The total crypto market cap (TOTAL) and Bitcoin (BTC) crashed during the intra-day trading hours, owing to anticipation surrounding the FOMC decision on Wednesday. The recovery led to altcoins’ posting green on the daily chart, with Conflux (CFX) rising by nearly 12% in 24 hours.
In the news today:-
- President Trump has finalized a 15% tariff on Korea through a trade agreement securing $350 billion in investments. The deal protects sensitive sectors like rice and beef, avoiding the planned 25% tariffs set for August 1.
- Trump’s Digital Assets Working Group released a report on the US crypto industry, focusing on closing tax loopholes. Despite his usual laissez-faire stance, the report suggests expanded safe harbor programs without advocating for stricter regulations overall.
The Crypto Market Loses But Recovers
The total crypto market cap has increased by nearly $16 billion in the last 24 hours, reaching $3.83 trillion. This surge came after the market bounced off the key support level at $3.81 trillion, signaling potential stability and optimism for future gains.
Despite the positive movement, the market experienced a sharp drop of approximately $97 billion during the intraday hours following the FOMC decision. However, after the Federal Reserve announced that interest rates would remain unchanged, the market quickly recovered, putting it on track to reach $3.89 trillion in the coming days.
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The market’s future direction depends on maintaining current levels. If the support at $3.81 trillion holds, the market could continue its recovery. However, any failure to hold this level could cause the market to slide back down, potentially reaching $3.73 trillion and disrupting the recent bullish momentum.
Bitcoin Climbs Back Into Consolidation
Bitcoin’s price is currently at $118,432 after nearly dipping to $115,700 over the last 24 hours. The crypto king has reentered its consolidation range between $117,261 and $120,000, indicating a period of indecision in the market. This stability suggests that BTC may remain within this range for the time being, avoiding significant drops.
Given the current market environment, Bitcoin is likely to continue consolidating as investors remain cautious. With the market showing mixed signals, Bitcoin’s price could fluctuate within the consolidation range, preventing any drastic movements.
If investors decide to secure their profits, Bitcoin’s price could fall through the support level at $117,261. Such a move could send the price back toward the $115,000 mark, testing lower levels. This scenario would indicate a potential reversal in Bitcoin’s price momentum.
Conflux Posts Gains
CFX price has risen nearly 12% in the past 24 hours, currently trading at $0.23. The altcoin capitalized on the overall market recovery, boosting its position on the daily chart. This surge signals positive sentiment and potential growth for CFX in the short term.
CFX is approaching the resistance level of $0.24. If it manages to break through this barrier, the altcoin could continue its upward trajectory toward $0.26. A successful breach of $0.24 would allow investors to profit from this continued bullish momentum, increasing market optimism.
However, if CFX fails to breach the $0.24 resistance, the altcoin may see a pullback to its local support level at $0.21. A drop below this support could push CFX toward $0.19, invalidating the bullish outlook and signaling a potential downtrend.
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