Bitcoin Futures Price Prediction and Analysis for Today

YZi Labs, the venture capital firm formerly Binance Labs, announced its investment in on-chain token distribution infrastructure provider Sign, its first since the rebrand.

According to Fortune, YZi Labs’ funding round was worth $16 million, with other participants including Altos Ventures, HackVC and Amber Ventures.

Sign, founded in 2021, is a platform that aims to develop a more transparent way for users and AI agents to receive crypto tokens. It offers various services, such as EthSign for signing contracts, TokenTable for managing digital tokens, and Sign Protocol for verifying information on the blockchain.

“Sign’s vision for mass Web3 onboarding aligns with YZi Labs’ commitment to pushing the boundaries of transformative innovation and driving innovation across the Web3 ecosystem and beyond,” said Nicola Wang, Investment Director at YZi Labs, in a press release.

The Block has reached out to YZi Labs for further comments.

CZ's return

Meanwhile, former Binance CEO Changpeng Zhao reportedly rebranded Binance Labs into YZi Labs last week, following the end of his four-month prison sentence in September.

While CZ has stepped down from his position running Binance's centralized exchange, YZi Labs said he will continue to have a “pivotal role” in investment activities.

"Rebranding to YZi Labs is more than a name change—it signifies an expanded vision as we broaden our horizons to include transformative sectors like AI and biotech," CZ said in last week’s announcement of the rebrand.

YZi Labs has over 250 projects in its portfolio, having invested in Sky Mavis, LayerZero, Aptos Labs and Polygon. It manages approximately $10 billion, according to Bloomberg.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. 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.

Solana started a fresh decline below the $250 support. SOL price is consolidating and might face resistance near the $235 and $242 levels.

• SOL price started a fresh decline below the $250 and $240 levels against the US Dollar.
• The price is now trading below $240 and the 100-hourly simple moving average.
• There is a key bearish trend line forming with resistance at $235 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The pair could start a fresh increase if the bulls clear the $242 zone.

Solana Price Dips Below $250

Solana price struggled to clear the $260 resistance and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $250 and $242 support levels.

It even dived below the $230 level. The recent low was formed at $225 and the price is now consolidating losses. It climbed a few points above the $230 level. It cleared the 23.6% Fib retracement level of the downward move from the $244 swing high to the $225 low.

Solana is now trading below $240 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $235 level or the 50% Fib retracement level of the downward move from the $244 swing high to the $225 low.

There is also a key bearish trend line forming with resistance at $235 on the hourly chart of the SOL/USD pair. The next major resistance is near the $242 level. The main resistance could be $250. A successful close above the $250 resistance zone could set the pace for another steady increase. The next key resistance is $260. Any more gains might send the price toward the $275 level.

Another Decline in SOL?

If SOL fails to rise above the $235 resistance, it could start another decline. Initial support on the downside is near the $225 zone. The first major support is near the $222 level.

A break below the $222 level might send the price toward the $212 zone. If there is a close below the $212 support, the price could decline toward the $200 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $225 and $222.

Major Resistance Levels – $235 and $242.

Yesterday, the NASDAQ slid 3% as China’s low-cost AI model, DeepSeek, sent shockwaves through the tech industry, triggering a steep sell-off in US chipmakers. While Bitcoin (BTC) also dipped to a low of $97,777, the flagship cryptocurrency has since recovered most of its losses, trading above the key $100,000 price level.

Bitcoin Holding Strong Despite NASDAQ Sell-Off

Bitcoin’s resiliency amid the stock market sell-off is ‘extremely bullish’, says Bitwise’s European Head of Research, Andre Dragosch. They highlighted that the leading digital asset has outperformed NASDAQ over the past two days and is currently showing limited downside risk.

It is worth noting that BTC has gained close to $5,000 since yesterday’s dip to $97,777, trading at $102,758 at the time of writing. In contrast, the S&P 500 closed yesterday’s last trading session down 1.5%.

The decoupling between BTC and the stock market is further evidenced by differing investor sentiments. According to the ‘Fear & Greed Index’, the stock market currently sits at 44/100, indicating lingering fear among investors after yesterday’s market downturn.

Conversely, the Index’s reading for the crypto market stands at 72/100, suggesting a sentiment of greed toward digital assets. However, this could also indicate that the crypto market is lagging behind the stock market and may experience a further drawdown while the stock market seeks stability.

Meanwhile, Keith Alan, co-founder of Material Indicators, shared a post on X, viewing BTC’s brief slump as a dip-buying opportunity and adding to his BTC position. Alan noted:

Similarly, seasoned crypto trader and analyst Rekt Capital shared insights on Bitcoin’s current price momentum, stating that it is “still relatively early” in BTC’s parabolic phase for this market cycle. Historically, this phase has lasted about 300 days on average, and BTC is currently at day 82.

BTC Top Not In Yet?

Although BTC reached a new all-time high (ATH) of $108,786 on January 20, some analysts believe the top is not yet in for the cryptocurrency. According to analysis by Stockmoney Lizards, BTC could reach a cycle peak of $400,000 by November 2025.

A further rally for BTC seems plausible, as ‘whales’ have started accumulating the cryptocurrency since Donald Trump’s inauguration. Other projections suggest BTC may peak at $249,000 under the Trump administration.

On a longer-term horizon, BTC could reach as high as $1.5 million according to Metcalfe’s Law. At press time, BTC trades at $102,758, up 1.1% in the past 24 hours.

