Galaxy Digital adds $300 million worth of SOL via Coinbase, Binance: onchain data

Bitcoin price is showing positive signs above $115,000. BTC is now consolidating and might rise further if it clears the $116,500 resistance zone.

• Bitcoin started a fresh increase above the $115,000 zone.
• The price is trading near $115,000 and the 100 hourly Simple moving average.
• There is a bearish trend line forming with resistance at $116,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might start another increase if it clears the $116,200 zone.

Bitcoin Price Holds Gains

Bitcoin price started a fresh upward wave above the $112,500 zone. BTC managed to climb above the $113,500 and $114,200 resistance levels.

The bulls were able to push the price above $115,000 and $116,000. The price traded as high as $116,743 and recently started a consolidation phase. There was a minor decline below $116,000. The price even spiked below the 23.6% Fib retracement level of the recent move from the $110,815 swing low to the $116,743 high.

Bitcoin is now trading near $115,000 and the 100 hourly Simple moving average. Besides, there is a bearish trend line forming with resistance at $116,000 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is near the $116,000 level. The first key resistance is near the $116,200 level. The next resistance could be $116,750. A close above the $116,750 resistance might send the price further higher. In the stated case, the price could rise and test the $117,500 resistance level. Any more gains might send the price toward the $118,500 level. The next barrier for the bulls could be $118,800.

Another Drop In BTC?

If Bitcoin fails to rise above the $116,200 resistance zone, it could start a fresh decline. Immediate support is near the $114,900 level. The first major support is near the $113,750 level or the 50% Fib level of the recent move from the $110,815 swing low to the $116,743 high.

The next support is now near the $113,000 zone. Any more losses might send the price toward the $112,500 support in the near term. The main support sits at $110,500, below which BTC might decline sharply.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

Major Support Levels – $115,000, followed by $113,750.

Major Resistance Levels – $116,200 and $116,500.

The market keeps pursuing local highs on Sept. 15, just as we have covered in our previous crypto market prediction, but unfortunately bears are still fighting and not letting Bitcoin break toward $120,000, which is causing a struggle for smaller markets like Shiba Inu. Ethereum, on the other side, is not seeing enough institutional inflows to make it further.

Bitcoin not breaking it

Despite numerous unsuccessful attempts to break higher, Bitcoin continues to encounter strong resistance around $115,000. Because the market is unable to break through this critical level, there are worries that momentum may be waning and that Bitcoin may be at risk of a more severe retracement that would ultimately put the psychological $100,000 support to the test. Chart by TradingView">

The absence of clear buying pressure suggests that institutions, which are typically the catalysts for significant breakouts, are not yet bringing in sizable inflows into the market, even though the price has held comparatively well above $110,000 in recent sessions. Although the spot ETF data indicates a positive dynamic with steady but modest inflows, the amount of capital is far from sufficient to drive Bitcoin into a long-term run toward $120,000 and beyond. Price action runs the risk of stagnation in the absence of greater commitments from funds and institutions.

There are indications of fatigue in the technical picture as well. Even though the 50-day moving average continues to support Bitcoin, and it is still on the rise, generally trading volume has decreased in comparison to earlier rallies, indicating that buyers are hesitant at these levels. Bitcoin is not overbought, but it also lacks the momentum usually needed for a breakout, as indicated by the Relative Strength Index (RSI), which stays neutral.

If Bitcoin keeps losing ground at $115,000, a pullback is more likely. If sellers regain control, it would make sense to target a decline toward $112,000 and $106,000. However, current data indicates that there is little demand at the top end, even though a strong institutional bid or macro-driven catalyst could still turn the tide and push Bitcoin toward $120,000.

For the time being, Bitcoin investors should brace themselves for possible volatility. Until it is broken with conviction, the risk of losing the $100,000 mark is still very much in play. The $115,000 ceiling has turned into a defining battleground.

