A combination of more hash rate coming online from mining pl

A combination of more hash rate coming online from mining plants and a price protection approach is shielding Bitcoin mining firm Marathon Digital Holdings through the bear market, CEO Fred Thiel told Cointelegraph.

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Crypto analysts gauge the health of the cryptocurrency market using the total market cap.

The total market capitalization of the cryptocurrency market has dropped to $1.16 trillion.

The first scenario mentioned by the trader was that there would be a sweep towards $25.8K, possibly even $24.9K. If this scenario did not play out, then van de Poppe predicted that BTC’s price would reclaim $26.6K or could rise to as high as $27.5K. He stated that he will go long on BTC if the latter plays out, because its price will “accelerate towards highs.”

Van de Poppe also mentioned that he wanted the $27K support level to hold, but this was not the case as BTC’s price had broken below the support level in the past 48 hours. As a result, van de Poppe predicted two possible scenarios for the crypto in the next couple of days.

The ETH/USD pair slightly outperformed the wider cryptocurrency market, which rose 2.5% above a total market capitalization of $1.1 trillion.

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