This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

Major cryptocurrencies are looking bullish, with market leader bitcoin BTC$114,140.02 exhibiting a classic inverse head-and-shoulders breakout that could propel it toward $120,000.

But there’s a catch. The daily chart for the S&P 500 E-Mini futures is displaying a bearish pattern, indicating a potential sell-off that could weigh on the cryptocurrency market and trap bulls on the wrong side of the market.

S&P 500 hits record high with rising wedge

The E-mini futures have risen nearly 5% to a record high of $6,542 since Aug. 1. The slow ascent has taken the shape of a rising wedge pattern identified by converging trendlines connecting July 31 and Aug. 15 highs and lows reached on Aug. 1 and Aug. 22.

The converging trendlines indicate that bullish momentum is waning, increasing the likelihood of a sell-off.

When asked to identify and analyze the pattern on the S&P 500 futures, Google Gemini replied, “When a rising wedge, which is a bearish reversal pattern, appears after an extended rally to record highs, it significantly increases the probability of a sharp downside move. It suggests that buyers are exhausted and that the rally is running on fumes. The pattern indicates that the market is setting up for a major trend reversal rather than a simple pullback.”

Cryptocurrencies are known to closely track Wall Street sentiment, which means that a potential decline in the S&P 500 could weigh on bitcoin and other cryptocurrencies.

Inflation eyed

The odds of a breakdown in the S&P 500 could rise sharply if Thursday’s U.S. consumer price index (CPI) prints hotter than expected. Such a result, combined with the recent labor market weakness, may rekindle fears of stagflation—the worst-case scenario for risk assets—putting additional pressure on equities and cryptocurrencies alike.

The median forecast for the U.S. Consumer Price Index (CPI) in August 2025 is a 2.9% year-over-year increase (not seasonally adjusted), according to FactSet. If this estimate holds true, it will be the highest annual rise since January 2025, when the CPI reached 3.0% and well above the Fed’s 2% target. Additionally, this 2.9% figure would surpass the trailing twelve-month average inflation rate of 2.6%.

More importantly, the median estimate (year-over-year, not seasonally adjusted) for the core CPI, which excludes food and energy, is 3.1%.

BTC, ETH options are already biased bearish

The 25-delta risk reversals tied to Deribit-lited bitcoin and ether options were negative out to December expiry, according to data source Amberdata. In other words, short and near-dated BTC and ETH puts traded at a premium to calls, reflecting a bias for downside protection.

A put option protects the buyer from a decline in the value of the underlying asset. A call provides an asymmetric bullish exposure. The 25-delta risk reversal involves the simultaneous purchase of a put option and sale of a call, or vice versa.

According to Options Insights’ Founder, Imran Lakha, the put bias in BTC is likely due to institutions placing long-term hedges. Flows have continued to trend lower on the over-the-counter tech platform Paradigm.

“Flows again featured the [ETH] 26 Sep 4k put, lifted up to 73v,” Paradigm noted.

XRP is indecisive, DOGE looks north

While BTC’s inverse head-and-shoulders breakout suggests a strong bullish direction, XRP’s price action appears indecisive.

The payments-focused cryptocurrency remains locked in a descending triangle and continues to trade within the Ichimoku cloud. Together, these indicators suggest a period of consolidation and uncertainty.

A breakout from the triangle might invite stronger buying pressure, potentially leading to a re-test of $3.38, the swing high from Aug. 8. That said, the descending triangle, by itself, is generally considered a bearish pattern. That’s because the downward-sloping trendline connecting lower highs indicates that sellers are progressively getting stronger and could soon penetrate the horizontal support level.

Speaking of DOGE, it has retaken the bullish trendline from June lows, trapping sellers on the wrong side of the market. Additionally, prices have crossed into bullish territory above the Ichimoku cloud, which suggests scope for a test of the July high of 28.76 cents.

However, traders still need to watch out for a potential rising wedge breakdown in S&P 500 futures, as a reversal there could cap gains in DOGE and weigh on its price momentum.

