This is what happens when the market hits $2 trillion! In a truly bullish scenario, the cryptocurrency market has experienced a massive surge, with its total market capitalization rising to $2.03 trillion. This $53 billion increase in just 24 hours is due to investor optimism as the market looks forward to the upcoming Federal Open Market Committee (FOMC) meeting. This key event is expected to boost both the stock and cryptocurrency markets, adding to the current market excitement.
This is why cryptocurrencies are rising today.
Examining Bitcoin’s Bullish Momentum and Key Resistance Levels
Bitcoin (BTC) recently re-crossed the $60,000 mark after testing the critical support at $57,270. The rebound reflects strong bullish momentum. However, Bitcoin faces a tough challenge in breaking the $61,725 resistance.
A successful break above this level could lead to further gains and consolidate the bullish trend. On the other hand, a failure to break above this level could result in a pullback to $57,270 and possibly further decline to $53,980. The market’s reaction to the upcoming rate cut will be crucial in determining Bitcoin’s short-term trend.
CKB becomes the best performing altcoin
In the altcoin space, Nervos Network’s CKB token has made headlines with a staggering 14% gain in the past 24 hours. Currently trading at $0.018, CKB’s massive gains follow last week’s massive surge that saw it surge as high as 313% before seeing a pullback.
The current uptrend indicates that the market is positive about CKB, making it a standout among altcoins. However, if CKB fails to maintain the $0.016 support, there is a risk of a downside, which could drop to $0.012 and challenge the current bullish outlook.
Significant developments from major industry players also influenced the positive market moves. BlackRock and Microsoft are preparing to launch a $30 billion fund focused on AI infrastructure, including data centers and energy projects. Given their prominent positions in the digital asset space, this move is expected to have a significant impact on AI-related crypto assets.
Be prepared for the bull market
Further adding to the market’s optimism is the fact that the market could be on the verge of an unprecedented bull run. This potential upside will be fueled by expectations of rate cuts from the Federal Reserve, which could spur market growth.
Currently, the cryptocurrency market capitalization is showing good signs of further gains, trading inside a double bottom channel pattern, suggesting continued bullish momentum.
On August 5, the stock market fell below $1.7 trillion, then quickly recovered to $2.24 trillion and stabilized at $1.81 trillion on September 6, further consolidating the double bottom pattern. If this trend continues, the stock market value could rise to $2.42 trillion.
