The crypto market took a slight breather over the weekend, with the total market cap and Bitcoin’s price experiencing a minor dip. While the intra-day candlestick shows a green signal, the overall bearish sentiment from the last few days is still affecting the market’s growth, keeping it relatively stagnant.
Total Market Cap Facing Resistance
Currently, the total market capitalization stands at $2.36 trillion, just below the resistance level of $2.40 trillion. This resistance has proven challenging to breach in the past, with previous attempts failing to break through. The market is now at a critical juncture, and any further bearish cues could potentially push the total market cap down to $2.29 trillion, a key support level in the past.
Bitcoin’s Price Halts its Rise
Bitcoin, the leading cryptocurrency, is trading above $67,100 at the moment. After experiencing a minor dip in the last two days, the ongoing price surge has paused temporarily. While today’s 1.26% growth has helped recover some of the recent losses, Bitcoin’s performance is still only marginally better than the previous day.
Looking ahead, Bitcoin’s price is expected to consolidate between $68,500 and $64,800 in the near term. This sideways movement is likely to continue until a breakout above or below either of these levels. A drop below $64,800 could signal a bearish trend, potentially pushing the price further down to $63,700.
Pyth Network Hits a Four-Month Low
Pyth Network, an altcoin in the crypto market, has been on a downward trend for the past two months. Following the broader market sentiments and Bitcoin’s movement, PYTH recorded a 13% decline on Sunday, trading at $0.38. While this is above a crucial support level of $0.35, a break below this point could lead to further declines. On the other hand, a bounce back from this support level could initiate a recovery towards $0.46, potentially invalidating the bearish outlook for PYTH.
In other news, Genesis has secured court approval to distribute $3 billion to its creditors, allowing the users impacted by the bankruptcy to receive 77% of their claims. Additionally, Kraken’s Global Head of Asset Growth and Management, Mark Greenberg, reassured users that they have no plans to delist Tether (USDT) in Europe, providing some stability and assurance for the crypto market.
As the market continues to navigate through these fluctuations and challenges, investors and traders are advised to stay informed, conduct thorough research, and consult with financial professionals before making any investment decisions. The volatile nature of the crypto market requires a cautious and well-informed approach to mitigate risks and capitalize on potential opportunities.
