The total market cap of cryptos is stable below 2.11 trillion dollars, preparing to break through this level.
The price of bitcoin is also set to break through the consolidation phase, with a target of reaching $65,000.
Bittensor's TAO has risen by 11% in the last 24 hours and is about to recover 40% of its decline.
The total market cap (TOTAL) and bitcoin (BTC) are about to break through key resistance levels. At the same time, due to the surge in performance over the past day, Bittensor (TAO) is steadily recovering its recent losses.
The crypto market is expected to break through.
Currently, the total market cap of cryptos is at 2.1 trillion dollars, with a small increase in the past day, approaching the key resistance level of 2.11 trillion dollars. Over the past two weeks, this resistance level has prevented a breakthrough in the total market cap, which means that breaking this resistance level may indicate a trend reversal.
Nevertheless, DowDuPont's stock price is still likely to face significant resistance at the $2.18 trillion level. If this level can be successfully converted into support, there is potential for further increases.
On the contrary, if the bullish momentum weakens, the market may continue to consolidate, making it increasingly difficult to break out of this consolidation phase.
Bitcoin's price needs to be pushed.
The current price of Bitcoin is $60,690, close to the key level of $61,480, which has historically been both a key resistance and a support level. The parabolic SAR indicator is below the candlestick chart, indicating that the upward trend is strengthening.
Bitcoin needs to turn $61,480 into a stable support level in order to recover macro consolidation. Over the past three months from March to June, the cryptocurrency has been fluctuating between $71,997 and $61,483.
Given the large range, Bitcoin may need some time to retest the resistance level. Currently, the short-term target is to break the $65,000 mark.
Bittensor investors seem to be very pleased.
Among altcoins, Bittensor has risen by 11.7% in the past 24 hours, gaining overnight fame. The trading price of this altcoin is $331, with the current target being to break the $351 resistance level.
This obstacle has been broken in the past, but TAO has not successfully tested its support level in just over two months. If the altcoin breaks through this time and turns it into a support level, it may reclaim losses from the recent 38% plunge and further rebound TAO.
However, if it fails to break through, it may consolidate between $351 and $304. If this leads to profit-taking or selling to make up for losses, the $304 support level may be breached, rendering the call argument invalid.