The total crypto market cap gains $23.8 billion in 24 hours as Bitcoin rises above $85,000. With anticipation for Grayscale ETF launch and positive technical indicators, altcoins like MYX Finance surge. Will this uptrend sustain to reverse the market direction significantly?
The crypto market is showing signs of notable recovery after several days of intense volatility. The total market capitalization climbs by $23.8 billion to reach $2.89 trillion, while Bitcoin holds firmly above the psychological threshold of $85,000. This bullish dynamic comes in a particular context, marked by the anticipation of Grayscale’s DOGE and XRP ETF launch scheduled for Monday.
Altcoins are also benefiting from this renewed optimism. MYX Finance leads the charge with a 12% gain over the last 24 hours, settling at $2.84. This movement illustrates the return of risk appetite among traders, who are looking to capitalize on short-term momentum opportunities in a still fragile environment.
Several news elements, however, add nuance to this picture. The Cardano network experienced a temporary fork following the exploitation of an old software bug, triggering an FBI investigation. Charles Hoskinson reacted strongly, calling this disruption a serious cybercrime, particularly when it affects user funds. Meanwhile, Crypto Dispensers is exploring a possible $100 million sale as its founder faces federal money laundering charges.
After several days of consolidation and profit-taking that had pushed Bitcoin below $80,000, buyers are massively taking positions again.
Bitcoin displays relative strength by maintaining around $85,693, comfortably positioned above the key support located at $85,204. This technical zone has proven crucial during recent sessions, repeatedly repelling bearish attempts. Buyer interest remains present at these levels, suggesting gradual accumulation by players convinced of the rebound potential.
The next step for Bitcoin consists of reclaiming the following target located at $89,800, allowing the king of cryptocurrencies to recover a significant portion of its recent losses.
The alternative, less favorable scenario would see Bitcoin fail to breach this resistance and initiate a pullback toward the $82,503 support. Such an evolution would invalidate the short-term bullish thesis and signal the return of dominant selling pressure.
As Killa points out, over the last 8 weeks, Sunday pumps have always been retraced on Monday. The numerous longs at $83,000 could therefore be liquidated in the next 48 hours before potentially heading higher again.
Subsequently, the liquidity zone around $92,000 has a strong chance of being tested.
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MYX Finance emerges as the best performer of the day with a 12% increase, bringing its price to $2.84. Although this progression appears modest compared to the explosive rallies observed in the crypto market during euphoric phases, it demonstrates a notable renewed interest in this project in a globally volatile market. Traders see it as a short-term momentum opportunity.
The altcoin is positioned just below the psychological barrier of $3, an important technical and psychological threshold. If the general market sentiment continues to improve, MYX could break through this resistance and target the next objective at $3.30. This projection, however, requires sustained buyer volume and the absence of massive profit-taking from early adopters.
Conversely, a weakening of the bullish dynamic would quickly bring MYX back toward the supports of $2.65 and then $2.46. A more pronounced drop would invalidate the current bullish configuration and could trigger a phase of lateral consolidation. Investors must keep in mind that mid-cap altcoins present increased volatility and require rigorous risk management.
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Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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