LINK), and Stellar (XLM) also registered substantial declines. However, Litecoin (LTC) and Polkadot (DOT) bucked the trend, up over 8% and 0.50% respectively. The crypto market cap remains marginally down at $3.17 trillion.
Hong Kong To Accept Crypto As Proof Of Assets For Investor Immigration
Hong Kong is set to accept cryptocurrency as proof of assets for investment immigration applications. The news was confirmed by Xiao Yaohe, who revealed that a client successfully used crypto worth HK$30 million as proof of assets to apply for investment immigration to the Hong Kong Investment Promotion Agency. Local authorities approved the application, making it the second case in Hong Kong where cryptocurrency was recognized as an investment.
The first occurred in October 2024 when an individual used Bitcoin (BTC) as proof of assets and received approval. Both cases involved applicants from Mainland China. WuBlockchain shared the news on X, stating,
“For the first time, the Hong Kong government recognizes Bitcoin and Ethereum as proof of assets for investment immigration applications. So far, two cases have been approved, one for Bitcoin and the other for Ethereum holders.”
Xiao added,
“A report signed by me was issued, using ‘ethereum’ as proof of HK$30 million in assets to apply to Invest Hong Kong, and it has been approved.”
Invest Hong Kong is a government agency that promotes foreign investment and supports businesses that want to expand in Hong Kong. The agency also assists individuals who apply for residency through investment under the New Capital Investment Entrant Scheme (New CIES). To apply for investment immigration, individuals must prove ownership of HK$30 million in assets.
Markets Uneasy As Trump Announces New Tariffs
The crypto market stumbled as President Donald Trump announced tariffs on aluminum and steel, the latest in an escalating trade war. Trump stated that any steel coming into the US would face a 25% tariff. He also said the White House will launch reciprocal tariffs on countries levying import fees on US goods.
“If they are charging us 130% and we’re charging them nothing, it’s not going to stay that way.”
The crypto market dropped following the announcement, with losses across the board. However, they have since made a steady recovery. BTC dipped below $95,000 before recovering to its current level. ETH also registered a drop after the announcement, dropping to a low of $2,537 before recovering and moving to its current level. The Crypto Fear & Greed Index, used to measure market sentiment for BTC and other cryptocurrencies, remains in the fear territory.
Trump also plans to introduce tariffs on the EU, oil, gas, superconductors, steel, and copper. On February 1, Trump announced a 25% tariff on Canada and Mexico and 10% on China, leading to a meltdown in the traditional and crypto markets. However, the tariffs against Canada and Mexico have been paused for 30 days.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) remained sluggish over the weekend, hovering between $96,000 and $97,000. However, the price has seen an uptick during the ongoing session, up nearly 1.50% as it inches towards $98,000. Despite the recovery during the current session, Bitcoin bears hold the upper hand, and the flagship cryptocurrency could slip to $100,000 should buyers lose momentum. BTC has consistently faced rejection around the $100,000 mark as it struggles to surpass the 50-day SMA. A drop in the 24-hour trading volume suggests weak momentum, making a drop toward $90,000 likely unless buyers can build momentum and cross $100,000.
BTC faced considerable volatility at the beginning of the week. With markets spooked after Trump announced tariffs against Canada, Mexico, and China, BTC saw an unprecedented drop as prices tanked. As a result, BTC fell to an intraday low of $91,274. It recovered from this level to reclaim $100,000 and settle at $101,579, registering an increase of nearly 4%. However, BTC’s relief rally was short-lived as sellers returned to the market on Tuesday. As a result, BTC fell 3.54%, slipping below $100,000 and the 50-day SMA to $97,979, but not before hitting an intraday low of $96,218. Sellers retained control on Wednesday as the price fell 1.34% to $96,668.
