The total crypto market cap (TOTAL) and Bitcoin (BTC) had a good run over the past day as the latter reclaimed its spot above the $100,000 mark. While the impact of the same was not overtly bullish on the altcoins, Worldcoin (WLD) still managed to post a near 7% rise.
In the news today:-
- Gemini settled a 2022 CFTC lawsuit by paying a $5 million fine without admitting wrongdoing over Bitcoin price manipulation claims. The Winklevoss twins’ legal issues could complicate industry calls for the CFTC to regulate crypto over the SEC.
- MicroStrategy acquired $101 million in Bitcoin, marking a significant reduction from its previous multi-billion-dollar purchases. Founder Michael Saylor has not addressed the decline in acquisition scale in his public statements.
The Crypto Market Recovers
The total crypto market cap surged by $77 billion, reaching $3.49 trillion, which now serves as a critical support level. This growth reflects optimism in the market, as investors show confidence in a broader recovery across cryptocurrencies.
A bounce from the $3.49 trillion support could push the total market cap toward $3.64 trillion. Such a rise would extend the ongoing recovery, solidifying bullish sentiment and setting the stage for further upward momentum in the coming days.
However, losing the $3.49 trillion support could lead to a drop to $3.28 trillion. This decline would invalidate recovery hopes, potentially triggering broader market corrections and reducing investor confidence.
Bitcoin Reclaims Its Rightful Spot
Bitcoin’s price rose by 3.2% in the last 24 hours, reaching $101,569 and closing above $100,000 for the first time in three weeks. This breakout marks a key milestone, bolstering investor confidence in the cryptocurrency’s ability to maintain its upward trajectory in the coming days.
The next target for Bitcoin is to breach and flip $105,000 into a support level. Achieving this milestone could enable BTC to approach its all-time high of $108,384, marking a significant recovery after weeks of consolidation and subdued market momentum.
While an immediate drawdown seems unlikely, any decline could push Bitcoin below $100,000, sparking investor panic. Such a loss of support might delay further recovery efforts and place the crypto king in a vulnerable position, eroding recent gains.
Worldcoin Is Noting Gains
Worldcoin (WLD) emerged as the top-performing altcoin in the last 24 hours, rising 6.8% to close at $2.57. This marked a significant milestone as the cryptocurrency breached the critical resistance level of $2.55, setting the stage for potential upward momentum in the coming days.
If WLD manages to bounce off $2.55 and maintain its support, the altcoin could rally further toward $2.92. This next resistance level represents a key barrier that, if breached, could sustain the bullish momentum and encourage more investor confidence in the market.
However, if profit-taking ensues, WLD could drop below $2.55, invalidating the bullish outlook. A fall to $2.17 would erase recent gains and put the cryptocurrency back in a consolidation phase, deterring further upward movement.
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