The total crypto market cap (TOTAL) and Bitcoin (BTC) are on the verge of breaking through key resistance levels. Meanwhile, Bittensor (TAO) is steadily recovering its recent losses, thanks to a surge in the past dayâs performance.
The Crypto Market Eyes Breakout
The total crypto market cap currently sits at $2.10 trillion, with minimal gains over the past day, nearing a crucial resistance at $2.11 trillion. This barrier has prevented TOTAL from breaking out over the last two weeks, suggesting that surpassing it could signal a potential trend reversal.
Nevertheless, TOTAL will encounter major resistance at the $2.18 trillion mark. A further rally could be anticipated if this level is successfully turned into support.
Conversely, if the bullish momentum falters, the market could continue to move sideways, making it increasingly challenging to break free from this consolidation phase.
Bitcoinâs Price Needs a Push
Bitcoinâs price is currently trading at $60,690, nearing the critical $61,480 level, which has historically served as both key resistance and support. The Parabolic SAR indicator, positioning itself below the candlesticks, is signaling a growing uptrend.
Bitcoin needs to flip $61,480 into a solid support level to resume its macro consolidation. The cryptocurrency has been oscillating between $71,997 and $61,483 for nearly three months, from March to June.
Bittensor Investors Seem Happy
Among the altcoins, Bittensor is making a name for itself after rising by 11.7% in the last 24 hours. Trading at $331, the altcoin is now aiming to breach the resistance at $351.
This barrier has been breached in the past, but TAO has not managed to test it as support in a little over two months. If the altcoin breaches and flips into support this time, it could recover its losses from the recent 38% crash. At the same time, this would enable TAO to rally further.
However, consolidation within $351 and $304 is likely if the breach fails. Should this lead to profit-taking or selling to offset losses, the $304 support could be lost, which would invalidate the bullish thesis.
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