BTC has experienced considerable volatility after setting a new all-time high. Prices quickly reverse, signal possible bull traps, and lead everyone to the question, what is the best code to buy now? Perhaps BTC is set up to experience horizontal integration for some time, within the $116 to $124,000 range.

24 hours7d30D1Yeverytime

The Bulls pushed BTC to a new peak of $124.4K, but suffered intense sales pressure and were trapped by the deceased participants. It is now back to the 118K range. Maintaining this level is important for the bull cycle to be effective. Rebounds from the 118K level are a sure sign of a continuing bullish trend.

On the four-hour chart, BTC’s recent movements reflect a classic fluidity sweep. It went past previous all-time highs, triggering a breakout purchase and a stop loss, but it turned sharply.

(btcusd)

It then dropped sharply under previous lower swings.

Currently, BTC is trading between 116K to 124K range. Without a compelling breakout, analysts hope that price action will remain volatile.

In the meantime, traders have zero in liquidity pockets at both ends of the range.

Explore: 9+ Best High Risk, High Reward Crypto Buy in August 2025

What does on-chain data show?

The average seven-day influx of Binance has skyrocketed as we speak, reaching one of the highest levels we’ve seen recently.

This metric tracks the average number of BTCs entering exchanges and has historically been consistent with preparations for sales, margin collateral, or institutional rebalancing.

The spikes show a stable inflow of BTC into Binance’s trading accounts from external wallets. Historically, such spikes have created short-term sales pressure when demand for sufficient locations is not met.

Additionally, Binance’s Netflow tests positive, indicating that the spill will run out.

If buyers do not absorb BTC, imbalances can lead to short-term volatility.

Explore:12+ Hottest Encryption Presale to Buy Now

The $12 billion BlackRock BET rattles out ETH supply, but is it still the best code to buy now?

BlackRock has acquired more than $12 billion in ETH in just 30 days, over 15 times more than BTC purchases in the same period, indicating a strong institutional pivot towards Altcoin King.

BlackRock ETH HOLDINGS

Launched in 2024, BlackRock-Controlled and Managed Isles Ethereum Trust ETF (ETHA) has already raised $1.5 billion in assets, highlighting ETH’s commitment to long-term value.

Its net publication fell to an all-time low in 2025 as its proof model and the EIP-1559 combustion mechanism permanently removes ETH from the circulation.

With BlackRock buying ETH, supply is definitely tightening further, liquidity is declining and price volatility is skyrocketing.

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Analysts predict that ETH could reach $5,000 to $7,000 in 2025.

Explore: Best New Cryptocurrencies to Invest in 2025

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After a tumultuous week, the Bitcoin price is starting to find its footing again, rising from major support around the $115,000 level. Currently, the pioneer cryptocurrency looks to be on the path of recovery and possibly moving toward new highs this week as momentum picks up. There is also the possibility of a coming short squeeze, as explained by crypto analyst Luca on X, using recent developments that show that the recent crash may have only been temporary.

Bitcoin Shows Tendency To Cross $123,000 Again

In an X post, Luca pointed to the Bitcoin market makers as the ones behind the recent price movements and that there was a reason for this. The initial move downward looked to be an attempt to flush out late longs as crypto traders tried to take advantage of the frenzy created by the new all-time highs.

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Then a reversal moved into the works, catching shorters unaware and sweeping liquidity at support levels. This comes as bears were pulled into a false sense of security, believing that the price would continue to decline before being hit with the move back up above $118,000, triggering hundreds of millions of dollars in liquidations.

All of this is happening at a time when things like the Bitcoin funding rate were falling. Coinglass data shows the Bitcoin OI-Weighted Funding Rate had fallen briefly below 0.01% on Sunday after reaching as high as 0.0167% earlier in the week on July 23. Luca further revealed that the Bitcoin Premium metric had also fallen back into the negative.

