Stay informed with the latest crypto market trends as altcoins and Bitcoin start showing signs of recovery. Don’t miss out on the updates!
In the past 24 hours, the cryptocurrency market has shown resilience, with its total market capitalisation climbing to $2.64 trillion. Though the increase is a modest $15 billion, it signifies a robust rebound from the support level of $2.61 trillion, highlighting sustained investor confidence. Should this upward trend persist, the next target is anticipated to be $2.74 trillion. Surpassing this mark might propel the market capitalisation towards the $2.85 trillion resistance level, potentially offsetting recent downturns. Nevertheless, the technical landscape warns of a possible ‘Death Cross’ among EMAs, which could signal an impending decline. In such a scenario, the market may retreat to the $2.50 trillion support level.
Bitcoin (BTC) is currently trading at $82,906, with investors eagerly watching for a return above the $85,000 threshold. Losing this crucial support last week, BTC is now on the mend, a movement critical for the broader market’s trajectory. The most significant boost for this recovery comes from Michael Saylor’s MicroStrategy, which recently invested approximately $2 billion in additional Bitcoin purchases. This follows a $2 billion purchase in February, complemented by smaller acquisitions of $10 million and $500 million. If BTC regains the $85,000 level, it could potentially climb to $89,800 in the short term. Conversely, should the decline persist, the next robust support is identified at $80,301.
Among altcoins, Curve DAO Token (CRV) has emerged as a standout performer. CRV surged by 12% over the last day, reaching $0.52, and capturing the spotlight as the best-performing coin of the session. Investors are keenly observing whether CRV can breach the $0.57 resistance, a formidable barrier since February. A successful breakout could see the price escalate to $0.78. However, if CRV fails to surpass this resistance, it may encounter renewed selling pressure, potentially pulling the price back to the $0.39 support, which could negate the current bullish sentiment.
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