The total cryptocurrency market capitalization (TOTAL) and Bitcoin (BTC) are finding their footing, without losing key support levels.
Factors that are optimistic about the subsequent market:
Ethereum ETF Launch : The launch of the Ethereum ETF represents a historic development, the first Altcoin ETF. This could have a significant impact on the price of Ethereum and the broader Altcoin market, as increased investment in Ethereum often has a ripple effect on other Altcoin. There is confidence that the spot Ethereum ETF will emulate the success of the spot Bitcoin ETF, and once the spot ETH ETF is launched, the price will rise and even break through the historical high.
German Bitcoin Sales End : Massive Bitcoin sales in Germany initially caused market stress, but with supply now depleted, the market has stabilized.
Impact of Bitcoin ETF Fund Flows : Cumulative fund inflows into Bitcoin spot ETFs hit a record high. Despite a brief pullback in June, demand has since surged. As wealth management firms and individual investors increasingly allocate funds to Bitcoin through regulated stock markets, Bitcoin ETFs introduce passive bidding to the market.
Trump Possible Presidential Election : With Don Trump emerging as the leading candidate in the US presidential election, this is a positive catalyst for the cryptocurrency market.
FTX repays creditors : Repaying $16 billion to FTX creditors, including $12 billion in cash, could lead to increased liquidity in the crypto market. Experienced market participants among these creditors may reinvest in Altcoin, which could significantly boost the Altcoin market.
Global Liquidity Cycle : The global liquidity cycle is on the rise, which has historically been closely correlated with Bitcoin’s performance. The expansion phase of this cycle is likely to have a positive impact on Bitcoin’s price as it acts as a liquidity sponge and inflation hedge.
The total cryptocurrency market capitalization strengthened at the $2.30 trillion mark, holding above support. The market continues to stabilize while cooling, possibly setting up for a bullish trigger next week.
BTC price bullish
BTC is priced at $64,100 and despite a slight drop over the past two days, it remains above $63,100. A bounce off this critical support level could take BTC to $65,000, while turning it into support would take BTC to $67,000.
Despite a moderate rebound in the market this week, positive comments surrounding Bitcoin have dropped significantly. According to data from Santiment, the number of positive comments about Bitcoin has dropped by 66% compared to four months ago. As a result, many Binance traders opened new short positions, expecting another BTC price correction.
However, these factors combined could actually increase the likelihood of a BTC price surge. It noted that the counter-intuitive nature of market sentiment often plays a crucial role in price movements, hinting that Bitcoin could rise in the near future.
This is in line with the expected path of a breakout of the ascending extending wedge. The breakout level is currently at $70,000, a break above which could propel BTC past its all-time high of $73,800.
On the other hand, a break below this support could hurt the recovery potential. As a result, BTC could drop to $60,000 again.
Summarize
The total cryptocurrency market cap is $2.30 trillion and is awaiting a bullish trigger, which is expected to come from the launch of a spot ETH ETF.
Bitcoin price is showing strength, testing $63,000 as support and is expected to move above $65,000.
