Notable developments continue to emerge in the crypto market. Accordingly, the total crypto market value seems to have recovered a significant portion of its recent losses as the Bitcoin price surpassed the $62,000 mark during yesterday’s intraday peak. Among altcoins, SUI took the lead with a 38% rally, pushing its price to $0.83.
TOTAL Chart Analysis
The total crypto market value increased by $210 billion in the last 24 hours, bringing TOTAL to $2.09 trillion. In doing so, TOTAL managed to regain half of the profits lost during the recent selling pressure. However, the total crypto market value failed to surpass the $2.11 trillion resistance. Turning this into support could further propel the crypto market’s growth towards $2.20 trillion.
However, the possibility of profit-taking cannot be ignored, and a sharp downtrend could lower TOTAL. The crypto market might drop to $2 trillion, which is likely a support base at the moment. Avinash Shekhar, CEO of the crypto futures exchange Pi42, shared the following insights on the matter:
“Given the market’s volatile nature, potential declines are expected as recent gains might already be priced in.”
Bitcoin Chart Analysis
Bitcoin, trading at $61,094, saw significant growth yesterday. The broader market rally caused Bitcoin to surpass the $62,000 mark during Thursday’s intraday high before slightly correcting. As a result of this rise, Bitcoin secured the $60,000 level as a support base and might test the same level again.
Since this price has been used as a springboard for Bitcoin several times, it wouldn’t be surprising to see Bitcoin rise to $65,000 from here. However, there is still a slight chance of falling below this level. Losing this support level could send Bitcoin to $58,000. Further declines could erase recent gains.
SUI Chart Analysis
SUI witnessed a significant rise, enough to sweep away the selling pressure at the end of July and early August, pushing the altcoin towards critical resistance. SUI, which rose by 38% in a single day, stood out as the best-performing altcoin. Currently trading at $0.83, the next resistance level for the altcoin is $0.90, and surpassing this would mark a monthly peak.
Turning this into support could push SUI to $1.00 and beyond. On the other hand, if SUI investors choose to sell to secure their gains, this 38% rally could be invalidated. SUI could drop to $0.77, erasing some of the investors’ profits.
