The total crypto market cap (TOTAL) is holding above a key support level, while Bitcoin (BTC) has reclaimed $68,000. It is crucial to maintain and build on this momentum, similar to Safe (SAFE), which is up 71% in the last 24 hours.
Today in the news:
Kraken plans to launch its own Layer-2 blockchain, Ink, in early 2025, which supports decentralized applications for trading, borrowing and lending. Powered by Optimism’s OP Stack, Kraken will initially manage transactions as the chain’s sequencer. Microsoft is reviewing a proposal to invest in Bitcoin, according to an SEC filing, with the subject up for a vote at its Dec. 10 shareholder meeting. The board recommends voting against the proposal as it is unnecessary as the firm is already considering the matter.
The Crypto market is finding support
The total crypto market cap currently stands at $2.27 trillion, successfully holding above the critical support level of $2.24 trillion. This support is essential to stabilize the market, giving TOTAL a solid foundation. If the market cap can maintain this level, it could create the momentum needed to break the $2.29 trillion resistance in the coming days.
If TOTAL manages to turn around $2.29 trillion in support, it could pave the way for an increase of more than $2.30 trillion. Such a move could potentially push the market cap to $2.40 trillion, signaling renewed investor confidence and further bullish momentum for the entire cryptocurrency space.
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However, if the total market cap falls below the crucial $2.24 trillion support level, it is at risk of falling to $2.11 trillion. This significant drop could result in significant losses for investors, wiping out recent gains and signaling a possible bearish shift in market sentiment.
Bitcoin avoids a drop below $65,000
Bitcoin’s price is currently trading at $68,004, which sits just below the critical resistance level of $68,248. Reclaiming and holding $68,000 as support is essential for Bitcoin to continue its bullish momentum towards the $70,000 mark. This level has proven challenging, and investors are watching closely for signs of a sustained breakout.
To strengthen its upward movement, Bitcoin needs to break through the $68,248 barrier and turn into a stable support floor. If successful, BTC could target the next resistance at $71,367.
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However, if Bitcoin once again fails to clear the $68,248 resistance, it risks sliding back to the support level at $65,292. Losing this support could signal a shift to a bearish trend , potentially invalidating the current bullish thesis and setting the stage for additional downside.
POPCAT forms a new ATH
Safe has seen a sharp rise of 71% in the last 24 hours, pushing its price to $1.63 and bringing it close to the resistance level of $1.64. This rally indicates a significant upward trend for the altcoin, generating interest among investors. Safe’s recent performance could lead to further momentum if it manages to break this key resistance.
Breaking past $1.64 is crucial as Safe has historically been bound between $1.30 and $1.64. A failure to overcome this resistance could lead to a price pullback within this established range, potentially limiting further gains and maintaining the altcoin’s volatility.
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If Safe successfully crosses the $1.64 mark, it could rise to the next resistance level at $1.87, a price last tested more than four months ago. Reaching this level would signal renewed bullish sentiment and could attract additional buyers. This upward movement will pave the way for further potential gains and will be a pivotal moment for Safe’s price trajectory.
Disclaimer
In accordance with the Trust Project Guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimers have been updated.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
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And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
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