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The total crypto market cap (TOTAL) and Bitcoin (BTC) noted recovery ahead of Friday’s US Jobs report. Among the altcoins, ORDI took the top spot, rising by 23% in the last 24 hours. The total number of jobs created in August is expected to be 42% higher than that in July, which is potentially instilling confidence in investors.
In the news today:
- The WazirX exchange suffered a $230 million hack on July 18, 2024. As identified by security firm PeckShield, the attackers transferred 2,600 ETH ($6.5 million) to the US-sanctioned Tornado Cash to launder the stolen funds.
- Russian authorities raided a “summer cottage village” in Priangarye, seizing 238 illegal mining rigs that caused damages worth over 68 million rubles ($758,000). The settlement was reportedly disguised as a gardening community.
The Crypto Market Recovers Slightly
As investor optimism increased, the total crypto market cap rose by $63 billion in the last 24 hours. TOTAL currently stands above the $2 trillion mark, reclaiming it as support.
Traditionally, a strong employment report would lead to a decline in the crypto market along with the macro-financial market. However, since Bitcoin has a weak correlation with US stock markets, the crypto market may not experience a significant downturn this week.
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Looking ahead, TOTAL will likely attempt to breach the resistance at $2.11 trillion. If this breach fails, consolidation above $2 trillion is the next likely outcome for TOTAL.
Bitcoin’s Price Notes Sideways Momentum
Bitcoin’s price slipped to $57,240 over the weekend but has recovered to $59,100 at the time of writing. Trading below $60,000, BTC is trying to rise above $61,718 to continue its growth.
BTC attempted this around mid-August, but the unsuccessful results led to another fall below $61,718. Going forward, the leading cryptocurrency might consolidate under this resistance and above $57,000.
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The sideways movement could delay a breakout from the current range. However, a drop below $57,000 seems unlikely at present.
ORDI Impresses the Market
ORDI’s price, bouncing off the $25 support, has been up 23% in the last 24 hours. Currently trading at $32, the altcoin’s strongest barrier has been $35, which has been rigorously tested as a support level in the past.
ORDI aims to breach this level and flip it into support, which would enable further recovery. While this is possible, there is a chance the altcoin might face some drawdown if investors decide to sell, potentially bringing ORDI back to $25.
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On the other hand, once $35 turns into a support level, the altcoin could rally further, invalidating the bearish thesis. ORDI would then have a chance of flipping $40 into support.