Another interesting fact was the fact that the open interest had shot up when the Bitcoin price had declined. Then, once the price began to recover, the open interest began to rise once again, and Luca interprets this as short positions starting to get squeezed. If this squeeze continues, then the Bitcoin price could spike very quickly, taking out tens of thousands of short positions with it.

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BTC Open Interest Tells A Story Of Exposure

As the Bitcoin price has bounced between $115,000 and $120,000, the BTC open interest has barreled upwards in response. In fact, this metric sits at all-time high levels, shaking off the market uncertainty as crypto traders continue to open positions to bet on Bitcoin’s next move.

The open interest had touched $87.89 billion back on July 15, and since then, it has averaged above $80 billion every day. Amid this, the Binance Long/Short ratio shows that shorters are currently dominating at 53.97% compared to 46.03% for long accounts. This lends credence to Luca’s expectations that the market could see a short squeeze to take out shorters and push the price to new all-time highs.

Featured image from Dall.E, chart from TradingView.com

Bitcoin has spent the past seven days trying to hold near $85,000, with a trading range between $83,200 and $86,000. Buying momentum has turned positive in the past 24 hours, but an interesting technical analysis of the current price action points to a looming downside risk.

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Crypto analyst Xanrox laid out a bearish case for Bitcoin in an analysis on the TradingView platform, arguing that the ongoing falling wedge pattern, often seen as a bullish indicator, may actually be a calculated trap set by whales. According to his analysis, Bitcoin could crash to $67,000 before another strong move upwards.

Bitcoin’s Falling Wedge That Might Not Be Bullish After All

Xanrox’s main argument centers on the widespread belief that falling wedges are bullish reversal patterns. Although this is often true when the wedge forms at the start of a trend, the current wedge is forming at the end of a broader trend, which is a different scenario altogether.

The daily candlestick timeframe chart shows the Bitcoin price moving inside a clean wedge structure while trading well below the 20, 50, 100, and 200 daily moving averages. This setup, according to Xanrox, paints the picture of a clear downtrend rather than a setup for a reversal.

The bearish outlook is not just about chart patterns; it’s also about market psychology and the mechanics of liquidity. Such a setup is likely being exploited by whales in institutions and banks with enough liquidity to influence price action.

These whales need retail buyers to create enough volume for them to offload or accumulate positions. By painting the illusion of a breakout, they can push retail participants into a false sense of opportunity, only to reverse the market and trigger stop losses across the board.

This outlook plays into the growing notion that Bitcoin is increasingly becoming more of an asset among institutions, primarily due to the rise of Spot Bitcoin ETFs.

Chart Image From TradingView: Xanrox

20% Price Move For Bitcoin This Week

Xanrox predicted a 20% move for Bitcoin this week. A 20% move to the upside from the current $85,000 range would see Bitcoin trading back above $100,000 and somewhere around $102,000. However, this predicted 20% move isn’t an upside move but a downside move. Particularly, the analyst identified $67,000 as the level Bitcoin is most likely to test in the coming weeks. 

The $67,000 price level is the primary target if the current wedge fails as expected, as it is the major support on the way down if $75,000 is broken. 

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Even if the predicted 20% downside move fails to materialize this new week, there is still the possibility of the move taking place in the coming weeks. The analyst suggests Bitcoin may attempt to retest the upper zone between $108,000 and $91,000 before heading lower.

At the time of writing, Bitcoin was trading at $84,280.

Featured image from Pexels, chart from TradingView

A closely followed trader believes that the layer-1 protocol Solana (SOL) may have just flashed a strong bullish reversal signal.

Pseudonymous trader Inmortal tells his 231,500 followers on the social media platform X that Solana appears to have set a massive bear trap earlier this month when the price of SOL briefly dropped below $100.

A bear trap is a false signal that makes it appear that the price of an asset is heading to much lower levels, but instead, the price abruptly reverses and rallies, leaving short-sellers trapped.

Says Inmortal,

“That weekly candle is maybe the biggest bear trap I’ve ever seen, SOL.”

The analyst now believes that SOL is setting the stage for strong rallies en route to a new all-time high of $340 by December 2025.

