The cryptocurrency market is cooling down after the recent gains, despite the total market capitalization (TOTAL) and Bitcoin (BTC) price indicating long-term bullishness. Among altcoins, dogwifhat (WIF) has seen the biggest drop.
The cryptocurrency market is cooling down after the recent gains, despite the total market capitalization (TOTAL) and Bitcoin (BTC) price indicating long-term bullishness. Among altcoins, dogwifhat (WIF) has seen the biggest drop.
In today's news:
Grayscale has withdrawn its Ethereum futures ETF application, less than a month before the SEC was scheduled to make a decision.
Susquehanna International Group added $1 billion in Bitcoin ETFs to its portfolio in the first quarter of 2024, including Grayscale Bitcoin Trust (GBTC), Fidelity Wise Origin Bitcoin Fund (FBTC), and others.
Total market capitalization breaks out of bullish pattern
The total cryptocurrency market capitalization is currently breaking out of a descending triangle reversal pattern. This pattern has formed a flat support line and lower highs, suggesting a bullish reversal is likely when the price breaks above the upper trendline and volume increases.
The total cryptocurrency market capitalization could decline slightly to $2.20 trillion or lower to test the support of the downtrend line at $2.24 trillion.
However, if the total cryptocurrency market capitalization reverses and successfully breaks above the $2.3 trillion resistance level, the recovery may continue.
Bitcoin fails to pull off potential breakout again
The price of Bitcoin (BTC) is currently trapped in a flag pattern after failing to break above the upper trendline of the flag. A flag pattern is a short period of consolidation after a strong price move, which signals a continuation when the price breaks out in the direction of the initial trend.
The cryptocurrency is above the $61,846 support level, and it could test this support. But if this support is lost, Bitcoin could eventually test the lower trendline of the flag.
On the other hand, if the price of Bitcoin rebounds from $61,846, a potential breakout of the pattern could be observed. This would allow BTC to revisit $68,500.
WIF falls below $3 again
Susquehanna International Group added $1 billion in Bitcoin ETFs to its portfolio in the first quarter of 2024, including Grayscale Bitcoin Trust (GBTC), Fidelity Wise Origin Bitcoin Fund (FBTC), and others.
If WIF rebounds off this support, a move to $3 and above is likely. This would be crucial to invalidate the bearish outlook.
(Personal opinion, not a recommendation)
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