Shiba Inu can't hold it

The price action of Shiba Inu swiftly reversed after failing to establish a hold above the crucial resistance of $0.000015, resulting in what many investors now refer to as a fakeout breakout. The asset gave the appearance of a persistent bullish trend at first by displaying strong momentum and rising out of a consolidation triangle with high volume.

SHIB experienced a sharp rejection and reversal, though, as selling pressure increased as soon as it touched resistance levels. Given the strong rally before the move, this reversal was surprising. When buyers tried to push the price higher, sellers overloaded the order books around $0.000015, causing a sharp pullback, according to the candlestick structure’s notable upward wick.

Given the numerous failures at this zone in the past, technical indicators suggest that this level serves as a psychological ceiling for traders. Two key problems are reflected in the inability to break above $0.000015. SHIB does not have the steady institutional demand that usually drives long-term breakouts in larger-cap cryptocurrencies despite the excitement in retail circles.

Furthermore, it appears that whales utilized the rally to lock in gains rather than build up more wealth, as evidenced by exchange inflows and profit-taking moves. The reversal was exacerbated by this profit-taking pressure, which eliminated a large portion of the short-term bullish momentum.

In order to prevent further decline into a bearish retracement, SHIB needs to protect support at $0.000013. If selling pressure persists, the asset may return to levels close to $0.000012, where technical support is provided by the 50-day moving average. Conversely, a consolidation followed by fresh volume inflows might offer SHIB another opportunity to break $0.000015.

Ethereum forms key pattern

Ethereum is forming what looks to be a cup pattern on the daily chart as it tests the $4,800 resistance level once more. The larger context presents a more cautious picture, even though such formations frequently imply a possible bullish continuation.

Slow and hesitant, ETH has been unable to gather the momentum necessary for a clear breakout during the attempted recovery toward $5,000. Ethereum has fluctuated between $4,200 and $4,800 for weeks, displaying strength but lacking the institutional inflows conviction to support the next significant leg higher.

The absence of capital flows driven by ETFs is a major worry. While ETF narratives and institutional adoption continue to help Bitcoin, Ethereum has not seen nearly as much activity. ETH’s capacity to maintain its upward momentum is in doubt if new liquidity does not enter the market.

According to technical analysis, the $5,000 mark has turned into a psychological barrier. Strong selling pressure is indicated by multiple rejections at this price, and whales and short-term traders are probably profiting every time ETH comes close to it.

With its 50-day moving average currently offering support, ETH could easily revert to $4,400 and $4,200 in the event of another rejection. Additionally, compared to previous 2025 surges, on-chain activity shows a slowdown in transactional demand.

The price of ETH may enter a period of sluggish performance, consolidating rather than rising to new highs, even though its fundamentals are still sound. Investors should keep a careful eye on $4,800 for the time being. Strong volume and a clear breakout above could rekindle hope and raise the prospect of a $5,000 run.

However, Ethereum runs the risk of becoming trapped in a stale cycle below $5,000 in the absence of fresh inflows or market-wide bullish triggers, which would irritate bulls who were hoping for faster gains.

Welcome to the Asia Pacific Morning Brief—your essential digest of overnight crypto developments shaping regional markets and global sentiment. Monday’s edition is last week’s wrap-up and this week’s forecast, brought to you by Paul Kim. Grab a green tea and watch this space.

The crypto market finally saw significant momentum last week. As of Sunday at 4:00 PM UTC, Bitcoin’s price had jumped 4.78%. Altcoins soared even higher, with ETH climbing 7.72% and SOL skyrocketing by 22.65%.

Rising Rate Cut Hopes Drive Rally

The primary driver behind the recent surge in crypto and other risk assets is growing anticipation of US interest rate cuts. This expectation intensified after the August US non-farm payrolls (NFP) figures were released on September 5.

Following that report, markets priced in a 0.75 percentage point cut by the end of 2025 and 1.5 percentage points by September of the following year.