“In retrospect, it will be so obvious, SOL.”

At time of writing, Solana is trading for $128.19, down over 3% on the day.

Looking at Bitcoin, Inmortal thinks that BTC will trade between $74,000 and $95,000 in the coming months before sparking a breakout rally toward the end of the year.

“Expecting something like this:

> Bounce to $90,000
> More chop/ranging ($67,000 maybe)
> Uptrend in the second half of this year

Maybe not in this exact order.

BTC.” 

Based on the trader’s chart, he appears to suggest that Bitcoin will soar close to $130,000 by the end of 2025. At time of writing, Bitcoin is worth $84,943.

Turning to the memecoin Floki (FLOKI), Inmortal thinks the altcoin is at a price level where it can potentially carve a major cycle bottom.

“Accumulating more FLOKI at these levels.

RSI (relative strength index) is at the same levels it was 700 days ago, and price at pre-bullrun levels.”

The RSI is a momentum indicator that can help traders spot levels where an asset is oversold or overbought. At time of writing, FLOKI is worth $0.000057.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The incident unfolded after months of online communication. The victim is seduced by a high-end hotel, where the gang is forced to move 6 BTC by threatening his reputation. Police are currently investigating and warning crypto users about similar fraud targeting owners. This case attracted attention due to its similarities with the virus’ social media stunts.

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Discovery: Next 1000x Ciphers: 10+ Ciphers tokens that could hit 1000X in 2025

BTC scams: gangs, victims, stolen bitcoin

A few days before the report, Btcconger, a former Lisaabuilder, a Mandarin-speaking X user, posted a provocative offer. She promised to “had the night” with someone who held 0.1 BTC and asked her followers to share their wallet address.

She then escalated the stunts with photos and videos, including hotel selfies with condoms and clips of reading a Bitcoin white paper with three men. She also claimed she traveled to Bangkok for a meetup, but one post suggested a no-show.

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However, this one man becomes a victim after agreeing to meet at a high-end hotel in Chengdu, along with “Bitcoin Konger” instead of a btcconger. The perpetrators then reportedly used forged evidence to threaten the victim’s reputation, and ultimately forced the transfer of 6 BTC via a crypto honeypot. Sexual pig butt scheme.

Sina Finance Report linked Btcconger’s tweet to the Chengdu case by a group of gang members working in fraudulent businesses. It details how the gang worked under the alias “Bitcoin Konger” and reflects the persona of Btcconger. The similarity of tactics using female trader personas scrutinizes real Btccongers even without direct evidence tied to crime.

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Discover: 9+ Best High Risk, High Reward Crypto Buy in March 2025

This was followed by Btcconger’s response to a livestream allegation with content creator Robertley. From Shenzhen, she denied any involvement and said that Chengdu’s Great Terror would precede the rebranding of her account to Btcconger. She alleged that if she was found guilty she was detained and claimed that she notarized evidence clearing her name in a formal report.

Aftermath: It’s not just stolen BTC

Police warn investors about the growing trends in fraud that leverage the trust of crypto holders. The Chengdu case included grooming for months before the in-person ambush, giving a typical online terror twist. Authorities urge users to verify their identity and avoid sharing sensitive details with unverified contacts.

Btcconger’s post ultimately went massive with 2 million views. They introduced the charms that such tactics can have, whether for caution or for a deception. Some viewed it as smart marketing, while others viewed it as a dangerous move that hides real threats.

In addition to the threat to his reputation, six stolen BTCs caused financial damage to the victims. This tactic, common in Crypto sexttortor, utilizes personal embarrassment to bypass rational judgments. The use of fake evidence by gangs is psychologically exploiting the victims.

The investigation continues, but Btcconger’s denial depends on timing and her public presence. She claims that the rebranding to Btcconger has been recent and published the Chengdu case.

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This case reveals vulnerabilities in a crypto space where anonymity and trust can be weaponized.

As the police dig deeper, the line between viral stunts and criminal behavior becomes blurred and puts us on the edge.

