After losing its local range, the $TOTAL Crypto Market Cap has retested the important $3T level.
This is a key support level and important to hold for the bulls.
If lost, price would be trading below the previous range low from earlier this year which would not paint a healthy view.
Most of this is driven by altcoin weakness as that same level corresponds with ~$90K BTC when you compare the charts. Which shows how much BTC has outperformed relative to alts.
This $BTC cycle has been all about being patient and allocating when others don’t to.
This has always been the case to a certain degree of course. But nowadays you get a few good weeks of explosive price action followed by months of sideways & consolidating. Everything is slower compared to past cycles.
This makes it so missing these few good weeks is detrimental to your overall return this cycle. It also makes it difficult to jump on to a newly developing trend as by the time it looks good, it has often already moved a lot and/or gives no dips to get in. Risking you allocating when the price action has already stalled and the biggest part of the move is already done.
This cycle has been rewarding holding spot Bitcoin and not actively managing it. People that did so had a very comfortably cycle so far with relatively small corrections and a solid upside multiple.