As gold prices soar ahead of the Federal Open Market Committee (FOMC) meeting, the cryptocurrency market experiences a downward trend with Bitcoin 
$103,390 priced below $94,000 and altcoins showing steady declines. The current technical analysis predictions and market conditions provide insight into the future for cryptocurrency investors.
Cryptocurrency Technical Analysis
Analyst Efloud has released a market update after a long interval, offering extensive assessments that draw significant attention. By examining the overall market capitalization of cryptocurrencies, TOTAL2 charts, and Bitcoin’s market dominance chart, the analysis highlights the current technical scenarios affecting altcoins.
The TOTALCAP chart indicates that maintaining the ATH levels from 2021 as support would be the first strong upward signal, suggesting short-term growth could follow if the RL level is achieved. Uncertainty could push the value back to $2.78 trillion and $2.67 trillion. However, these levels are expected to hold as strong supports, with Efloud considering purchasing if the $2.67 trillion level is tested under favorable conditions.
The TOTAL2 chart’s response at resistance prompted the analyst to sell some holdings in altcoins like ENA, DOGE, and LINK. Efloud emphasized searching for support and confirmation below the green box to make further investments.
“If corrections do not occur, I will cautiously evaluate new trades considering ETHBTC levels when revenue reaches the red dashed line,” Efloud states.
Lastly, the Bitcoin market dominance chart is crucial for the altcoin market. An increase in dominance usually leads to altcoin downturns, missing out on new peaks.
Bitcoin Rise through Historical Data
Analyst Noach looks for upward signals and references historical patterns from early and late 2024 rallies. Short-term BTC holders exhibited increased activity just before significant price movements in these periods.
Noach points out the same activity levels now. He notes that Bitcoin ETF entries have reached an all-time high of $40.62 billion, potentially indicating a quiet accumulation phase and a prelude to a breakthrough above $100,000.
