The total crypto market cap (TOTAL) and Bitcoin (BTC) have remained virtually unchanged over the last 24 hours. The hint of bullishness, however, comes from the altcoins with Pump.fun (PMP) leading the charge with a 12% rise.
In the news today:-
- The SEC has approved in-kind ETFs for Bitcoin and Ethereum and expedited the approval process for altcoin ETFs, marking a breakthrough for the sector. The Commission also increased the position limit on IBIT options trading by tenfold, paving the way for a surge in option-based Bitcoin ETFs.
- A German appeals court ruled that transferring cryptocurrency using known wallet passwords without permission may not violate criminal law, sparking criticism. The decision highlights a legal gap in handling decentralized assets, removing criminal liability for actions considered theft in traditional finance.
The Crypto Market Is Holding
The total crypto market cap has gained $4.8 billion in the last 24 hours, reaching $3.82 trillion. This surge reflects a positive shift in the market sentiment, positioning TOTAL above the $3.81 trillion support.
TOTAL is expected to maintain its position between $3.81 trillion and $3.89 trillion. This range indicates a neutral market condition, with little likelihood of sharp declines unless negative market factors impact investor sentiment. As long as TOTAL holds above the $3.81 trillion level, further upward movement remains possible.
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If TOTAL successfully breaks through the $3.89 trillion resistance, it is likely to continue pushing toward $4.00 trillion. This would signal renewed bullish momentum, attracting more investor interest and potentially setting the stage for a new market high.
Bitcoin Remains Consolidated
Bitcoin’s price is currently at $117,970, as the cryptocurrency faces consolidation below $120,000. The altcoin has been stuck in a sideways pattern for a while, with little upward movement. Bitcoin’s performance over the next few days hinges on whether it can break through the resistance level.
BTC has managed to establish $117,261 as its support level. As long as Bitcoin stays above this key level, there remains a chance for a recovery. If BTC can breach the $120,000 mark, it could potentially continue its upward momentum, attracting more buying interest and pushing towards higher levels.
The RSI is still positioned in the bullish zone, indicating positive momentum for Bitcoin. This could provide the necessary boost for BTC to break through $120,000 and reach its next target of $122,000. If the market conditions remain favorable, Bitcoin may maintain its upward trajectory.
Pump.fun Posts Gains
PUMP price is up 12.3% today, making it the best-performing altcoin of the day. Currently trading at $0.0027, PUMP shows strong upward momentum. The surge comes amidst growing interest, signaling the potential continuation of its bullish trend. Investors should closely monitor the key resistance at $0.0029.
The altcoin faces resistance at $0.0029, but the chances of a rally remain high. A successful breakout past this level could push PUMP to new highs. The growing demand for PUMP may fuel further upward movement, potentially reaching $0.0038 in the short term. Positive market sentiment could also help sustain momentum.
However, if investors decide to sell, PUMP could fall back to $0.0024 or lower. Such a drop would invalidate the bullish outlook and suggest a reversal. This highlights the importance of market sentiment and investor actions in determining PUMP’s price direction.
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