The Crypto Market Takes a Breather
The total crypto market cap and Bitcoin’s price have paused momentarily from their recent rally. Despite a green intra-day candlestick, there is a hint of bearishness, keeping the overall growth minimal.
Amidst this, Pyth Network is experiencing a drawdown on the daily chart. Here’s the latest in the crypto world today:
- Genesis secures court approval to distribute $3 billion to its creditors, allowing impacted users to receive 77% of their claims.
- Kraken’s Global Head of Asset Growth and Management reassures that there are no plans to delist Tether (USDT) in Europe.
The Battle at the Total Market Cap
The total market capitalization is currently hovering around $2.36 trillion, just below the resistance level of $2.40 trillion. This resistance has been tested before, with TOTAL failing to breach it.
As the situation stands, TOTAL might face challenges in breaking through again. While the recent dip over the weekend didn’t impact growth significantly, the lack of recovery from the intra-day trading has kept TOTAL stagnant for the past two days.
Bitcoin’s Price Outlook
Bitcoin is trading above $67,100 at present. The cryptocurrency saw a slight dip in the last couple of days, halting its upward momentum. Today’s 1.26% growth managed to recover most of the dip, but Bitcoin’s performance remains marginally better than yesterday.
There’s a likelihood of BTC consolidating between $68,500 and $64,800 in the near future. This sideways movement could persist until there’s a breakthrough above or below either of these levels.
Pyth Network’s Decline
Pyth Network has been on a downward trend for the past two months, mirroring BTC’s movement. On Sunday, PYTH dropped by 13%, hitting $0.38 and staying above the crucial support level of $0.35.
If PYTH loses this support, the decline could continue. However, a bounce back from this level could lead to a recovery towards $0.46, potentially invalidating the bearish sentiment.
Hot Take: Stay Vigilant in the Crypto Market
As the crypto market takes a breather, it’s essential to monitor the key levels and trends across various assets. Bitcoin’s price consolidation, the resistance faced by the total market cap, and Pyth Network’s struggle all provide insights into the market sentiment.
Keep a close watch on these developments and adapt your strategies accordingly to navigate the dynamic landscape of the crypto space effectively. Stay informed, stay engaged, and stay vigilant as you navigate the crypto market!
By
By
By