The total crypto market cap (TOTAL), along with Bitcoin 

, is stabilizing above their respective crucial support floors. With the volatility cooling down, there is a chance that altcoins could also follow suit. However, as of now, some bearishness persists, given that EigenLayer (EIGEN) is down by 8%.

In the news today:

  • Crypto.com has filed a lawsuit against the US SEC following a Wells notice, accusing the regulator of unjust actions toward the exchange. The company stated that the SEC’s actions left them with “no other choice” but to take legal action.

  • HBO’s documentary “Money Electric,” which premiered on October 8, 2024, suggested Peter Todd as the real identity behind Bitcoin’s creator, Nakamoto. Todd quickly denied the claim just hours before the documentary’s release.

The Crypto Market Is Cooling Down

The total crypto market cap has shown minimal movement in the last 24 hours, maintaining its position above the crucial support level of $2.11 trillion. Despite the lack of immediate change, the market still aims for an upward trajectory, supported by positive sentiment.

With a month-old uptrend line acting as a key support, the total crypto market cap could see a bounce, potentially pushing it toward the next target of $2.24 trillion. This would signal continued growth and optimism within the market.

Total Crypto Market Cap Analysis.

However, if the market loses support at $2.11 trillion and the trend line, it may trigger a larger drawdown, leading to a potential drop toward $2.00 trillion, which would indicate a bearish shift.

Bitcoin Is Holding Above Support

Bitcoin’s price is currently stable at $62,375, with no significant movement in the past day. The cryptocurrency remains above the crucial support level of $61,868, showing resilience and still eyeing a potential bounce off this floor to initiate an upward trend.

For Bitcoin, the next key resistance lies at $65,292. Consistent bullish sentiment is essential to breach this level. Flipping this resistance into support would open the door for further price increases and reinforce a bullish outlook for the cryptocurrency.

Bitcoin Price Analysis

However, if Bitcoin loses support at $61,868, it risks dropping to $60,000. A break below this critical level could lead to a steeper decline, potentially pushing Bitcoin’s price down to $57,270.

EigenLayer Is Finding Strength

EIGEN price experienced significant volatility over the last 24 hours, with intra-day highs surpassing $4.00. However, by the time of writing, the altcoin had dropped to $3.71, marking an 8% decline from its peak. The rapid price shifts have left traders cautious as they assess EIGEN’s next move in the market.

EIGEN still has the potential to rebound if it manages to flip the $3.75 resistance into support. Achieving this would enable the altcoin to rally toward its next resistance level at $4.15, reigniting investor optimism and maintaining the bullish trend.

EIGEN Price Analysis.

If the price drawdown persists, however, EIGEN may drop further, potentially hitting a low of $3.47. A fall to this level would invalidate the bullish outlook and could dampen investor confidence, leading to a more extended bearish phase.