Discover: Best Meme Coins to Invest in March 2025 ICOS

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According to an X post by crypto analyst CryptoGoos, Ethereum (ETH) may be nearing the end of a bear trap. The analyst predicts that the cryptocurrency could surge past its recent range high of $4,000, potentially eyeing a new all-time high (ATH) of $10,000.

Ethereum Breaking Out Of The Bear Trap?

Ethereum appears poised to break free from a potential bear trap, as the second-largest cryptocurrency by market cap continues to trade in the low $2,000 range after enduring a strong sell-off since December 2024.

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For the uninitiated, a bear trap refers to a false signal that makes it seem like an asset’s price is continuing to fall, tempting traders to short it – only for the price to suddenly reverse and rise, causing those short positions to get liquidated.

In a recent X post, CryptoGoos emphasized that ETH may be nearing the end of such a trap. The analyst shared an ETH weekly chart illustrating how the cryptocurrency could be on the brink of a trend reversal after months of relentless sell-offs.

Fellow crypto analyst Merlijn The Trader echoed CryptoGoos’ sentiment, highlighting similarities between ETH’s current price action and patterns seen in 2020. He noted that the last time this setup emerged, “panic turned into a historic rally.”

Crypto investor Rekt Capital also weighed in, pointing out that Ethereum is trading within a “historical demand area.” The investor stated:

If price can generate a strong enough reaction here, then #ETH will be able to reclaim the $2196-$3900 Macro Range (black). If ETH does this before the March Monthly Close, then this entire sub-$2200 downside would end up as a downside wick.

ETH About To Exit Accumulation Phase

Seasoned crypto commentator Ted shared a chart indicating that ETH has broken out of its short-term accumulation phase. He explained that the digital asset has been in accumulation since its drop from $3,000 to $1,800. Ted added that sustained price action above $2,000 could ignite a significant price rally.

Noted analyst Daan Crypto Trades revealed that he recently converted some of his long-term Bitcoin (BTC) holdings into ETH for the “first time in years.” He cited the current ETH/BTC trading pair as presenting an attractive risk/reward setup.

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Beyond bullish price action, several technical indicators are signaling a potential ETH rally in the near term. Notably, ETH’s weekly Relative Strength Index (RSI) recently hit a multi-year low – a sign that a trend reversal could be imminent.

However, rising ETH reserves on crypto exchanges remain a point of caution, as they could suppress bullish momentum if investors opt to sell. At press time, ETH trades at $2,029, up 7.8% in the past 24 hours.

Featured image from Unsplash, charts from X and Tradingview.com

A widely followed analyst is outlining the potential path forward for Bitcoin (BTC), Solana (SOL) and other crypto assets.

The analyst pseudonymously known as InvestAnswers tells his 563,000 YouTube subscribers that Bitcoin, Solana and other crypto assets are in a “classic bear trap.”

A bear trap is a situation where a decline is interpreted as the start of a bearish trend when it is a temporary development that will reverse upwards.

“I think we’re still in the bull market. I’m 95% sure we’re still in the bull market. But this bear trap is designed to break your heads. Do not leave. Do not leave at this stage, ladies and gentlemen.”

Turning to Bitcoin, the pseudonymous analyst says that a bullish reversal pattern has formed on the crypto king.

“[Bitcoin has] been staggering around this area [around $82,000] for like seven or eight days. So it’s a classic double bottom, which is what I like to see.”

Bitcoin is trading at $81,602 at time of writing.

On Solana, the pseudonymous analyst says the sixth-largest crypto asset by market cap is “drastically undervalued” at the moment.

“A few weeks ago I did a math model – if Solana was valued like Bitcoin based on users, based on revenue, based on adoption, based on transactions, etc. the market cap would be $24 trillion.

Bitcoin’s $2 trillion. So it would be 12 times more valuable than Bitcoin. And I know Bitcoin is a store of value and stuff but just putting things in perspective. Cream will eventually float to the top. We just don’t know when.”

Solana is trading at $125 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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