Crypto Market Update: Altcoins and Bitcoin Show Signs of Recovery

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Crypto Market Rebounds: Total Market Cap Gains Momentum

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 Holds Steady at $85,000: Will the Rally Continue?

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.

Curve DAO Token (CRV) Shines Bright Among Altcoins

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.