Source: TradingView
Buyers prevented a further decline as BTC rallied to an intraday high of $99,237 on Thursday. However, the flagship cryptocurrency lost momentum after reaching this level and fell to $96,641, registering a marginal decline. BTC briefly surpassed the $100,000 mark on Friday following the release of the US jobs and unemployment numbers. However, the price fell after reaching an intraday high of $100,222, ultimately settling at $96,634. Price action remained muted over the weekend as BTC registered a marginal increase on Saturday. Sunday saw BTC drop to an intraday low of $94,827 before recovering and settling at $96,527.
The current session sees BTC up 1.30% as buyers look to build momentum and move past the 50-day SMA and $100,000. If BTC can surpass these levels, it could move to $105,000. A break above this level could see BTC retest its all-time high. On the other hand, if sellers regain control and drive BTC below $96,000, we could see a drop to $90,000. This could trigger a wave of liquidations, driving BTC into a deeper correction. The RSI is just below the neutral zone but pointing upwards, indicating that bullish sentiment could be building. The MACD is bearish but could flip to bullish if BTC moves past the 50-day SMA.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is struggling to get any momentum going as it remains tethered below $2,700. Buyers have struggled to regain control and dictate price action. However, they have not ceded ground to the bears, keeping the price above $2,500 despite waning momentum. ETH registered an uptick in bearish sentiment after being rejected from its descending trendline on February 1. The price fell below the crucial $3,000 mark on Sunday as ETH fell nearly 8% to $2,869. ETH tanked to an intraday low of $2,160, a decline driven by markets tanking thanks to tariff concerns. However, ETH recovered from this level and settled at $2,882 after a marginal increase. Sellers returned to the market on Tuesday as ETH dropped over 5% to $2,732.
Source: TradingView
ETH recovered on Wednesday as buyers prevented a drop below $2,700 and registered an increase of just over 2% to move to $2,789. ETH was back in the red on Thursday, falling below $2,700 to $2,688. Buyers attempted a recovery on Friday as ETH rose to an intraday high of $2,798. However, it lost momentum after reaching this level and dropped 2.42% to $2,623. Price action remained muted over the weekend as ETH registered a marginal increase on Saturday and a marginal decline on Sunday to end the weekend at $2,628. The current session sees ETH marginally up as buyers look to reclaim $2,700.
If buyers can reclaim $2,700, ETH could push towards $3,000 and the 200-day SMA. On the other hand, if sellers regain control, ETH could drop to $2,500. A break below this level could lead to a deeper correction, potentially dropping ETH to $2,000.
Solana (SOL) Price Analysis
Solana (SOL) has rebounded over the past few sessions, overcoming growing bearish sentiment and a drop below $200. The Ethereum killer is up nearly 2% over the past 24 hours and almost 5% over the week, at a time when most other cryptocurrencies are trading in the red. SOL registered a substantial dip on Monday as it tanked to an intraday low of $176, briefly going below the 200-day SMA. However, it recovered from this level to register an increase of over 6% to reclaim $200, move past the 50-day SMA, and settle at $216. However, bearish sentiment returned on Tuesday as SOL fell 4.51% to go below the 50-day SMA and settle at $206. Sellers retained control on Wednesday as the price dipped below $200, falling to $196.
Source: TradingView
Buyers attempted a recovery on Thursday as SOL rose to an intraday high of $204. However, it lost momentum after reaching this level and fell 3.31% to $189. Sentiment changed on Friday as SOL rose to an intraday high of $203 before settling at $192. Bullish sentiment intensified on Saturday as SOL rose nearly 4% to $199. SOL experienced volatility on Sunday as it attempted to move past $200, rising to an intraday high of $207 and falling to an intraday low of $193 before settling at $200. The current session sees SOL up over 2% as buyers look to move past the 50-day SMA. A move past the moving average could signal a sentiment change and drive SOL towards $220.
