The total cryptocurrency market capitalisation has increased by 13 per cent in the last week alone. This big jump suggests that the 2023 market may be bouncing back. Bitcoin is now working hard to stay above the $85,000 mark, even as the total mkt cap approaches the $2.7 trillion mark. Positive as those trends are, Bitcoin had its third-highest ETF outflows of 2024, causing a somewhat mixed mood among investors.
Bitcoin's Price Movement
Right now, Bitcoin is at a make-or-break point, attempting to hold above $85,000. BTC now needs to reclaim the immediate slender resistance at $86,000 to avoid losing its bullish momentum. On the other hand, support has grown at $83k.
For sustained upward momentum, BTC needs to break past the immediate resistance at $86,000, while support has strengthened at $83,000. - Patel
The prospect of Bitcoin finally getting above that psychological $100,000 barrier just keeps rising. Beyond recent outflows, Bitcoin continues to have inflows year-to-date at $545 million, which is a testament to ongoing investor demand.
Hopes of Bitcoin breaking through the psychological $100,000 threshold continue to increase. - Avinash Shekhar
Market Dynamics
Meanwhile, total market volume for cryptos has decreased by 7.65 percent in the last 24 hours. It currently is at $77.64 billion. That $2.85 trillion local high would be an unmistakable upward turn. Market sentiment has moved out of “extreme fear” and into just plain “fear,” with a reading of 31.
Market sentiment has moved out of the ‘extreme fear’ area into the ‘fear’ area, reaching 31. - Alex Kuptsikevich
Bitcoin was the worst for outflows, a sign that some investors are cashing in profits or lowering their risk exposure. Ethereum is very much still on the back foot, owing to the general market uncertainty.
Tether's Stability
Other stablecoins like Tether (USDT) have seen a marginal advance of 0.03 per cent to $0.9999. Tether’s current market capitalization is $144.56 billion, and its 24-hour trading volume is $57.46 billion. Tether’s stability is essential to keeping liquidity and confidence in the crypto market.
