The total crypto market cap (TOTAL) has been consistently recovering over the last few days, currently breaching a key barrier. Bitcoin’s (BTC) price is on the same path, inching closer to $59,000. Among the altcoins, SUI emerged as the leader, rising by 11.56%.
In the news today:
The CFTC has partnered with federal agencies and financial industry groups to combat cryptocurrency “pig butchering” scams and educate consumers. Key collaborators include the American Bankers Association Foundation and other regulatory bodies.
House Republicans have accused SEC Chair Gary Gensler of potentially hiring staff based on political affiliation, which could violate federal law. Concerns center on Gensler’s appointment of Dr. Haoxiang Zhu, alleged to be influenced by political bias. This potential bias is troubling for the crypto market, given the digital asset space is always a key point of focus for the SEC.
The Crypto Market Is Doing Well
The total crypto market cap surged past the critical $2.00 trillion resistance, showcasing strong market resilience. TOTAL’s breach comes despite almost facing a $70 billion drawdown during intra-day trading on Wednesday. This breakout is a promising sign for cryptocurrency investors, indicating renewed market strength.
Continued recovery from this level would likely push the total market cap toward the next resistance at $2.11 trillion. Historically, this area has been challenging to breach, often leading to consolidation between $2.00 trillion and $2.11 trillion. Should this pattern repeat, the market may see sideways action, potentially dampening short-term bullish sentiments.
Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
Total Crypto Market Cap Analysis. Source: TradingView
On the flip side, failure to sustain a breach of the $2.00 trillion level could lead to a market correction. A drawdown could take the total crypto market cap back to the $1.93 trillion support zone.
Bitcoin’s Price Is in the Green
Bitcoin’s price is defying bearish forecasts after gaining 6.2% in the past week. The right-angled descending broadening wedge pattern predicted a downturn, but BTC has shown resilience. This movement has encouraged bullish sentiment across the market, increasing interest in Bitcoin as a key market mover.
Currently trading at $58,320, Bitcoin aims to flip $58,986 into a support floor. Achieving this would open the door for further gains, with $59,000 being the next potential support level. A successful test of $58,986 could strengthen short-term price momentum.
Read more: Bitcoin Halving History: Everything You Need To Know
Bitcoin Price Analysis. Source: TradingView
If Bitcoin breaches $59,000, broader market bullishness may intensify. This move would likely boost investor confidence, raising the possibility of a rally toward $60,000. As Bitcoin’s price continues to rise, other cryptocurrencies could follow, signaling a more extended bull run across the market.
SUI Is a Leader
SUI’s price surged 11.56% in the last 24 hours, now trading at $1.02, eyeing the critical $1.05 resistance level. Despite the optimism, there are concerns that SUI might fail to breach the $1.05 resistance again.
This price point has acted as a formidable barrier over the past five weeks, with multiple failed attempts to break through. Historically, similar sharp gains have seen SUI attempt to break through but eventually pull back. This pattern raises caution among traders as volatility remains high.
Read More: Everything You Need to Know About the Sui Blockchain
SUI Price Analysis. Source: TradingView
If SUI repeats its past performance and fails to break $1.05, a drop to $0.90 could follow. However, a successful breach could invalidate the bearish outlook, allowing SUI to rise toward $1.10 and beyond.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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