The total crypto market cap (TOTAL) and Bitcoin (BTC) noted continued gains over the last 24 hours, bringing the latter above the $100,000 mark. Altcoins had a good run, too, with EOS price posting a 16% rally.
In the news today:-
- The Nasdaq filed form 19b-4 to trade Canary Capital’s Litecoin ETF, following the fund’s amended S-1 filing and SEC feedback. Analysts anticipate SEC approval, potentially making it the first altcoin ETF of 2025.
- Swiss state-owned PostFinance AG now offers Ethereum staking, expanding its crypto services launched in 2024. The bank cites Switzerland’s pro-crypto sentiment and a post-Trump bull market as key drivers for this move.
The Crypto Market Is Nearing Crucial Resistance
The total crypto market cap resumed its uptrend, adding $24 billion over the last 24 hours to reach $3.48 trillion. The unexpected 0.4% rise in December’s CPI proved bullish for the crypto market, driving continued momentum and renewed investor confidence across the ecosystem.
Currently, TOTAL is positioned just below the $3.49 trillion resistance level, a barrier it has struggled to breach for the past month. Successfully flipping this resistance into support would set the stage for a significant rally, with TOTAL targeting $3.64 trillion in the coming weeks.
However, a failed attempt to breach $3.49 trillion could reverse the recent gains. In such a scenario, the total crypto market cap might fall back to $3.28 trillion, erasing growth and undermining current bullish sentiment.
Bitcoin Reclaims A Key Support Level
Bitcoin’s price is holding steady at $101,068, maintaining its position above the critical $100,000 support level. This psychological barrier, reclaimed after recent fluctuations, highlights strong investor confidence, creating optimism for the continuation of Bitcoin’s upward trajectory in the coming days.
To achieve the next target of $105,000, Bitcoin must firmly hold the $100,000 support level while maneuvering broader market trends. A sustained rally requires consistent buying pressure, supported by growing institutional and retail interest.
On the other hand, the risk of profit-taking looms large as traders may move to capitalize on recent gains. Any significant selling activity could force Bitcoin below the $100,000 support, triggering a potential decline to $95,668. This scenario would invalidate the bullish thesis and delay further recovery efforts.
EOS Is Back Above $1
EOS price surged by 16% in the past 24 hours, climbing above $1.00 after successfully breaking the resistance at $0.93. This rise marks a significant improvement, driving investor optimism for continued upward momentum in the altcoin’s value as broader market sentiment remains positive.
This breakout, anticipated for over a month, positions EOS to target $1.10 as the next resistance level. Breaching this threshold could signal extended bullish momentum, pushing the altcoin into a sustained rally.
However, bearish market cues could trigger an early reversal, dragging the EOS price below $0.93. Losing this support risks further declines to $0.76, effectively invalidating the bullish outlook and erasing recent gains
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