The total crypto market cap (TOTAL) fell by $13 billion while Bitcoin (BTC) is hanging just above the $105,000 level. Fartcoin (FARTCOIN) is down 11% today, emerging as the worst performing altcoin.
In the news today:-
- The Ethereum Foundation is implementing a transparent treasury policy that links its operating costs and cash needs to Ether reserves and sales. This policy will be regularly reassessed to align short-term operations with its long-term strategy, ensuring financial stability during the upcoming 18 months.
- The California Assembly has passed a bill allowing the state to transfer unclaimed crypto left on exchanges for three years under the Unclaimed Property Law. This move aligns crypto with standard asset practices and could benefit California’s crypto owners.
The Crypto Market Remains Moving Sideways
The total crypto market cap has seen a decline of $13 billion in the past 24 hours, now at $3.25 trillion. Despite the decrease, TOTAL remains indecisive, reflecting the market’s ongoing uncertainty. The lack of clear direction is creating caution among investors, keeping the market in a consolidation phase.
The market’s uncertainty is contributing to TOTAL being stuck within a range between $3.31 trillion and $3.21 trillion. This price action is likely to persist in the coming days as investors await clearer signals. The fluctuating market conditions are leaving traders in a wait-and-see mode.
Should bullish momentum emerge, TOTAL could push past the $3.31 trillion resistance level. This move would potentially open the door to a rise to $3.43 trillion. A sustained uptrend driven by positive market cues could invalidate the current bearish outlook and provide further upside potential.
Bitcoin Could Breach Key Barrier
Bitcoin’s price is currently hovering around the $105,000 mark, with the crypto king holding steady at $105,023. The biggest advantage BTC holds is that its bullish momentum remains intact, providing hope for further upward movement. The next few days will be crucial in determining its future direction.
The ongoing bullish momentum could help Bitcoin eventually breach the $106,265 resistance level. This would bring BTC closer to the $108,000 mark. If the momentum holds, it could push Bitcoin further into positive territory, providing a strong foundation for continued gains in the coming days.
However, if Bitcoin faces significant selling pressure from investors, a decline to $102,734 is possible. This would invalidate the current bullish outlook, pushing Bitcoin back toward a more neutral or bearish trend.
Fartcoin Forms A Monthly Low
FARTCOIN’s price is down 11% over the last 24 hours, marking a monthly low and trading at $0.92. The altcoin has lost the crucial support of $1.00, signaling a bearish outlook. This decline could indicate further weakness if support levels aren’t regained soon, leading to continued losses.
The 50-day EMA sitting above FARTCOIN’s candlesticks is a bearish indicator. It suggests further downward pressure for the meme coin in the near term. If this trend persists, FARTCOIN may fall below the $0.91 level and possibly drop to $0.80, extending the current downtrend.
However, if FARTCOIN bounces off the $0.91 support, there is potential for a price reversal. Breaching $1.00 and flipping it into support could help the coin recover. A rise toward $1.20 would invalidate the bearish outlook, signaling a shift in market sentiment.
Disclaimer
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