The total crypto market cap (TOTAL) and Bitcoin (BTC) are breaking through key barriers driven by positive macroeconomic cues. This bullish momentum is also benefiting altcoins, with Story (IP) emerging as one of the day’s top performers, surging by 45%.
In the news today:-
- Sam Bankman-Fried, the former CEO of FTX, is hoping for a pardon from President Trump, framing his conviction as part of anti-crypto overreach. However, his past political donations against Trump in the 2020 election may complicate the chances of receiving such a pardon.
- Bybit CEO Ben Zhou shared a 2023 warning from China’s law enforcement, labeling Pi Network a “pyramid scheme” targeting the elderly. Despite Pi’s massive airdrop, the project faces strong opposition, and its potential collapse could impact China’s stance on cryptocurrency.
The Crypto Market Is Breaching Barriers
The total crypto market cap has risen by $41 billion over the last 24 hours, now standing at $3.18 trillion. This move comes after breaching the key resistance of $3.16 trillion. The market is showing signs of recovery, bolstered by positive broader financial cues, aiding further growth in the crypto sector.
TOTAL is now looking to flip the $3.16 trillion barrier into a support level, which is crucial for continuing its upward momentum. A sustained level above this point could help the market cap reach $3.28 trillion. The volatile market conditions still persist, but the outlook remains optimistic with bullish cues.
However, if the crypto market cap fails to hold the $3.16 trillion support, it could face a decline. A drop below this level would bring TOTAL back to the $3.09 trillion mark, negating recent gains and extending the current consolidation trend.
Bitcoin Crosses Resistance
Bitcoin’s price is currently attempting to break the $98,212 resistance, trading at $98,148. The bullish macroeconomic conditions support the potential for further price gains. If successful, Bitcoin could see a breakout, continuing its upward movement in the coming days.
Flipping the $98,212 resistance into a support floor would mark a key milestone for Bitcoin. Successfully holding above this level could trigger a breakout from the current two-week consolidation phase. This would pave the way for Bitcoin to target the next key resistance level at $100,000, increasing investor optimism.
However, failing to secure $98,212 as support could stall Bitcoin’s momentum. In this case, BTC might continue its consolidation phase, potentially falling back to the $95,761 support. Such a move would weaken the bullish outlook and could extend the current stagnation, impacting short-term price expectations.
Story Continues To Post Gains
IP price surged by 45%, trading at $4.78 after a failed attempt to breach the $5.69 barrier. On Thursday, IP reached a high of $8.99, a 174% increase from its prior value. Despite the strong rally, the altcoin faced resistance, preventing a sustained upward movement.
Forming a new all-time high at $8.99, IP needs to flip $5.69 into a support level to target similar price levels again. This would confirm the continuation of the uptrend and allow the altcoin to challenge higher resistance. Strong support at this level is essential for a sustained rally.
However, should IP fail to breach $5.69 and maintain upward momentum, a decline to $3.23 could occur. This would invalidate the bullish outlook, erasing recent gains and potentially leading to a prolonged period of consolidation.
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Disclaimer
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