After days of a downward trend, the total crypto market value (TOTAL) and Bitcoin’s (BTC) price recovery today seems to have provided some relief to investors. While some altcoins only showed recovery, a Bitcoin-based project rose to the top of the market.
Current State of the Crypto Market
Looking back, the total crypto market value showed a noticeable increase in the early spring months. Before the crash in June-July, it was very close to exceeding 2.5 trillion dollars, but it fell to 2 trillion dollars. Although there has been a recent recovery, movements after Monday resulted in 94 billion dollars being wiped from the market.
Following the recovery after this decline, the charts reflected a 47 billion dollar increase in TOTAL within the last 24 hours, reaching 2.34 trillion dollars. However, TOTAL still seems far from turning the resistance at 2.40 trillion dollars into support, which could initiate a recovery.
Unless this happens, TOTAL may continue to consolidate below this resistance and potentially test the 2.30 trillion dollar level as support.
What Will Bitcoin’s Price Be?
At the time of writing, Bitcoin is trading at 67,362 dollars, seemingly trying to turn the resistance at 67,100 dollars into support. This level could be very important for BTC as it might open the door to a price breakout above 70,000 dollars.
A bounce from this level could trigger a price rise towards the ATH, indicating a potential increase to 73,750 dollars.
It is also important to remember that a trend reversal could potentially occur. If a trend reversal happens, the next significant support level for BTC is at 63,174 dollars.
What Is the Price of SATS?
Among altcoins, the winner of the day was SATS. It should be noted that SATS topped the winners’ list in the last 24 hours. According to the CoinMarketCap ranking, SATS is 96th in the volume list, and its price continues to trade at 0.0003228 dollars.
There is a resistance level at 0.000353 dollars ahead of 1000SATS, and if the price moves above 0.000386 dollars, it could return to the levels seen in April.
However, in the case of a failed breakout, 1000SATS could experience a decline, and the price could reflect a drop to 0.000248 dollars on the charts. Losing the support level could completely eliminate the bullish scenario, and SATS could fall to 0.000116 dollars.
