The cryptocurrency market continued its upward trend today, with the total cryptocurrency market capitalization (TOTAL) up 1% in the past 24 hours. The price of Bitcoin (BTC) also surged 1% in the same period. Algorand emerged as the top performer, up 18%.
Cryptocurrency market activity continues to grow
The cryptocurrency market has maintained its upward momentum, gaining 1% in the past 24 hours. The total market capitalization is now $3.26 trillion, just below the upper line of the horizontal channel that has been trending for the past week.
A horizontal channel is formed when the price of an asset fluctuates between a support level (lower line) and a resistance level (upper line) for a period of time. The upper line represents the resistance level, where selling pressure limits the price from rising, while the lower line represents the support level, where buying pressure prevents the price from falling further.
Total shares face resistance at $3.30 trillion and support at $3.03 trillion. To reclaim its all-time high of $3.34 trillion, Total must break through this resistance and turn it into support. This could happen in the short term given the persistent buying pressure in the market.
However, if the sentiment turns bearish again, it will lead the Dow Jones Index to fall towards the $3.03 trillion support level. Failure to hold this level will see the Dow Jones Index fall further to $2.99 trillion.
Bitcoin is expected to return to its all-time high
Currently, Bitcoin is trading at $96,207, with a 1% price increase over the past 24 hours. At this price level, Bitcoin is 3% below its all-time high of $99,588 reached seven days ago.
Bitcoin’s growing demand is reflected in the positive readings of its Balance of Power (BoP) indicator, suggesting that Bitcoin has the potential to break through this level in the near term. At press time, BTC’s BoP is 0.38.
The indicator measures the strength of buyers and sellers by comparing price movements over a specific period. When the BOP is positive, buyers are in the driver's seat, indicating that the market has the potential to rise.
If the uptrend continues, BTC will revisit its all-time highs and attempt to rally to the psychological price mark of $100,000.
On the other hand, if bearish strength emerges, the coin’s price could drop to $88,762.
Algorand hits two-year high
Algorand’s price climbed to a two-year high of $0.35 in early Asian trading on Friday. Although it has since retreated slightly, ALGO is still trading at its highest level since 2022. In the past 24 hours, its price has surged 18% and trading volume has increased nearly 100%.
The ALGO Foundation India Summit is scheduled to take place next week, which may increase the interest in the token. If the uptrend continues, ALGO will break through $0.35 and approach $0.45.
On the other hand, a decline in buyer interest could cause ALGO’s price to drop to $0.31.