The total crypto market cap (TOTAL) has gained $77 billion today, but it hasn’t fully recovered. Bitcoin (BTC) remains at $97,500, still trading below a key resistance level. Among altcoins, PancakeSwap (CAKE) led the way with the highest gains, surging 56% in the last 24 hours.
In the news today:-
- Hackers targeted World Liberty Financial co-founder Zach Witkoff, using his X account to promote a fake meme coin based on Barron Trump. Despite moderators removing the post, BARRON’s price hasn’t dropped, highlighting the increasing prevalence of political meme coin scams in the crypto community.
- Hashflare founders Sergei Potapenko and Ivan Turõgin pleaded guilty to wire fraud conspiracy, with the Department of Justice dropping nearly 20 charges. They aim for lighter sentences by cooperating, while prosecutors’ handling of the case has been criticized for overplaying their hands and discrediting key witnesses.
The Crypto Market Is In Green
The total crypto market cap (TOTAL) rose by $77 billion over the past day, bringing its value to $3.18 trillion, breaking above the critical $3.16 trillion resistance. This move indicates a potential shift toward bullish momentum, giving market participants hope for further gains in the coming days.
After struggling below $3.16 trillion for the past week, securing this level as support could enable TOTAL to rise toward $3.28 trillion. Confirmation of an uptrend would come if the Parabolic SAR dots shift below the candlesticks, signaling continued bullish momentum and increasing investor confidence in the market.
If TOTAL loses the support of $3.16 trillion, it could pull back into consolidation, testing the support of $3.09 trillion. A failure to hold above this level could lead to further downside, potentially pushing the total crypto market cap below the $3.09 trillion support and signaling a shift to bearish market conditions.
Bitcoin Is Still Facing Resistance
Bitcoin’s price has performed relatively well in the past day. However, given the recent market conditions, BTC will need stronger bullish cues to sustain its momentum. Without significant market support, Bitcoin may face challenges in pushing past critical resistance levels, limiting potential upside.
The recent climb of the US Consumer Price Index (CPI) above 3% YoY had a bearish impact on Bitcoin’s price, reflecting broader economic concerns. Despite this, BTC managed to rise to $97,500, moving closer to the key $100,000 level. Stronger market sentiment could help BTC break through this resistance.
Bitcoin remains below its 200-day Exponential Moving Average (EMA), a crucial resistance level. If Bitcoin fails to break above this barrier, it could struggle to maintain momentum, making it difficult to reach $100,000. Instead, the price may continue to hover near the support of $95,869.
PancakeSwap Recovers 2-Month-Old Losses
PancakeSwap (CAKE) emerged as the best-performing asset of the day, rising nearly 56% in the past 24 hours. At the time of writing, CAKE is trading at $3.06. The recent surge in price highlights growing investor interest and provides an optimistic outlook for the altcoin in the short term.
CAKE is currently facing resistance at $3.13. If the altcoin successfully flips this resistance into support, it would secure its recent gains and help investors recover losses from the past two months. This level could serve as a key foundation for continued upward movement.
However, if CAKE fails to breach $3.13, it could experience a pullback as profit-taking takes place. A failed breakout could result in a decline back to the support level of $2.25, erasing recent gains. In such a scenario, the bullish momentum may weaken, and further downside could be expected.
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