The total crypto market cap (TOTAL) and Bitcoin (BTC) are showing slight growth as they stabilize and seek strong support. However, the bullish momentum was more evident in altcoins, with Pepe (PEPE) emerging as the top performer of the day, rising by 14.5%.
In the news today:-
- On-chain data from Arkham Intelligence reveals that Alameda Research distributed $23 million in unstaked SOL to 38 FTX-linked addresses. Despite this, the unlock had minimal impact on SOL’s price or demand, with FTX’s larger $1.57 billion SOL unlock being overshadowed by broader bearish market conditions.
- The Bank of Russia plans to introduce cryptocurrency trading under an experimental legal regime, accessible only to “highly qualified” investors. To qualify, individuals must meet specific investment or income criteria, with the initiative aiming to test market operations under strict regulations for a three-year period.
The Crypto Market Is Recovering
The total crypto market cap (TOTAL) saw a $23 billion increase, pushing it to $2.66 trillion at the time of writing. For further growth, TOTAL needs to secure $2.63 trillion as support. This would set the stage for a potential rise to $2.75 trillion, signaling a strong recovery.
If the $2.75 trillion resistance level is breached and flipped into support, recovery momentum would be strengthened. This breakout could push TOTAL toward $2.93 trillion, potentially crossing the $3.00 trillion mark. Such a move would demonstrate continued market confidence and healthy growth for the crypto market.
However, if the breach of $2.75 trillion fails, TOTAL may consolidate between $2.75 trillion and $2.63 trillion. This would delay recovery, leaving the total crypto market cap vulnerable to corrections. If the support at $2.63 trillion fails, further losses could be expected.
Bitcoin Aims At Reclaiming Crucial Support
Bitcoin is currently trading at $83,537, focused on recovering its recent losses. The primary target for BTC is to breach the $85,000 barrier. A successful breakout would signal the potential for further upward movement.
Despite recent volatility, breaching $85,000 and flipping it into support could propel Bitcoin toward $87,041 or higher. A successful breach of this level would confirm a bullish reversal, with the crypto king regaining momentum.
But, if Bitcoin fails to break above $85,000, it risks falling through the support of $82,761. This could delay recovery, keeping BTC within a narrow range. Failure to hold the $82,761 support would likely trigger further losses.
Pepe Trumps Top Altcoins
PEPE price is currently trading at $0.00000723, aiming to secure $0.00000718 as support. Holding above this level would cement its 14.5% growth over the last 24 hours and set the stage for a potential rise to $0.00000839. This support is crucial for continued bullish momentum.
The key resistance level for PEPE is $0.00000839. Breaching this barrier would confirm the recent gains, making it more likely for the altcoin to continue rising. A successful breakout could signal further upward movement, solidifying investor confidence and attracting additional buying pressure.
However, if PEPE fails to maintain support at $0.00000718, it risks falling to $0.00000632. This drop would invalidate the bullish outlook and erase recent gains, signaling potential bearish pressure.
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