Cryptocurrency prices were mixed last week as concerns about tariffs, interest rates, and the $1.4 billion Lazarus Group hack on Bybit persisted. Bitcoin (BTC) price remained below $100,000, while Ethereum (ETH) fell below the $3,000 mark. The crypto fear and greed index shifted to a neutral point, with Bitcoin’s dominance at 60%. This article explores why Bitcoin, Optimism (OP), and Sui (SUI) will be in the spotlight this week.
**Bitcoin**
Bitcoin, the largest cryptocurrency, will be in the spotlight this week as technical indicators suggest an impending breakout or breakdown. The daily chart above shows that it has continued to form a symmetrical triangle pattern over the past few weeks. The two lines of this triangle pattern are now approaching their confluence level, signaling that significant movements may occur soon, potentially this week, as it is the last one of the month. The key support and resistance levels to watch are $88,960 and $109,100. A breach below the support level at $88,960, which is its lowest level since January, will indicate more downside, possibly to $73,350, the highest point in March last year. Conversely, a strong move above $109,080 will suggest 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 significant token unlock. It will release tokens worth over $38 million on Wednesday, amounting to 2% of the float, or the number of tokens that are actively traded in the market. This is a notable but not overwhelming increase in circulation. Additionally, there will be daily token unlocks of 257,000 OP tokens valued at over $303,000. These token unlocks occur at a time when the OP price is at a critical level, trading at $1.077 on Sunday, which is the lowest swing since August last year. Optimism has also formed a bearish flag pattern, indicating further downside in the coming weeks. This decline could push it to the next key point at $0.791, its lowest level on February 3. The Optimism token was created by the Optimism Foundation, a non-profit established by Jinglan Wang, Karl Floersch, and Ben Jones. Launched in May 2022, the OP coin powers 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 occur in 2069. The SUI token has dropped by 38% from its highest level in January and has moved below the 50-day moving average, indicating that bears are in control. However, it has also formed a falling wedge pattern, a popular reversal sign, and a small double-bottom pattern, suggesting a strong rebound in the coming weeks. A drop below the support at $2.91 will invalidate the bullish outlook. 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.