Over the weekend, both the total crypto market cap (TOTAL) and the price of Bitcoin (BTC) paused their recent rally. While there’s a slight upward movement indicated by the intra-day candlestick being green, the bearish sentiment from the past couple of days seems to persist, leading to minimal overall growth today.
The total market capitalization is facing resistance
The entire market capitalization is currently $2.36 trillion, barely below the resistance of $2.40 trillion. This resistance has been tested twice before, and TOTAL has failed to penetrate it.
This is the current scenario, and TOTAL may face some difficulties in breaching it again. The weekend dip did not detract from recent growth. However, the green candlestick from intra-day trading did not launch a comeback, keeping TOTAL at the same level it was two days ago.
Extended negative indications will only drive TOTAL down to $2.29 trillion, a significant support level in the past.
Bitcoin’s price rise has stopped
Bitcoin is currently worth more than $67,100. The cryptocurrency saw a modest fall over the last two days, resulting in a brief slowdown in its steady advance. The 1.26% increase seen today has recovered the majority of the loss, although Bitcoin is still performing only slightly better than yesterday.
BTC’s price behavior in the future is expected to consolidate between $68,500 and $64,800. This will continue until one of the levels is broken through or below.
However, a drop below $64,800 will eliminate any possibility of a favorable outcome. Instead. It may push the fall to $63,700.
Pyth Network Reached Four-Month Low
Pyth Network’s pricing has been steadily dropping over the last two months. Following the lead of BTC and the rest of the market, PYTH plummeted 13% on Sunday. As a result, the altcoin is trading at $0.38, above the critical support level of $0.35.
If this support is gone, the fall will persist. On the other hand, if PYTH recovers from this support level, it might reach $0.46. Breaching this will render the bearish thesis incorrect.
May 2024, Cryptoniteuae
