The total market capitalization of cryptocurrencies (TOTAL) and Bitcoin (BTC) shows a slight increase since yesterday, thus confirming their momentum. Altcoins are following this trend, even surpassing it, like Audiera (BEAT) which records a progression of 69%.
In the news today:
The proposal to amend Uniswap fees, UNIfication, has passed the required voting threshold and will be implemented later this week. This update will activate protocol fees, lead to the destruction of 100 million UNI tokens, and introduce incentives to increase yields for liquidity providers.
A power outage caused by a fire at a PG&E transformer station left 130,000 customers in San Francisco without electricity, interrupting access to crypto wallets and exchange platforms. This incident highlighted the ongoing dependence of cryptocurrency usage on local electrical and internet infrastructures, despite the decentralization of blockchain.
The crypto market shows signs of stabilization
The total market capitalization of cryptocurrencies currently stands at $2,980 billion, an increase of $16 billion over the past 24 hours. This progression hints at a possible short-term stabilization. If buying momentum is sustained, the BTC price could see a rise in the short term.
For a more sustainable recovery, the market capitalization must fall below the $3,000 billion mark, a solid support level. A decisive breach of this psychological threshold would likely strengthen investor confidence and attract new capital.
However, if the recovery fizzles out, downside risks persist. The market could retreat to $2,920 billion, with the next key support level at $2,850 billion.
Bitcoin targets the next key resistance
Bitcoin is currently trading at $88,846, holding above the resistance level of $88,210. This zone had previously limited the rise earlier in the month, and its transformation into support indicates short-term stability.
To compensate for its recent declines, the BTC price must progress toward the resistance level of $90,308. A confirmed breach of this threshold could strengthen investor confidence and signal a recovery of bullish momentum.
On the other hand, if buying pressure weakens, the king of crypto could drop below $88,210. A clear break of this level would put $86,361 in sight as the next downward target, and the loss of both supports could intensify selling pressure.
Audiera is taking the lead
The altcoin BEAT surged by 69% over the past 24 hours, reaching $4.07 at the time of writing. This strong increase has set a new all-time high during the session. Sustained demand and aggressive momentum reflect heightened speculative interest, with investors reacting to this price surge.
Technical indicators suggest a continuation of the rise. The parabolic SAR confirms an active bullish trend, a sign of buyer dominance. If this momentum holds, BEAT could surpass its all-time high of $4.30. The continuation of this momentum could propel the crypto towards $5.00 in the short term.
The downside risk remains high after a strong rise. Selling pressure could quickly reverse the trend. A drop below the support at $3.09 would weaken the structure. Further declines could drive BEAT down to $2.05, invalidating the bullish outlook and erasing much of the recent gains.
