Bitcoin‘s price today remains above $52,000, having seen a low of $51,311 in the last 24 hours. Altcoins are therefore showing activity. It seems that the long-anticipated movement for CHZ Coin has started. But what is the current state of the cumulative value graph of cryptocurrencies? Will the rally continue? What do current predictions indicate?
Cryptocurrencies Gaining Momentum
Crypto investors have seen encouraging weekly candles recently. In the past two weeks, the significant increase in cumulative value has formed bullish candles. The market cap has surpassed the critical $1.61 trillion threshold, breaking through the $1.88 trillion resistance and finally closing above it, which is a key development supporting a mid-term bullish outlook.
If the cumulative value of cryptocurrencies (TOTALCAP) continues to rise, it will need to test the next resistance at $2.1 trillion. On the other hand, if the $1.88 trillion region, which is about to turn into support, is lost, there is a price region of $1.61 trillion below.
Bitcoin (BTC)
For the king cryptocurrency, the next key resistance is the $65,000 region, which is 25% above the current level. However, to maintain a strong bullish outlook, we must not forget the sub-$48,600 closures on the BTC front. If this happens, BTC could fall back to $40,600.
Today marks the first day of the new week for spot Bitcoin ETFs. Yesterday was an official holiday, and the stock market was closed, but today, if we see a wave of demand that feeds the excitement on the ETF front while the market is closing strong, it wouldn’t be surprising to see the price rise to $58,000 tomorrow. The biggest risk in the short term is the upcoming Fed minutes on Wednesday, which should not contain harsh comments that would undermine the overly optimistic prediction of 125-150bp+ interest rate cuts for 2024.
Arweave (AR) Analysis
Some altcoins are already reaching their all-time highs early on. The ATH frenzy continues, and the bullish phase for altcoins hasn’t even started yet. As BTC approaches its peak, BTCD will weaken, and altcoins will see their real surge when ETH creates new highs.
Arweave (AR) has risen rapidly over two weeks, reaching its highest level since November 2022 at $15.55. More importantly, it has also surpassed the historic peak resistance of $14.2. The RSI is above 70 and looks strong. If the rally does not slow down, it could increase by another 80%, reaching $26.5. However, closures below $14.6 could lead to a drop to $10.75.
