The crypto market has recently witnessed significant fluctuations in Bitcoin (BTC) price and the overall market cap (TOTALCAP). Despite the recent bounce, the market is yet to show substantial increases. Meanwhile, Stellar (XLM) has been making impressive gains over the past five days. Additionally, New York Representative Ritchie Torres has voiced his opposition to the Securities and Exchange Commission’s stance on crypto regulation. In this article, we delve into the recent developments and potential outcomes for these cryptocurrencies and the market as a whole.
Crypto Market Cap (TOTALCAP) Bounces at Support
TOTALCAP, the total market capitalization of all cryptocurrencies combined, has experienced a remarkable surge since June 15. By June 20, it broke free from a descending parallel channel and successfully surpassed the resistance zone of $1.15 trillion within a span of 10 days.
Despite the recent dip, TOTALCAP managed to stay above the critical support level of $1.15 trillion, where it bounced just two days ago. Should this support level be breached, analysts anticipate a further drop toward the subsequent support at $1.05 trillion. Conversely, if a rebound occurs, TOTALCAP has the potential to rise to $1.50 trillion, indicating a potential bullish trend in the market.
Bitcoin (BTC) Attempts to Initiate Bounce
Bitcoin’s price has been facing resistance since July 13 when it was rejected at the resistance line of an ascending parallel channel. This rejection led to a dip, reaching a low of $29,521 on July 18. However, BTC managed to initiate a bounce at the support line of the channel, validating both the channel’s support and the horizontal support area at $30,000.
Despite the bounce, BTC has not displayed a significant upward movement yet. If the price manages to gain momentum, it could potentially rise towards the channel’s midline and even test the resistance line at $31,500. Conversely, a breakdown could see BTC dropping to $29,100, which aligns with the 0.382 Fibonacci retracement support level.
Stellar (XLM) Resumes Ascent After Bounce
Stellar (XLM) has been on an upward trajectory, reaching a new yearly high of $0.20 on July 13. However, the price experienced a recent dip, leaving a long upper wick on the chart. Despite this, XLM bounced at the crucial support level of $0.13, a level that had previously acted as resistance for an extended period.
The breakout above the $0.13 resistance turned support marks a strong bullish trend reversal signal. Moreover, the recent dip to this level can be seen as a retest of the area as support, reinforcing its significance. Since the bounce, XLM has been making significant gains and is inching closer to its yearly high. If the price surpasses this level, it could lead to further gains towards the next resistance at $0.25.
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Conclusion
The crypto market has seen notable fluctuations in recent days, with Bitcoin (BTC) and the overall market cap (TOTALCAP) experiencing ups and downs. Despite the bounce, significant price movements are yet to be seen. Meanwhile, Stellar (XLM) has shown resilience and significant gains after bouncing from a crucial support level. As these cryptocurrencies continue to evolve, market participants remain hopeful about the potential for further growth. Additionally, New York Representative Ritchie Torres’s stance on crypto regulation adds an interesting dimension to the ongoing discussions surrounding the crypto market’s future. As always, investors and enthusiasts should exercise caution and conduct thorough research before making any financial decisions in the highly volatile crypto space.