XRP price started a strong increase above the $2.850 zone. The price is now correcting gains and showing positive signs above $3.00.

• XRP price started a downside correction from the $3.220 zone.
• The price is now trading above $3.00 and the 100-hourly Simple Moving Average.
• There was a break below a connecting bullish trend line with support at $3.150 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might start a fresh increase if it clears the $3.150 resistance zone.

XRP Price Regains Momentum

XRP price started a fresh increase from the $2.650 zone, outperforming Bitcoin and Ethereum. The price rallied above the $2.85 and $3.00 resistance levels. It even surged above $3.050.

A high was formed at $3.214 and the price recently corrected some gains. There was a move below the $3.15 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $2.6562 swing low to the $3.214 high.

There was a break below a connecting bullish trend line with support at $3.150 on the hourly chart of the XRP/USD pair. The price is now trading above $3.00 and the 100-hourly Simple Moving Average.

On the upside, the price might face resistance near the $3.085 level. The first major resistance is near the $3.150 level. The next resistance is $3.20. A clear move above the $3.20 resistance might send the price toward the $3.220 resistance. Any more gains might send the price toward the $3.250 resistance or even $3.350 in the near term. The next major hurdle for the bulls might be $3.450.

Another Decline?

If XRP fails to clear the $3.0850 resistance zone, it could start another decline. Initial support on the downside is near the $3.00 level. The next major support is near the $2.9350 level or the 50% Fib retracement level of the upward move from the $2.6562 swing low to the $3.214 high.

If there is a downside break and a close below the $2.9350 level, the price might continue to decline toward the $2.880 support. The next major support sits near the $2.750 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $3.00 and $2.9350.

Major Resistance Levels – $3.0850 and $3.150.

A Utah House committee has passed a bill that would allow the state to invest a portion of public funds into crypto, which will now be put to the House for a vote.

The Utah House Economic Development Committee passed HB 230, titled the Blockchain and Digital Innovation Amendments, with a favorable recommendation in an 8-1 vote on Jan. 28, with one absent vote.

Utah Representative Jordan Teuscher proposed the bill on Jan. 21, which would give the state’s treasurer authority to allocate up to 5% of certain public funds to buy “qualifying digital assets,” such as those with a market capitalization over $500 billion or approved stablecoins.

The second substitute version of the original bill was updated on Jan. 28 with provisions for crypto mining zoning restrictions.

The bill will now head to the wider House, where it will need majority approval both there and in the Senate before it is given to the governor to sign or veto.

Twelve US states — including Utah-neighboring states Arizona and Wyoming — have introduced bills giving their local treasuries permission to buy cryptocurrencies, according to Bitcoin Reserve Monitor.

Ethereum is experiencing a gradual recovery as its price climbs above $3,100. This marks a 2.3% increase over the past day. However, the asset remains in a state of overall decline, down 3.3% over the week.

While this modest rebound offers some relief, Ethereum is still grappling with the effects of an overall bearish trend. The ongoing price movement has prompted some analysts to revisit Ethereum’s underlying on-chain metrics to understand what may lie ahead for the cryptocurrency.

One key area of focus is Ethereum’s spot exchange reserves. According to a recent analysis by Cryptoavails, a contributor to the CryptoQuant QuickTake platform, the total reserves of Ethereum held on spot exchanges have been steadily declining. This long-term trend points to a shift in how market participants are managing their holdings.

Ethereum Spot Exchange Reserves Trend

According to Cryptoavails, Ethereum reserves on spot exchanges have gone through significant changes over the years. During the 2017-2018 bull market, reserves reached their peak, driven by a surge in investor interest.

The 2020-2021 period saw another substantial increase, fueled by the rise of the DeFi ecosystem and Ethereum-based projects. However, starting in late 2021, reserves began a sharp decline as large withdrawals from exchanges became more common.

By 2023, reserve levels hit a low point, and by 2024, these reduced levels persisted, signaling a potential supply shortage. This reduction in reserves often indicates that holders are withdrawing Ethereum from exchanges for long-term storage, rather than leaving it available for immediate trading.

As a result, the diminished supply on exchanges can create upward pressure on prices. Cryptoavails noted that from 2022 onward, as reserves decreased, Ethereum’s price started to stabilize at higher levels. This pattern suggests that low reserve levels could support further price increases, potentially triggering a new upward trend.

Technical Analysis Of ETH

From a technical standpoint, Ethereum has shown patterns that analysts interpret as bullish. Several prominent figures in the crypto community have shared their insights.

One renowned analyst known as Crypto Ceaser recently highlighted a bounce in Ethereum’s price as a significant opportunity, expressing a view that the cryptocurrency is undervalued and may be poised to reach new all-time highs.

However, not all analyses paint a uniformly optimistic picture. Anup Dhungana, another crypto analyst, pointed out a divergence between Bitcoin and Ethereum’s market behavior.

While Bitcoin has maintained a steady uptrend, Ethereum’s performance against Bitcoin has been less robust, with the ETH/BTC pair forming lower lows. This divergence reflects reduced investor interest in Ethereum relative to other assets.

According to Dhungana, the next technical support level for ETH/BTC may lie between 0.028 and 0.026. A rebound from this level could potentially revive broader interest in Ethereum and altcoins, paving the way for another phase of growth.

Featured image created with DALL-E, Chart from TradingView