Cryptocurrency prices were mixed last week as concerns about tariffs, interest rates and the $1.4 billion Lazarus Group hack on Bybit.
Bitcoin (BTC) price remained below $100,000, while Ethereum (ETH) crashed below the $3,000 mark. The crypto fear and greed index moved to the neutral point, while Bitcoin’s dominance was at 60%. This article explores why Bitcoin, Optimism (OP), and Sui (SUI) will be in the spotlight this week.
Bitcoin
Bitcoin, the biggest cryptocurrency, will be in the spotlight this week as technicals point to an eventual breakout or breakdown soon. The daily chart above shows that it has continued to form a symmetrical triangle pattern in the past few weeks.
The two lines of this triangle pattern are now nearing their confluence level. That is a sign that they will soon make big moves, potentially this week since it is the last one of the month.
The key support and resistance levels to watch are $88,960 and $109,100. A break below the support level at $88,960, its lowest level in January, will indicate more downside, potentially to $73,350, the highest point in March last year.
On the other hand, a strong move above $109,080 will indicate further gains to $110,000, followed by $122,000.
Optimism
Optimism, one of the largest layer-2 projects in the crypto industry, will be in focus this week as it conducts a big token unlock. It will release tokens worth over $38 million on Wednesday. These tokens will be equivalent to 2% of the float, or the number of tokens that are actively traded in the market. It’s a notable but not overwhelming increase in circulation.
They will be on top of the daily token unlocks of 257,000 OP tokens worth over $303,000.
These token unlocks come at a time when the OP price is sitting at a key level. It was trading at $1.077 on Sunday, the lowest swing in August last year. Optimism has also formed a bearish flag pattern, pointing to more downside in the coming weeks. This crash will push it to the next key point at $0.791, its lowest level on Feb. 3.
The Optimism token was created by the Optimism Foundation, a non-profit founded by Jinglan Wang, Karl Floersch, and Ben Jones. Launched in May 2022, the OP coinpowers governance and incentives within the Optimism Collective, a system designed to fund public goods and decentralization initiatives.
Sui
Sui, one of the top layer-1 networks, will also be in the spotlight as it unlocks tokens worth $111 million, equivalent to 1.07% of the total float. It has now unlocked 39% of all its tokens, with the final unlock expected to happen in 2069.
The SUI token has dropped by 38% from its highest level in January. It has moved below the 50-day moving average, a sign that bears are in control.
However, it has also formed a falling wedge pattern, a highly popular reversal sign. It also formed a small double-bottom pattern, pointing to a strong rebound in the coming weeks. A drop below the support at $2.91 will invalidate the bullish view.
The Sui Layer-1 network was created by Mysten Labs, a blockchain infrastructure company founded in 2021 by former Meta engineers who worked on the Diem blockchain and Move programming language.
Mysten Labs is led by CEO Evan Cheng, CTO Sam Blackshear and co-founders George Danezis, Avery Ching, and Kostas Chalkias.
Sui’s native cryptocurrency powers the network by facilitating gas fees, staking for security, governance participation, and DeFi applications.
