In short.
The total market capitalization of cryptocurrencies increased by $79 billion, reaching $3.82 trillion, with OKB leading the charge, hitting a new high of $195.
Bitcoin is testing the support level of $112,526 again, with the potential to recover to $115,000 and push towards $117,261 and $120,000.
OKB surged 56% to reach $195; bullish momentum is strong, but profit-taking could cause the price to pull back to $120.
With the market reacting positively to the FOMC minutes, both the total market capitalization of cryptocurrencies (TOTAL) and Bitcoin (BTC) have breathed a sigh of relief. Altcoins are leading the way, with OKB soaring by 56%, reaching a new high of $195.
Cryptocurrency market rises.
In the past 24 hours, the total market capitalization of cryptocurrencies increased by nearly $79 billion, reaching $3.82 trillion. This recovery followed the release of moderate minutes from the U.S. Federal Open Market Committee (FOMC) on Wednesday, indicating that the overall cryptocurrency market is stabilizing. As market sentiment improved, investors showed optimism, driving the rise in the cryptocurrency market.
If the market can hold the support level of $3.81 trillion, the cryptocurrency market capitalization is expected to approach $3.89 trillion. Sustained positive momentum will help erase previous losses and prove that the recovery is not just a flash in the pan.
However, if market sentiment turns bearish, the total market capitalization could drop to $3.73 trillion. This decline would erase the gains made in the past 24 hours, indicating that the cryptocurrency market will continue to be volatile. The coming days are crucial in determining the trend.
Bitcoin rebounded from the support level.
The current price of Bitcoin is $113,990, testing the support level of $112,526 for the second time this month. This historical pattern could provide an opportunity for BTC to reclaim the support level of $115,000. If it successfully rebounds, it suggests further upside potential, especially if overall market sentiment improves.
Recapturing the support level of $115,000 is crucial for Bitcoin. If BTC holds this level, it could push towards $117,261 and even potentially break through $120,000. This upward trend would confirm Bitcoin's recovery.
The Relative Strength Index (RSI) currently shows bearish momentum in the market. This indicator remains below the neutral line, indicating weak market sentiment. Therefore, if bearish pressure continues to dominate the market, Bitcoin's price may remain consolidated below $115,000 or even pull back to $112,526.
OKB continues to make history.
OKB surged 56% in the past 24 hours, hitting a historic high of $195. This strong increase solidifies OKB's position as the best-performing altcoin of the day. The strong bullish momentum reflects investor confidence.
OKB is currently trading at $190, nearing a breakthrough of $200. The parabolic reversal indicator below the K-line suggests that the upward trend will continue. This technical indicator supports a bullish outlook for OKB.
However, the possibility of profit-taking remains a concern for OKB's price movement. If investors decide to sell and lock in profits, this altcoin could drop to $120, erasing recent gains. Such a sell-off would invalidate the current bullish argument.
