In summary.
Cryptocurrency market capitalization has increased by $37 billion, testing the resistance level of $3.31 trillion; a successful breakthrough could push it towards $3.43 trillion.
Bitcoin is expected to break through $110,000, with strong momentum; the support level of $108,000 is crucial for further increases.
Due to speculation about a partnership with Robinhood, Arbitrum's stock price has surged by 15%; if it can maintain the key support level of $0.35, it may rise further.
In a stable market, the total market capitalization of cryptocurrencies (TOTAL) and Bitcoin (BTC) have both risen, with the latter breaking through $108,000 last weekend. Arbitrum (ARB) stood out among altcoins, with its price rising by 14% due to rumors of its partnership with Robinhood.
Today's news is:
The Iranian cryptocurrency exchange Nobitex has begun to restore services after reportedly being attacked by a pro-Israel organization for $90 million. As part of the recovery process, the exchange migrated user wallets and nullified deposits in existing accounts.
Metaplanet will issue 30 billion yen in 0% ordinary bonds to purchase more Bitcoin. Previously, Metaplanet surpassed Tesla to become the seventh largest holder of Bitcoin, holding 12,345 Bitcoins valued at $1.33 billion.
The cryptocurrency market continues to rise.
In the past 24 hours, the total market capitalization of cryptocurrencies has increased by $37 billion, hovering below the resistance level of $3.31 trillion. This level has been tested multiple times before, but breaking through it remains key for the market to ensure further increases.
Currently, as no major macroeconomic bearish signals have emerged, investor uncertainty seems unlikely. With the market remaining stable, the total is expected to continue rising, gaining support at $3.31 trillion. If successful, the cryptocurrency market is likely to move towards the next target, aiming to reach $3.43 trillion in the near future.
However, an unexpected bearish trend in the global financial markets could quickly reverse this trend. If this happens, it could also impact the cryptocurrency market, causing the total to drop to the support level of $3.21 trillion or even lower, thereby overturning the current bullish argument.
Bitcoin is on the rise.
The current price of Bitcoin is $108,428 and continues to rise, attempting to secure the support level of $110,000. If successful, BTC may break through $111,980 and set a new all-time high. The current bullish momentum indicates an optimistic short-term outlook for the king of cryptocurrencies.
The immediate priority for BTC is to break through the resistance level of $109,476 and convert $110,000 into a support level. Given that the RSI is still in the bullish zone, this seems feasible. However, the RSI is far from the overbought threshold, so there is still room for further increases without triggering an immediate reversal.
Market uncertainty remains a potential risk for Bitcoin's price. If the market experiences negative changes, BTC could drop below $108,000, heading towards $105,622. If this support level fails, Bitcoin could decline further, potentially falling below $105,000, negating the current bullish outlook.
Arbitrum is enjoying speculation.
In the past 24 hours, ARB's price has increased by nearly 15% due to speculation that Arbitrum and Robinhood will establish a partnership. Previously, an Ethereum developer posted that 'Robinhood chose Arbitrum', hinting that an upcoming fireside chat would invite key figures like Vitalik Buterin and Occhain Labs' Chief Strategy Officer.
Currently, ARB is trading at $0.35, which constitutes a strong support level. If the price rebounds from this support level, ARB could rise to $0.38, and may even break through this level. Positive momentum suggests that this altcoin may rise further in the short term.
However, if investors decide to take profits during the recent surge, ARB may experience a pullback. Falling below the support level of $0.35, the price may retreat to $0.30, thereby negating previous bullish expectations and wiping out some of the gains made in the past 24 hours.