After a challenging week, the crypto market has bounced back. Bitcoin and altcoins are seeing gains, with the total market capitalization stabilizing above a crucial threshold. Explore the behind-the-scenes of this unexpected improvement.
After a period of volatility that rocked the market in recent days, the cryptocurrency sector has finally regained some positive momentum. Bitcoin (BTC), the crypto king, has climbed more than 2% in 24 hours, triggering a broader rebound. Altcoins, the alternatives to Bitcoin, are also showing strong momentum, with Cronos (CRO) leading the pack of gainers.
This welcome recovery comes as the total crypto market capitalization stabilizes above a crucial technical threshold of $3.73 trillion. Despite recent turbulence, this support level has successfully absorbed selling pressure, preventing a more significant decline. This level is particularly significant as it represents a solid buying zone. A decisive break below could weaken investor confidence and trigger broader selling.
Although the overall rebound is encouraging, Bitcoin faces a significant challenge. Readings from the Balance of Power (BoP) indicator on the daily chart reveal a bearish trend, despite the price increase. This bearish divergence suggests that buyers are struggling to maintain momentum, leaving the possibility of a short-term pullback.
If sellers regain control, they could erase BTC’s recent gains and push the price toward $107,557. However, if momentum improves, Bitcoin could extend its progress beyond $111,961. The coming weeks will be decisive in determining the long-term direction of the crypto king.
Among the stars of this rebound is the Cronos (CRO) token, which has surged nearly 50% in 24 hours. This spectacular rise is attributed to rumors of a massive CRO purchase by Trump Media & Technology Group, the company behind the Truth Social network.
While the exact details of this operation remain unclear, the announcement has triggered a genuine frenzy around CRO. If this sustained demand continues, the token price could exceed $0.23. However, without further confirmations, a return of volatility and a drop to $0.195 cannot be ruled out.
The cryptocurrency market is breathing again after a turbulent period. This lull offers interesting opportunities for savvy investors, provided they remain vigilant against volatility risks. Keep a close eye on technical indicators, key news, and industry trends to make the most of this recovery.
If this sustained demand continues, the token price could exceed $0.23.
Don’t miss this opportunity, here’s a buying guide on Bitget:
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