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The total crypto market cap (TOTAL) is reeling from one of the biggest single-day drops noted in the last 12 months. Bitcoin’s (BTC) price also made its way back above a crucial support level, with Akash Network (AKT) rising by 21% today.
In the news today:-
- There are speculations that the Federal Reserve might hold an emergency meeting following the market crash. Investors have been calling for a rate cut, but this is unlikely.
- Democratic lawmakers urged the Commodity Futures Trading Commission (CFTC) to ban gambling on US elections. The aim of this ban is to protect the integrity of the electoral process.
The Crypto Reclaims Some Losses
The total crypto market cap is currently hovering at $1.93 trillion after nearly falling to a low of $1.69 trillion on Monday. During the intra-day low, the market witnessed over $319 billion being wiped out of the market.
At the time of writing, TOTAL had risen by $63 billion, pushing the crypto market toward resistance of $2.00 trillion. Flipping it would enable further recovery to take back the losses noted this week.
Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
If the breach fails, the crypto market could end up being consolidated under $2.00 trillion and above $1.86 trillion. This would make recovery challenging.
Bitcoin’s Price Could Still Witness Bullishness
At the time of writing, Bitcoin’s price is $55,603, bouncing back from yesterday’s low of $48,900. Interestingly, despite the broader market crash, BTC still managed to close within the descending broadening wedge.
This bullish pattern has been signaling a rise beyond Bitcoin’s all-time high of $73,800 for five months now, awaiting consistent, sustained bullish cues. Had the global financial markets not witnessed the recent crash, this breakout could have occurred towards the end of July.
Read More: Bitcoin Halving History: Everything You Need To Know
Nevertheless, BTC has another shot, as it just tested the lower trend line of the pattern as support. While the breakout is far above the current price, Bitcoin’s price would have to breach past multiple resistance levels first in order to make it back up.
Akash Network Registers a Leap
AKT’s price witnessed the largest recovery of any altcoin within the top 100 list today. Noting a 21.88% rise, the altcoin is trading at $2.54 at the time of writing, looking to secure $2.68 as a support floor.
This would enable further recovery for Akash Netowrk’s native token, potentially pushing it beyond $3.00. Doing so would help the altcoin investors reclaim the losses they witnessed over the last couple of days.
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However, if the breach of the $2.68 resistance fails, AKT could consolidate below this level. This would invalidate the bullish thesis of recovery and extend investors’ wait for recovery.