Markets
Why is the crypto market booming today?
Total market capitalization (TOTAL) is stable for now as the crypto market continues to cool. The price of Bitcoin (BTC) will undergo some consolidation in the coming trading sessions. However, Bittensor DAO token (TAO) continues its rise, coming close to surpassing US$500.
In today’s news:-
The total market value at a fundamental support
The total crypto market capitalization is $2.50 trillion, an important support floor that has also been tested in the past. Market anticipation is for a rebound from this level, which could also be the case as inflows have increased over the past 24 hours.
For now, the next major resistance is at $2.61 trillion, but the chances of TOTAL reaching it are very low. An optimistic outcome will likely see the total market cap surpass $2.55 trillion.
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Total market capitalization analysis. Source: Trading View
Conversely, a drop below $2.50 trillion will result in a drawdown to $2.45 trillion, invalidating any upside potential TOTAL may have.
Bitcoin Could See Consolidation
Bitcoin price is currently trading at $69,500 after failing to break the $71,800 barrier. BTC is currently noticing crucial support at $68,500, and the chances of a drop to the same level are high. But the cryptocurrency will not witness a drop below it.
Instead, Bitcoin price will likely remain within the range between the aforementioned support and resistance levels. This consolidation will allow BTC to attempt to break the $71,800 resistance once again.
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However, losing the $68,500 support could create a situation where losses could occur as the digital asset falls to $66,000 or lower.
Bittensor faces a barrier
Bittensor’s native token TAO is trading at $468 after seeing a 30% increase in three days. This increase is pushing TAO towards the $500 resistance, which it tried to close above and failed three times last month.
Testing this line as support could change the course of TAO price action, potentially starting the recovery. This is because this level has undergone several tests as resistance and support, with the latter resulting in an increase in price.
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But if the breach fails, Bittensor will likely fall to $418 or lower, potentially even dropping to $351. This price has been tested as floor support enough times to establish it as critical support for TAO.
Disclaimer
In line with the Confidence Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyIt is Disclaimers have been updated.