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In Brief

  • The total market cap is holding above the $2.3 trillion mark as the RSI reached the bullish zone.
  • Bitcoin price present above $65,500 is marking a near monthly high for the cryptocurrency.
  • Chainlink’s price made the most of the market’s optimism, rising by 21% in the last three days.
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The total crypto market cap (TOTAL) is nearing the crucial resistance of $2.4 trillion, while Bitcoin is holding above $65,500. While the market has cooled down from the recent rally, it still exhibits bullish signs. Making the most of this is Chainlink, which has registered a 21% rise in the last few days.

In the news today:-

  • The US Senate overturned the Security and Exchange Commission’s (SEC) controversial Staff Accounting Bulletin No.121 (SAB 121) following a 60-38 vote reflecting bipartisan support against SEC’s crypto policies.
  • Solana meme coin Pump.fun drained of $2 million after an insider attack executed by disrupting token listings by manipulating bonding curves.

The Total Market Cap Stays Strong

Following the recent rally, the total market cap is cooling down but keeping above the reclaimed support of $2.3 trillion. However, the target for the crypto market remains at $2.4 trillion, a barrier that has not been breached for nearly a month.

In the past, this level has proven to be crucial support, and a flip of it would enable TOTAL to bounce back and observe further growth.

Read More: Top Crypto Bankruptcies: What You Need To Know

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

On the other hand, a fall through $2.3 trillion would bring TOTAL back to around the $2.2 trillion mark.

Bitcoin Price Shows Resilience

Bitcoin’s price shot up to $66,000 this week in accordance with the broader market cues. Following a minor correction, BTC is currently trading at $65,500 and will likely continue to stay above the crucial psychological support of $65,000.

This will keep the optimism among the investors alive regarding potential growth in the next few trading sessions.

Read More: Bitcoin Halving History: Everything You Need To Know

Bitcoin Price Analysis.
Bitcoin Price Analysis. Source: TradingView

Should Bitcoin price witness selling or profit-taking, the crypto asset could note a drawdown towards $63,000 and lower.

Chainlink’s price noted an uptick, making LINK the best-performing asset in the past 24 hours. However, the altcoin rally has been going on for the past few days. Capitalizing on the broader market bullish cues, LINK observed a 21% rise in the last three days, bringing Chainlink to $15.

Currently, the altcoin is above the resistance of $15.6, trading at $15.7, inching closer to $16.

Read More: Chainlink (LINK) Price Prediction 2024/2025/2030

Chainlink Price Analysis.
Chainlink Price Analysis. Source: TradingView

If LINK holds above this support it could note further gains, however, a slip below the support of $15.6 could result in a drop to $14.4. This would erase over half of the growth observed in the last day.

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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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