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 grow this momentum, like Safe (SAFE), which surged 71% in the last 24 hours.
In the news today:
- Kraken plans to launch its own layer 2 blockchain, Ink, in early 2025, supporting 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 an investment proposal in Bitcoin, according to an SEC filing, with the topic set for a vote at its December 10 shareholder meeting. The board of directors recommends voting against the proposal, deeming it unnecessary since the company is already studying the issue.
Crypto market finds support
The total crypto market capitalization currently stands at $2.27 trillion, holding above the critical support level of $2.24 trillion. This support has proven essential in stabilizing the market and gives TOTAL a solid foundation. If the market cap manages to maintain this level, it could create the momentum needed to break through the $2.29 trillion resistance in the coming days.
If TOTAL manages to turn $2.29 trillion into support, it could pave the way for an increase beyond $2.3 trillion. Such a move could potentially push the market cap towards $2.40 trillion, signaling renewed investor confidence and new bullish momentum for the entire cryptocurrency space.
Read more: 11 cryptos to add to your portfolio ahead of Altcoin season
However, if the total market capitalization falls below the crucial support level of $2.24 trillion, it is likely to decline towards $2.11 trillion. This significant decline could result in substantial losses for investors, wiping out recent gains and signaling a potential bearish shift in market sentiment.
Bitcoin prevents a fall below $65,000
Bitcoin price is currently trading at $68,004, 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 closely watching for signs of a lasting breakout.
To strengthen its upward movement, Bitcoin needs to break through and turn the $68,248 barrier into a stable support floor. If successful, BTC could target the next resistance at $71,367.
Read more: Bitcoin Halving History: Everything You Need to Know
However, if Bitcoin fails to breach the $68,248 resistance again, it risks falling back to the $65,292 support level. Loss of this support could indicate a shift toward a downtrend, potentially invalidating the current bullish thesis and opening the way for further decline.
POPCAT forms a new ATH
Safe saw a sharp increase of 71% in the last 24 hours, pushing its price to $1.63 and bringing it closer to the resistance level of $1.64. This rally marks a significant uptrend for the altcoin, piquing investor interest. Safe’s recent performance could lead to further momentum if it can break through this key resistance.
Getting above $1.64 is crucial as Safe has historically been in a range between $1.30 and $1.64. Failure to overcome this resistance could result in a price retracement within this established range, possibly limiting further gains and maintaining volatility for the altcoin.
Read more: What is blockchain and how does it work?
If Safe successfully breaks through the $1.64 mark, it could bounce towards the next resistance level at $1.87, a price last tested over four months ago. Reaching this level would signal renewed bullish sentiment and could attract additional buyers. This upward move would pave the way for further potential gains and mark a pivotal moment for Safe’s price trajectory.
Disclaimer
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