The total crypto market cap (TOTAL) and Bitcoin (BTC) are still painting green on the daily chart. BTC crossed the $61,000 mark over the last 24 hours as the market remained bullish ahead of the US Consumer Price Index (CPI) release. This bullishness was enjoyed by THORChain investors, as the token registered an 11% rise in a day.
In the news today:-
The Crypto Market Is Cooling Down
The total crypto market cap is hovering under the resistance of $2.11 trillion, attempting to breach it. At the moment, the value of all cryptocurrencies combined is $2.09 trillion, after it bounced off from $2.00 trillion.
The US CPI report is expected to be released in the next 24 hours, and the market expects softer inflation in July. The forecast is currently at 2.9% from 3.0% in June, which could elicit mixed reactions from the crypto market.
Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
If the majority remains bullish, TOTAL could be looking at a breach of the $2.11 trillion resistance. This, in return, would help the crypto market recover a portion of the losses noted during the recent crash.
Bitcoin’s Price Is Aiming Higher
Bitcoin’s price is currently above the $61,000 mark after securing $60,000 as support. However, to continue its recovery, BTC is looking to flip the resistance at $63,000 into support as well.
If the crypto market reacts positively to the CPI data, Bitcoin’s price could successfully breach this barrier. The same would allow BTC to continue its uptrend and claim $65,000 as a support floor.
Read More: Bitcoin Halving History: Everything You Need To Know
There is a chance that BTC might find some resistance from the market and potentially from profit-taking once this crucial barrier is breached. This could impact the strength of the crypto market’s uptrend.
THORChain Makes the Most of the Market
RUNE’s price has risen 11% in the last 24 hours, reaching $3.67 at the time of writing. The altcoin is looking to breach the resistance at $3.92 to secure and continue its rally.
There is a good chance that RUNE will be consolidated between $4.82 and $3.92. The altcoin has traded in this range in the past, making recovery limited to a breach of the $3.92 resistance.
Read More: Best Upcoming Airdrops in 2024
But if this fails, the RUNE price will remain consolidated under the aforementioned resistance level, invalidating the bullish thesis.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Source link
Aaryamann Shrivastava
https://beincrypto.com/why-is-the-crypto-market-up-today/
2024-08-14 05:40:55
