Cryptocurrency prices were mixed last week as concerns about tariffs, interest rates and $1.4 billion Lazarus Group Hack on Bybit.
Bitcoin (BTC) prices remained below $100,000, while Ethereum (ETH) crashed below $3,000. The Crypto Fear and greedy index moved to neutral points, but Bitcoin's advantage was 60%. In this article, we explore why Bitcoin, Optimism (OP), and SUI (SUI) are in the spotlight this week.
Bitcoin
Bitcoin, the biggest cryptocurrency, is in the spotlight this week as technology points out a final breakout or soon breakdown. The daily chart above shows that over the past few weeks it continues to form a symmetrical triangle pattern.
Two rows of this triangle pattern are currently approaching confluence levels. It's a sign that they'll soon make a big move, potentially this week as this week is the last of the month.
The main support and resistance levels to monitor are $88,960 and $109,100. The break below the January low of $88,960 support level, is a potential downside to its highest point last March of $73,350.
Meanwhile, the powerful move above $109,080 increased further to $110,000, followed by $122,000.
Optimism
Optimism, one of the biggest layer 2 projects in the Crypto industry, will focus this week on unlocking big tokens. It will release more than $38 million tokens on Wednesday. These tokens correspond to 2% of floats or the number of tokens actively traded in the market. It is noticeable, but not an overwhelming increase in circulation.
They add to unlocking daily tokens of 257,000 OP tokens, over $303,000.
These token unlocks come when the OP price is sitting at the key level. It was trading at $1.077 on Sunday, the lowest swing in August last year. Optimism also forms a bearish flag pattern, pointing to more downsides in the coming weeks. This crash will be pushed to the next key point at $0.791, at the lowest level on February 3rd.
The optimistic token was created by The Pripism Foundation, a nonprofit founded by Jinlan Wang, Karl Floresh and Ben Jones. Launched in May 2022, OP Coinpowers Goverance and Incentives in the Pripism Collective is a system designed to fund public goods and decentralization initiatives.
sui
One of the top layer 1 networks, SUI is in the spotlight as it is equivalent to 1.07% of the total float to unlock tokens worth $111 million. Currently, it has unlocked 39% of all tokens and is expected to have a final unlock in 2069.
SUI tokens fell 38% from their highest level in January. It is below the 50-day moving average. This is a sign that the bear is in control.
However, it also forms a falling wedge pattern, a very popular inverted sign. It also formed a small double bottom pattern, pointing to strong rebounds over the next few weeks. If you drop below support at $2.91, bullish view will be disabled.
The SUI Layer-1 network was created by Mysten Labs, a blockchain infrastructure company founded in 2021 by a former meta-engineer who worked on the movement of DIEM blockchain and programming languages.
Mysten Labs is led by CEOs Evan Cheng, CTO Sam Blackshear, co-founders George Danezis, Avery Ching and Kostas Chalkias.
SUI's native cryptocurrency strengthens your network by promoting gas prices, encouraging security, participation in governance and protecting Defi applications.
