🪷WILL THE CRYPTO BULLRUN CONTINUE OR IS A WEEKEND PULLBACK COMMING ?🪷
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The cryptocurrency market continues its bullish expansion, this time influenced by strong institutional inflows and regulatory clarity. The total market cap has breached $3.91 trillion, marking a significant technical breakout. Talking about sentiments, the Fear & Greed Index sits at 71, indicating rising optimism yet possibly inclining toward overheated conditions.
That being said, as Bitcoin consolidates and altcoins catch the trend, the key question remains: will the crypto bullrun continue, or is a weekend pullback brewing?
🪷Total Crypto Market Cap: Cooling Signs Within a Strong Trend?🪷
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The 4-hour chart of the total crypto market cap I’ve shared reveals an uptrend, but surfacing short-term exhaustion. The market is currently pressing against the upper Bollinger Band near ~$3.88T,indicating a stretched move that often comes before short-term corrections.
It is evident that the market is approaching the overbought territory, with the RSI at 68.70. That being said, if a pullback occurs, the mid-Bollinger Band at ~$3.73T and the lower band near $3.58T will serve as strong support zones.
Despite this short-term caution, the macro trend remains fairly bullish. The breakout above $3.9T is a strong signal that the business is ready to challenge higher valuations. This is especially if the key levels hold firm ground over the weekend.
