The total crypto market cap (TOTAL) and Bitcoin (BTC) are in the green today following a volatile week. Nevertheless, this did not have a bearish impact on some altcoins, such as Mantle (MNT), which posted a rise.
In the news today:-
- Binance Labs is rebranding to YZi Labs and becoming an independent organization, enabling former Binance CEO Changpeng “CZ” Zhao to take an active role. This marks a shift in CZ’s focus from education and charity back to business leadership.
- The SEC issued SAB No. 122, replacing SAB 121 and easing restrictions on banks holding Bitcoin in custody. Financial institutions can now offer crypto services with fewer regulatory hurdles, addressing obligations as contingent liabilities.
The Crypto Market Is Struggling
The total crypto market cap is maintaining stability above $3.49 trillion, standing at $3.50 trillion as of now. This support level remains critical for sustaining market confidence, as any breach below it could lead to increased volatility and bearish sentiment in the near term.
TOTAL has repeatedly tested the $3.64 trillion resistance, with brief intra-day breaches observed. However, the upward momentum has been insufficient for a sustained breakout. Successfully closing above this level could signal the start of a broader recovery and pave the way for higher valuations.
If the crypto market cap loses the $3.49 trillion support, a decline toward $3.28 trillion becomes likely. This drop would signal weakened investor confidence and could prompt further selling pressure.
Bitcoin Is Looking To Recover
Bitcoin narrowly missed securing $105,000 as a strong support level, falling below it to trade at $103,960. Despite the dip, market sentiment remains cautiously optimistic as investors watch for signs of a rebound. Holding above $103,000 could support Bitcoin’s recovery toward higher price levels.
To reignite bullish momentum, Bitcoin must reclaim $105,000 and establish it as a firm support level. Successfully flipping this resistance could propel the cryptocurrency toward its all-time high of $109,699. A breach beyond this critical point would position Bitcoin to target $110,000, reinforcing its dominance in the market.
However, failure to reclaim $105,000 may lead to bearish consequences. Bitcoin risks slipping further, with $100,000 as the next critical support level. A drop to this point would invalidate the bullish scenario, erasing recent gains and increasing selling pressure across the market.
Mantle Is In The Green
MNT has emerged as the top-performing token, surging 8% in a single day. Currently trading at $1.19, the altcoin is attracting significant attention from traders. Analysts are eyeing the next resistance at $1.31, which could pave the way for sustained growth if breached successfully.
Maintaining the recent momentum is essential for MNT to secure further gains. Flipping $1.31 into a support level may set the stage for a run toward its all-time high of $1.51. This scenario hinges on increased buying pressure and market stability in the short term.
However, failure to break above $1.31 could trigger a consolidation phase. In such a case, Mantle’s price risks dropping to $1.07, invalidating its bullish outlook.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