Dogwifhat (WIF) Price Analysis
Dogwifhat (WIF) continued its downward trajectory over the weekend, with bears looking to drive the price below $0.60. WIF started the week with a significant drop thanks to overall market conditions, dropping to an intraday low of $0.637. The price recovered from this level to recoup some losses and settle at $0.860, a decline of over 9%. Sellers retained control on Tuesday as WIF fell nearly 7% to $0.802. Buyers attempted a recovery on Wednesday but lost momentum, allowing sellers to retake control. WIF ultimately registered a marginal drop to slip below $0.80 and settled at $0.794.
Source: TradingView
Bearish sentiment intensified on Thursday as WIF dropped over 10% to $0.711. WIF attempted a recovery on Friday, rising to an intraday high of $0.782. However, it lost momentum after reaching this level and dropped nearly 5% to go below $0.70 and settle at $0.677. Buyers returned to the market on Saturday as WIF rose over 6% to reclaim $0.70 and settle at $0.719. However, it was back in the red on Sunday, falling 10.54% to $0.643. The current session sees WIF up just over 1% as buyers and sellers struggle to establish control. The RSI is below the neutral zone and has dipped into oversold territory. As such, we could see a recovery in the near term.
Celestia (TIA) Price Analysis
Celestia (TIA) registered a substantial decline on Sunday, falling over 16% as it ended the previous week in the red. The current week began with a drop to $2.38 as markets tanked. However, buyers took control at lower levels, and TIA recovered to reclaim $3 and settle at $3.50, ultimately registering an increase of nearly 7%. However, the price was rejected at this level, and TIA was in the red on Tuesday, dropping over 7% to a low of $3.04 before settling at $3.25. The price continued to drop on Wednesday, falling over 7% to $3.02.
Source: TradingView
The price encountered volatility on Thursday as buyers attempted to prevent a drop below $3. However, sellers gained the upper hand and TIA dropped 3.49% to $2.91. TIA rose to an intraday high of $3.10 on Friday as it attempted to reclaim $3. However, it lost momentum after reaching this level, dropping over 3% to $2.82. Sentiment changed over the weekend as TIA registered an increase of over 7% and moved to $3.03. Buyers retained control on Sunday, and the price rose nearly 3% to $3.11. The current session sees TIA at $3.17, up almost 2%.
Arbitrum (ARB) Price Analysis
Arbitrum (ARB) has been trading downwards since the first week of December, losing momentum after reaching $1.24. The current week has seen its price struggles continue after it ended the previous week in the red. ARB dropped to $0.380 on Monday before recovering to register an increase of 3.54% and settle at $0.511. However, it was back in the red on Tuesday, falling 6.55% to $0.477. Buyers attempted a recovery on Wednesday as the price reached an intraday high of $0.498 before dropping to $0.470. ARB continued to drop on Thursday, falling over 5% to $0.445.
Source: TradingView
ARB reached an intraday high of $0.467 on Friday. However, it lost momentum after reaching this level, dropping nearly 3% to $0.432. Saturday saw ARB recover, rising nearly 4% to $0.450 before registering a marginal drop on Sunday to end the weekend at $0.449. The current session sees ARB up nearly 3% and trading at $0.461.
Filecoin (FIL) Price Analysis
Filecoin (FIL) has recovered over the past few sessions. The price fell to an intraday low of $3.12 on Tuesday after being rejected from $3.50. However, it recovered from this level, ultimately settling at $3.35, registering a drop of 4.46%. Sellers retained control on Wednesday as FIL fell 3.50% to $3.23. Bearish sentiment persisted on Thursday, and FIL fell to $3.12.
Source: TradingView
However, sentiment changed on Friday as FIL rose to an intraday high of $3.38. It lost momentum after reaching this level and fell to $3.18, an increase of just over 2%. Bullish sentiment persisted over the weekend as FIL rose 4% on Saturday and registered a marginal increase on Sunday to settle at $3.31. The current session sees FIL up over 3% and trading at $3.43 as buyers look to push it above $3.50.
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.