Market Update: Total Market Cap Stable; Bitcoin in Consolidation Phase; Bittensor Token Continues Rally
The total cryptocurrency market cap is currently stable as the market cools down. Bitcoin’s price is expected to consolidate over the next few trading sessions. Meanwhile, Bittensor’s DAO token (TAO) is on a rally, approaching the $500 mark.
The Total Market Cap at a Key Support
– The total crypto market capitalization is at $2.50 trillion, a crucial support level.
– This level has been tested in the past.
– Inflows have increased in the past 24 hours, hinting at a possible bounce.
– The next major resistance is at $2.61 trillion.
– It is unlikely that the total market cap will surpass this resistance.
– A bullish scenario could see it breach $2.55 trillion.
Bitcoin Might See Consolidation
– Bitcoin is currently trading at $69,500, unable to break past $71,800.
– Support at $68,500 is crucial.
– BTC is likely to rangebound between the support and resistance levels.
– Consolidation might lead to another attempt at breaching $71,800.
– A drop below $68,500 could result in a further decline to $66,000 or lower.
Bittensor Faces a Barrier
– TAO is trading at $468, showing a 30% increase in three days.
– The token is inching towards the $500 resistance level.
– Past attempts to close above $500 have been unsuccessful.
– Testing this level as support could change TAO’s price trajectory.
– Failure to breach $500 might lead to a drop to $418 or even $351, a critical support level for TAO.
Hot Take: Stay Cautious Amidst Market Fluctuations
As the crypto market goes through a cooling phase, it’s essential to stay cautious and monitor key support and resistance levels. Bitcoin’s consolidation phase and Bittensor’s rally indicate a mix of opportunities and challenges for traders and investors. Keep a close eye on market developments to make informed decisions amid the ongoing fluctuations.
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