In short.
The total cryptocurrency market capitalization has risen by $16 billion, rebounding after a drop of $97 billion; the support level of $3.81 trillion is crucial for continued growth.
Bitcoin is consolidating between $117,261 and $120,000; unless the support level holds, volatility may occur; falling below $117,261 could test lower levels.
Conflux (CFX) is up 12%, nearing the resistance level of $0.24; a breakout could push it to $0.26, but failure to break could lead to a retracement to $0.21.
Due to market expectations for the Federal Open Market Committee (FOMC) decision on Wednesday, the total cryptocurrency market capitalization (TOTAL) and Bitcoin (BTC) plummeted during the intraday trading period. The subsequent rebound drove altcoins up on the daily chart, with Conflux (CFX) rising nearly 12% in 24 hours.
Today's news is: -
President Trump has finalized a trade agreement ensuring $350 billion in investments, imposing a 15% tariff on South Korea. The agreement protects sensitive industries like rice and beef, avoiding a 25% tariff that was set to take effect on August 1.
Trump's Digital Assets Working Group has released a report on the U.S. cryptocurrency industry, focusing on how to close tax loopholes. Although Trump has traditionally taken a laissez-faire stance, the report suggests expanding the safe harbor program but does not advocate for stricter regulations overall.
The cryptocurrency market is down but recovering.
In the past 24 hours, the total cryptocurrency market capitalization has increased by nearly $16 billion, reaching $3.83 trillion. Previously, the market rebounded from a key support level of $3.81 trillion, indicating potential market stability and optimism for future gains.
Despite positive market performance, the market scale dropped significantly by about $97 billion during intraday trading following the FOMC decision announcement. However, after the Federal Reserve announced it would maintain interest rates, the market quickly rebounded and is expected to reach $3.89 trillion in the coming days.
The future direction of the market depends on whether current levels can be maintained. If the support level of $3.81 trillion can be held, the market may continue to recover. However, failing to maintain this level could lead to a drop back down to $3.73 trillion, disrupting recent bullish momentum.
Bitcoin has re-entered a consolidation phase.
The current price of Bitcoin is $118,432, having briefly dropped to $115,700 in the past 24 hours. The king of cryptocurrencies has re-entered the consolidation range between $117,261 and $120,000, indicating that the market is in a period of indecision. This stability suggests that BTC may temporarily hold within this range, avoiding significant declines.
Given the current market environment, Bitcoin may continue to consolidate as investors remain cautious. With mixed market signals, Bitcoin's price may fluctuate within the consolidation range, avoiding any sharp movements.
If investors decide to lock in profits, Bitcoin's price may drop below the support level of $117,261. This move could bring prices back down to the $115,000 mark and test lower levels. Such a scenario could indicate a potential reversal in Bitcoin's price momentum.
Conflux makes progress.
CFX's price has increased nearly 12% in the past 24 hours, currently trading at $0.23. The altcoin has capitalized on the overall market recovery, improving its position on the daily chart. This surge indicates optimistic market sentiment for CFX, with potential growth expected in the short term.
CFX is approaching the resistance level of $0.24. If it successfully breaks through this resistance, the altcoin may continue its upward momentum, targeting a price level of $0.26. A successful breakout at $0.24 would benefit investors with sustained bullish momentum, thus boosting market optimism.
However, if CFX fails to break through the resistance level of $0.24, the altcoin may retrace to the local support level of $0.21. A drop below this support level could push CFX down to $0.19, negating the bullish outlook and indicating a potential downward trend.
