The total crypto market cap (TOTAL) and Bitcoin (BTC) had a decent weekend as they grew, but not exceptionally. However, the altcoins did manage to note some considerable gains, led by Hyperliquid (HYPE), posting a 10% rise.
In the news today:-
The Crypto Market May Witness Reversal
The total crypto market capitalization grew by $46 billion in the past 24 hours, now sitting at $3.39 trillion. Despite a slight decline last Friday, the market has shown resilience, and the growth indicates continued investor confidence in the broader cryptocurrency ecosystem.
TOTAL remains well above the key support level of $3.31 trillion. A potential bounce from this level could propel the market cap higher, targeting $3.49 trillion. This upward move would signal strong buying interest and a possible continuation of the current bullish trend.
However, technical indicators like the Parabolic SAR, positioned above the candlesticks, suggest a possible momentum reversal. If this shift occurs, the crypto market cap could fall below $3.31 trillion, with the next potential support level at $3.21 trillion. This decline would indicate weakening market sentiment.
Bitcoin Aims To Continue Rising
Bitcoin’s price is currently at $109,614, and it is trying to recover from the losses seen on Friday. For the price to regain bullish momentum, it must first secure $110,000 as support. This level is critical for maintaining upward momentum and setting the stage for further gains.
Bitcoin is now just 2.17% away from its all-time high (ATH). If market conditions remain favorable, BTC could reach $112,000. The proximity to its ATH suggests that Bitcoin may break through and form new highs if the current positive trend persists and investor confidence continues.
However, significant selling pressure could reverse Bitcoin’s price trajectory. A failure to break the $110,000 support level may lead to a decline, with $106,265 acting as the next potential support. Such a scenario would weaken the bullish outlook and create downside risks.
Hyperliquid Nears New High
HYPE has emerged as a leading altcoin, gaining 10.6% over the past 24 hours and trading at $38.49. The ongoing uptrend positions HYPE for a potential breakout, with a new all-time high (ATH) on the horizon if the momentum continues. Investors are closely monitoring its price action.
The next key resistance level for HYPE is $42.25, which, if breached, could confirm the formation of a new ATH. The altcoin has shown resilience by securing $32.19 as support earlier last week, setting a solid foundation for future growth. Positive momentum remains intact.
However, profit-taking could limit HYPE’s upside potential before it reaches $42.25. If selling pressure emerges, the price could fall back to the previous support of $32.19 or lower, potentially dropping to $27.31. Such a move would invalidate the bullish outlook.
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