In short
The total market capitalization of cryptocurrencies has increased by $102 billion in 24 hours, reaching $3.69 trillion, with the potential to break through the $3.73 trillion resistance level.
Bitcoin's current price is $114,759, struggling below $115,000, with market sentiment cautious and potentially falling further to $111,187.
Ethena (ENA) surged by 19% in the past 24 hours, gaining a support level at $0.62; if the market maintains bullish momentum, it may rise to $0.76.
With signs of recovery emerging, the cryptocurrency market (TOTAL) has increased by over $102 billion in the past 24 hours. Bitcoin (BTC) has also rebounded, currently approaching the $115,000 resistance level. However, Ethena (ENA) has captured the spotlight today with an almost 20% surge.
Today's news is:
Tron founder Justin Sun successfully bid $28 million to secure a seat on the Blue Origin NS-34 mission, making a successful return. Despite the attention on Tron, its stock price only rose slightly by 2%, highlighting that investors are more reliant on overall market trends rather than individual events.
Solana co-founder Anatoly Yakovenko made comments on cryptocurrency Twitter stating that the community is useless, causing a strong backlash and sparking a debate about the role of community-driven growth in cryptocurrency. His remarks drew widespread criticism, with some arguing that he undermined the importance of community in the cryptocurrency space.
Cryptocurrency market recovery
In the past 24 hours, the total market capitalization of cryptocurrencies has increased by $102 billion, marking a strong start to August. The recent rise signifies a recovery in the market after a week of sluggishness, demonstrating the market's resilience.
Currently, the cryptocurrency market capitalization stands at $3.69 trillion, approaching the $3.73 trillion resistance level. If this resistance level turns into support, the market could rise further. A successful breakthrough at this level may lead the market towards $3.81 trillion, indicating a sustained bullish trend in the cryptocurrency space.
However, if the market environment turns bearish, the cryptocurrency market may struggle to maintain its momentum. Falling below the $3.61 trillion support level could lead to a significant drop.
Bitcoin faces resistance
The current price of Bitcoin is $114,759, showing a slight recovery after bouncing back from the $112,000 support level over the weekend. Nevertheless, the market has yet to show strong bullish momentum.
The Relative Strength Index (RSI) is below the neutral zone, indicating poor overall market conditions. This suggests that Bitcoin's price is under downward pressure, and market sentiment remains cautious.
As Bitcoin struggles at the $115,000 level, if bearish momentum persists, it may drop further to $111,187.
On the other hand, if Bitcoin successfully breaks through $115,000 and holds at the $117,261 support level, it may signal a reversal of the current trend. Continued breakthroughs at these levels will challenge the bearish outlook.
Ethena (ENA) makes a leap
ENA is currently priced at $0.62, having increased by 19% in the past 24 hours. This rise occurred after rebounding from the $0.51 support level. This altcoin currently has good momentum, with the market showing slight recovery. However, its future trajectory depends on broader market cues.
ENA is currently consolidating the $0.62 resistance level as a support level, which is crucial for its continued rise. If the market remains bullish, this altcoin could further increase, with the next target price set at $0.76.
However, if market sentiment turns negative, ENA's price may decline. Falling below the $0.62 level could lead to a drop back to the $0.51 support level. Losing this critical support would invalidate the bullish outlook, indicating a potential reversal in price trends.