However, the Federal Reserve has hesitated to cut rates unilaterally, as consumer inflation remains stubbornly high, holding steady at around 3%—well above its target.

The market’s recent surge was primarily triggered by encouraging inflation data. On Wednesday, the August US Producer Price Index (PPI) was announced to have dropped by 0.1% month-over-month, falling short of the anticipated 0.3% increase. This marked the first decline in producer prices in four months.

A closer look at the data revealed a notable detail: corporate profit margins in wholesale and retail trade declined, particularly for machinery and vehicles. This suggests that companies absorb some of the cost increases rather than pass them entirely to consumers. Experts interpreted this as a sign that inflationary pressures are easing more than expected.

The US August Consumer Price Index (CPI) met market expectations on Thursday. While the uptrend in inflation held, the market was relieved that the pace was not accelerating. In response, Bitcoin’s price recovered to $115,000 for the first time in two weeks.

Ethereum and Solana Find Their Own Momentum

Ethereum’s price was initially lackluster early last week, but by Tuesday, capital flows into the spot ETF market turned positive, albeit slightly.

The real surge began after the CPI report on Thursday, with ETH climbing over 8% in just two days. On Friday alone, more than $400 million flowed into the spot ETF market, reversing a two-week-long slump.

Solana, which had struggled to break the $210 level for months, rallied for eight consecutive days. This strong momentum was evident in both the futures and spot markets.

The fact that futures open interest surpassed $8.1 billion even before the CPI data was released underscores the strength of this momentum. The rally has also revitalized the Solana ecosystem, with its total value locked (TVL) surpassing $13 billion amid rising DeFi usage.

The Week Ahead: Powell’s Words are Key

After a strong rally over the weekend, Bitcoin pulled back slightly to the $115,000 level, entering a period of consolidation. Other major coins like ETH, SOL, and AVAX are also experiencing minor price corrections.

This week’s most critical event will be the outcome of the Federal Open Market Committee (FOMC) meeting on Wednesday at 6:00 PM UTC. A 0.25 percentage point rate cut seems all but certain. The key, however, will be Fed Chair Powell’s press conference. If he signals a willingness for future rate cuts, Bitcoin could see further gains.

Other important data releases include US retail sales figures on Tuesday. If these numbers come in too low, concerns about an economic slowdown could grow, which would likely negatively impact risk assets. Here’s hoping investors have a profitable week.

Executives who helped the bogus crypto exchange V Global dupe some 50,000 customers out of some $1.4 billion will not go to jail.

A South Korean court instead handed the three unnamed individuals suspended sentences. It issued fines, despite conceding they had caused “astronomical damages.”

The South Korean newspaper and the news agency reported on September 14, that the Criminal Division of the Daejeon District Court’s Cheonan Branch passed judgment on three individuals convicted of violating the Act on the Aggravated Punishment of Specific Economic Crimes.

The presiding judge sentenced all three of the officials to three years in jail (suspended). The court also ordered them to serve five years of probation.

The trio’s names were withheld for legal reasons. The court also ordered the first individual, referred to as A (a 61-year-old woman), to pay a 660 million won ($474,000) fine.

The judge also ordered B (63, also female) to pay a 426 million won fine ($306,000). A man identified as C (aged 57) was ordered to pay 259 million won ($186,000).V Global Crypto Exchange: Fines, Suspended Sentences, and Probation Orders

The trio, prosecutors told the court, occupied top positions in organizations that used multi-level marketing methods. They were tasked with luring customers to the V Global platform.Daejeon District Court. (Source: Minseong Kim [CC BY-SA 4.0])

Their efforts earned them up to 1.5 billion won ($1.1 million) each in profits, prosecution officials told the court. In sentencing, the presiding judge said:

“The defendants caused astronomical damage by exploiting popular interest in cryptoassets. Over 50,000 victims are still living with the economic and mental pain of this crime. The damage done to society is considerable. A strict punishment is called for.”

