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%.
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.
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.
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.
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.
Source: Be (in) Crypto
