The crypto market is booming with a market capitalization of $3.42 trillion (up $91B in 24h), led by Bitcoin at $111,999 and SPX6900 (+12%). Is a potential market consolidation looming ? Expert analysis.
The cryptocurrency market is boiling over ! With an increase of 91 billion dollars in just 24 hours, the total market capitalization has reached 3.42 trillion dollars. This surge is driven by the solid performance of tech stocks, revealing a close correlation between the two markets.
Bitcoin has broken a new all-time high at $111,999, just a few dollars away from crossing the $112,000 threshold. At the same time, SPX6900 has jumped 12%, approaching its all-time high. Investors seem more confident than ever in the potential of these digital assets.
This surge reflects renewed investor confidence in Bitcoin’s ability to maintain its bullish momentum. As analyst Axel indicates, the general bullish sentiment is reaching high levels.
Breaking the $112,000 mark would be a strong signal, likely to trigger a wave of FOMO (fear of missing out) and attract new inflows, pushing the price toward new heights.
Despite this bullish momentum, the crypto market faces critical resistance levels. TOTAL is struggling to break through the $3.43 trillion mark, while Bitcoin and SPX6900 still need to confirm their recent gains. An inability to overcome these obstacles could lead to a consolidation phase, threatening recent breakthroughs.
SPX is approaching its absolute record of $1.82, but must first consolidate the resistance level of $1.55 as support. If it succeeds, the altcoin could continue its bullish momentum. However, failure to hold this level could pave the way for consolidation, or even a retreat toward $1.25.
According to Sun.flow, SPX6900 is the token most accumulated by “shark” and “dolphin” whales on Solana during the last 24 hours.
In conclusion, Bitcoin appears ready to exit its consolidation phase. The Bollinger of the LTH MVRV, which is an important signal for identifying cycle tops where FOMO is at its maximum, indicates resistance at $132,000.
Several analysts estimate that this price could be reached this summer during August. However, caution is warranted, and it will be important to monitor Bitcoin in the $113,000 to $116,000 zone, which could serve as a selling area for whales and trigger a bearish reversal.
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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