The total crypto market Capital (TOTAL) increased by 104 billion dollars, and Bitcoin also recovered, reclaiming the $109,000 mark in the past 24 hours. On the altcoin side, Bonk (BONK) surged 22%, reaching its highest trading level in 3 weeks.
Today's highlights:
– A US bankruptcy court has allowed Celsius's lawsuit against Tether to proceed, accusing Tether of breaching a contract related to $4 billion in Bitcoin value. However, the lawsuit's outcome remains unclear, as Celsius has largely repaid its creditors, making it uncertain how the funds would be used if they win.
– The US Securities and Exchange Commission (SEC) approved Grayscale's new ETF, which includes 5 digital assets, but issued an indefinite postponement order, preventing the fund from launching in the market. Analysts have proposed various hypotheses about this delay, but until the SEC provides a clear explanation, nothing is certain.
Crypto market strongly recovers
The total crypto market Capital increased significantly — adding 104 billion dollars in just 24 hours, raising the total Capital to 3.31 trillion dollars and establishing this as a solid support level. This indicates strong investor confidence and overall market stability, with a clear upward price trend emerging.
The next important target for the total crypto market Capital is 3.43 trillion dollars. Having reached its highest level in 3 weeks, this mark is entirely within reach if the positive momentum continues to be maintained. Sustainable price increase signals will play a crucial role in helping the market overcome the next resistance zone and maintain an upward trend.
However, unexpected selling pressure could interrupt the current upward momentum. If market sentiment changes, TOTAL might lose the 3.31 trillion dollars support level and drop to 3.26 trillion dollars or lower. A deep slip below this level would signal a shift to a downward trend and potentially lead to further losses.
Bitcoin breaks resistance threshold
Bitcoin rebounded after nearly falling to the $105,000 mark on Wednesday and is currently trading around $109,221. Currently, it is working to maintain the $108,000 level as support. Maintaining this level is crucial for Bitcoin's next move in the coming days.
To continue its upward momentum, Bitcoin needs to overcome the barrier at $109,476. If successful, BTC could target $110,000 and potentially even higher. Sustained growth will be the key factor in determining whether the cryptocurrency king can break through this resistance zone and maintain an upward trend.
However, if selling pressure from investors increases, Bitcoin might lose the $108,000 support level. In that case, BTC is likely to test the $105,585 support, which would be a signal of a price reversal. Any deep decline below this support level would make Bitcoin's price prospects more gloomy.
Bonk continues recovery process
BONK has become the best-performing altcoin of the day, increasing over 22% and currently trading at $0.0000173. This is the highest level in 3 weeks for this meme coin, thanks to strong buying activity. The upward momentum is clearly demonstrated as BONK continues to attract market attention.
BONK's next important resistance level is $0.00001779, with potential for further increase if the current momentum is maintained. To sustain the upward trend, maintaining the $0.00001618 support level is crucial. If this level holds, the price can easily target the next resistance point.
However, there is a risk of investor profit-taking. If selling pressure increases, BONK will drop below the $0.00001618 support level and continue to plummet to $0.00001548. This would invalidate the price increase forecast and lead to deeper declines.