But the judge added that the executives did ensure that some of the victims received payouts and the “profits” they had been promised.

The Supreme Court jailed Lee (given name withheld for legal reasons), the CEO of V Global, for 25 years for masterminding the fake exchange back in 2023.

A Marine Corps sergeant died Saturday after being shot in the head at a unit on an island off the country's west coast, military officials said.— The Korea Times (@koreatimescokr) A Veneer of Authenticity

The CEO and his staff created a realistic-looking trading platform, designed to resemble bona fide South Korean exchanges like Upbit and Bithumb.

The platform featured real-time price charts for coins like Bitcoin (BTC) and Ethereum (ETH), as well as coin tickers and realistic-looking trading volume tables.

The V Global exchange used a “tiered membership system” that incorporated advanced multi-layered marketing methods.

Its operators offered members payouts in V Global-branded tokens if they “recruited new members.”

But the courts later determined that these coins were just as fake as the exchange itself, and had never launched on any blockchain protocol.

South Korean courts have also jailed other senior V Global executives. One individual is currently serving a 14-year sentence. Another, meanwhile, is coming toward the end of a four-year jail term.

V Global launched in mid-2020. But the rouse began to unravel in 2021, when disgruntled customers filed legal complaints, stating that they could not withdraw their assets from the exchange.

At its height, the bogus exchange operated from a building in the heart of Seoul’s busy commercial district.

The district is home to some of the country’s biggest crypto exchanges and most prominent blockchain technology startups.

Hyperliquid’s validator community has selected Native Markets to receive the long-reserved USDH ticker, concluding a weeklong contest that drew bids from some of the biggest names in stablecoins and crypto infrastructure.

In a post announcing the outcome, Native Markets said it will move immediately into a staged rollout, beginning with a small-scale testing phase for mints and redemptions before opening a USDH/USDC spot pair and then removing caps. The team framed the capped limits as a safety check ahead of general availability, and said that activity should start "within days."

The campaign to win USDH became Hyperliquid’s first major on-chain governance vote outside of routine listings. Native Markets issued the first proposal for USDH just 90 minutes after Hyperliquid issued the call, and later updated the proposal following community feedback. The Hyperliquid Foundation abstained from the vote.

Native Markets' USDH will be issued natively on Hyperliquid's HyperEVM network, with reserves managed across a mix of off-chain and on-chain assets and an explicit plan to split reserve yield between HYPE buybacks and programs to expand USDH distribution. The stablecoin will be "fully backed by cash and US treasury equivalents with offchain reserves initially managed by BlackRock and onchain reserves by Superstate through [Stripe-owned] Bridge," according to the proposal. 

Despite bids from established players such as Paxos, BitGo, Ethena, and others, Native Markets was heavily favored to win the vote throughout most of the proposal period by prediction markets. Most bidders pledged to share most or all of the stablecoin's yield with the Hyperliquid ecosystem, through contributions to the Hyperliquid Assistance Fund (which buys back the HYPE token), ecosystem growth initiatives, or direct buybacks. 

The forthcoming issuance of USDH poses a potential threat to Circle's USDC, currently the dominant dollar-backed stablecoin on the network. Nearly $6 billion worth of USDC reserves are held on the platform, according to DefiLlama data. Though Native Markets received the USDH ticker, USDC and other stablecoins will continue to be supported on Hyperliquid as quote assets, as long as they meet certain thresholds such as a 200,000 HYPE stake (worth about $10 million), a robust $1 peg mechanism, and minimum depth against USDC and HYPE. 

Native Markets was co-founded by Max Fiege, an early Hyperliquid ecosystem investor and advisor, Anish Agnihotri, an experienced blockchain researcher and developer, and MC Lader, the former president and COO of Uniswap Labs. "This is the only proposal built by a team with the combination of deep Hyperliquid experience, trading knowledge, institutional credibility and DeFi regulatory battle wounds," Native Markets' proposal states. 

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