The total crypto market cap (TOTAL) and Bitcoin’s (BTC) price are making a recovery after noting a relatively bearish couple of days. In their attempt to reclaim their losses, some altcoins also benefitted from SATS (1000SATS), which marked a sharp rise.
In the news today:-
- BlackRock’s Head of Digital Assets, Robert Mitchnick, said the client base has little interest in anything beyond Bitcoin and Ethereum. This comes at a time when the market has shown growing interest in spot Solana ETFs.
- India plans to release its crypto policy discussion paper by September this year. The paper will outline the country’s policy stance and the issues surrounding it that need to be changed.
The Crypto Market Has a Long Way to Go
The total crypto market cap was close to breaching $2.5 trillion before the June-July crash brought it to $2 trillion. While recovery has been noted, the last few days have impacted this momentum, with nearly $94 billion being wiped out in a single day yesterday.
Nevertheless, over the last 24 hours, TOTAL has noted a surge of $47 billion, sitting at $2.34 trillion. While TOTAL is still far away from flipping the $2.40 trillion resistance into support, doing so would enable recovery.
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However, failure to do so will keep TOTAL consolidated under this resistance, potentially testing $2.30 trillion as support again.
Bitcoin’s Price Awaits a Breakout
Bitcoin, which is trading at $67,000 at the time of writing, is attempting to flip the $67,100 resistance into support. This is crucial for BTC, as a bounce back from this point would translate to a breakout above $70,000.
This would validate the descending broadening wedge, which highlights a likely rally to a new all-time high of $73,800.
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But if the bearish cues remain as dominant as they are, a decline cannot be ruled out. The next crucial support for BTC is at $63,174. A fall to it could extend investors’ losses considerably.
SATS Price Rallies
Among the altcoins, SATS’s price had an impressive run over the last 24 hours. Despite being at the 94th position in the top 100, the altcoin charted a 14% rise to trade at $0.000331.
1000SATS is facing a barrier at $0.000353, breaching which could trigger recovery. A break above $0.000386 would provide the altcoin the necessary boost to try and take back the profits it lost in mid-April
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On the other hand, this attempt at a breach has failed in the past. A repeat of the same could send 1000SATS falling on the daily chart, potentially hitting $0.000248. Losing this support would invalidate the bullish thesis, and SATS would drop to $0.000116.
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