In Brief

  • Crypto market cap rises by $4.8 billion to $3.82 trillion, holding above $3.81 trillion support; further upward movement possible if resistance at $3.89 trillion is breached.
  • Bitcoin consolidates at $117,970; breaking $120,000 could push it toward $122,000, with bullish RSI supporting further momentum.
  • PUMP rises 12.3%, facing resistance at $0.0029; a breakout could drive it to $0.0038, but a drop below $0.0024 would signal a reversal.
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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.

For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Total Crypto Market Cap Analysis
Total Crypto Market Cap Analysis. Source: TradingView

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.

Bitcoin Price Analysis.
Bitcoin Price Analysis. Source: TradingView

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.

PUMP Price Analysis.
PUMP Price Analysis. Source: TradingView

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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Top crypto platforms in the US
Coinbase Coinbase Explore
eToro eToro Explore
COCA wallet COCA wallet Explore
UpHold UpHold Explore
Moonacy Moonacy Explore
Top crypto platforms in the US
Coinbase Coinbase
eToro eToro
COCA wallet COCA wallet
UpHold UpHold
Moonacy Moonacy

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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