The total crypto market value (TOTAL) surpassed its resistance level after yesterday’s rise, while Bitcoin (BTC) is nearing a key resistance level, creating significant excitement among investors. Additionally, Bittensor (TAO) price has partially recovered losses from recent declines with a price increase in the last 24 hours.
TOTAL Continues to Rise
The total crypto market value is currently at $2.17 trillion and has surpassed the significant resistance level of $2.11 trillion with gains from the previous day. This resistance level had been a major obstacle for TOTAL’s rise over the past two weeks, and surpassing it was thought to potentially trigger a trend reversal in the market.
Following the breach of this level, attention has now turned to the major resistance at $2.18 trillion for TOTAL. If this level is surpassed and turns into support, the existing bullish expectation in the market could increase further.
Conversely, a slowdown in the upward momentum could lead to market consolidation, which might last longer than expected.
Bitcoin Current Status
Bitcoin is currently trading at $61,200 and is nearing the historically significant resistance and support level of $61,480. The Parabolic SAR indicator below the existing candlesticks indicates an upward trend.
Bitcoin needs to secure $61,480 as a solid support level to maintain its current trend. Between March and June, Bitcoin fluctuated between $71,997 and $61,483 for three months before declining.
Given this large price range, it may take longer than expected for Bitcoin to test the high resistance level. Nevertheless, the common view is that the first upward target for BTC could be to surpass the $65,000 resistance.
Bittensor (TAO) Comments
Among altcoins, the standout cryptocurrency today is Bittensor (TAO). TAO has garnered significant attention after a 11.7% increase in the last 24 hours. TAO is trading at $335, with the first target believed to be the $351 resistance level.
This level has been surpassed in the past, but TAO has not turned it into support for over two months. If TAO breaks and turns this level into support, it could recover losses from the 38% decline. However, if the break does not occur and the level is not turned into support, the price could consolidate between $351 and $304.
