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The total crypto market cap (TOTAL) along with Bitcoin ($BTC) are noting barely any growth over the past day. However, among the altcoins, $FLOKI noted an 8% rise to place itself among the top crypto assets.
In the news today:-
- The State of Wisconsin Investment Board (SWIB) purchased $99 million worth of BlackRock’s iShares Bitcoin Trust (IBIT) ETF.
- Sonne Finance, a decentralized liquidity market protocol, and BlockTower Capital, a crypto investment firm, were attacked. The hackers managed to steal over $20 million worth of funds.
TOTAL Awaits a Breakout
The total market cap has been stuck within a symmetrical triangle for the past four weeks and is currently around the $2.2 trillion mark. A symmetrical triangle is a chart pattern formed by two converging trendlines that connect a series of peaks and troughs, indicating indecision in the market before a breakout.
Should this breakout occur, TOTAL could breach through $2.3 trillion to potentially initiate further recovery.
Read More: Why do Hong Kong Spot Crypto ETFs Matter?
However, if the total market cap breaks down, it could slip to $2.11 trillion, as this level is the next crucial support floor.
Bitcoin’s Price Continues to Rise
Bitcoin’s price trading at $61,900 at the time of writing, has been in a macro uptrend since the beginning of the month. It has been struggling to close above the crucial support of $62,000. Reclaiming this is important as this would enable a rise to $63,000 and beyond.
If the uptrend continues and investors remain optimistic, a bullish outcome for $BTC is likely. Breaching past the resistance at $63,700 will also lead to a rise to $65,000.
Read More: Bitcoin Halving History: Everything You Need To Know
On the other hand, if $62,000 is not secured as support, a drawdown could occur. This could result in $BTC losing the uptrend, resulting in a potential decline to $61,000.
$FLOKI Is Among the Top Gainers
$FLOKI’s price rallying is both a surprise as well as a predicted scenario. This is because the recent market conditions have been signalling a potential return of the meme coin frezy. However, $FLOKI has not been the focus of investors amidst meme tokens like PEPE, BOME, WIF, etc.
The altcoin rose by more than 7.5% in the past day, bringing the price to $0.000203. $FLOKI already closed above the support of $0.000185. Any further rally could push it towards the resistance at $0.000218, as the price is already at a two-month high.
Read More: What Are Meme Coins?
However, a dip down to $0.000185 and losing it as support could send it to $0.000167. This support has been tested on multiple occasions in the past, and $FLOKI will likely land here.