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The recovery in the crypto markets continues and the BTC price successfully defends the $35,000 level. Institutional demand is strong and expectations for interest rate cuts by the Fed next year have climbed from 50bp to 100bp. This means that rate cuts could start from the middle of the year. So what is the current situation in the market?
Will Altcoins Rise?
The cumulative value of cryptocurrencies has significantly increased in the past three weeks, forming three consecutive weeks of bullish candlesticks. This is very important, and as BTC consolidates at higher levels, expected altcoin rallies are also starting. XRP Coin has once again surpassed $0.7 today. However, there are many cryptocurrencies that have gained double-digit returns.
TOTALCAP has surpassed the $1.25 trillion resistance that it has been unable to break since April. Last week’s upward movement allowed the cumulative value to reach a peak of $1.31 trillion. The cumulative value, which reached its peak in 2023, could continue to increase to the $1.44 trillion level.
Despite the bullish outlook, if TOTALCAP closes below $1.25 trillion, deeper lows below $1.1 trillion could be seen.
Bitcoin and EGLD Analysis
The recent institutional investor report is extremely positive. BTC is hovering around $35,000 and has not been able to close above $35,500 despite no strong resistance ahead. If bulls initiate a new sharp upward wave, they may not encounter a major obstacle until the key resistance area of $47,500.
In the opposite scenario, if the strength of BTC bulls diminishes, a retracement to the $31,000 support is possible. Increasing institutional demand, a strengthening accumulation sentiment among investors, and positive developments on the macro front suggest that upward movement could be more reasonable.
The altcoin expected to be in the spotlight this week is EGLD Coin. The EGLD price increased significantly last week, reaching $53.45. The price broke the descending trend line and reclaimed the $43 level. If the upward trend continues, we may see a new peak at $62.
However, closing below $43 could lead to short positions targeting $28 for selling opportunities.
