The total crypto market cap prevented a drop below $2.00 trillion over the last 24 hours.
Bitcoin’s price noted minimal changes over the past day, trading under the $60,000 mark.
1000SATS price witnessed a massive run-up of 25%, reentering previously tested consolidation.
The total crypto market cap (TOTAL) is attempting to recover and heal the wounds of the July end crash but is failing slightly. Bitcoin (BTC) is witnessing something just as similar after its uptrend stopped without securing $60,000 as support. Nevertheless, SATS (1000SATS) outperformed all top crypto assets to post a 25% rally.
In the news today:-
The US Securities and Exchange Commission (SEC) has sued crypto company NovaTech and its co-founders for fraudulently raising $650 million. The money was being used to pay earlier investors and siphon it for themselves.
Defunct crypto fund Three Arrows Capital (3AC) sued TerraForm Labs for $1.3 billion. 3AC alleges that the market manipulation and subsequent bankruptcy of Terra LUNA led to the hedge fund’s downfall.
The Crypto Market Cap Remains Subdued
The total crypto market cap is slightly above the support of $2.00 trillion, aiming to close above the $2.11 trillion support floor. In order to make it back up, TOTAL will have to bounce off this level to reach $2.20 trillion.
Given the total crypto market cap is still in a bullish descending broadening pattern, there is a fair chance of growth. This, however, may not be consistent, but it will be gradual.
Total Crypto Market Cap Analysis. Source: TradingView
The chances of prolonged consolidation under the $2.11 trillion barrier are also likely. Excessive bearishness could cause a fall below the $2.00 trillion mark, which could invalidate the bullish thesis.
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Bitcoin’s Price Before the CPI
Bitcoin’s price’s lack of significant movement is most likely the result of the anticipation surrounding the upcoming Consumer Price Index (CPI) data this week. The projections for headline inflation are placing the outcome at a 3.1% year-on-year rise.
This would be hotter than the previous month’s 3.00% and could create bearish conditions for the crypto market.
“Typically, Bitcoin rallied when inflation decreased and declined when inflation rose. However, during the June release, when inflation dropped slightly from 3.4% to 3.3%, Bitcoin did not rally. With inflation likely to fall below 3.0% soon, a Bitcoin rally this week seems probable, though the upside gains may be modest. In April, when inflation reached 3.5%, Bitcoin traded at $70,500, but it has since retreated, even as inflation has sharply fallen to 3.0%,” 10x Research’s Markus Thielen, said in a report shared with Vipkhoone.
BTC is already below the support of $60,000 and could decline further toward the low of $54,500.
SATS Surprises The Investors
SATS emerged as the only token to register a more than 20% rise as the altcoin rallied by 25% over the past day. Trading at $0.000311 at the time of writing, SATS price is looking to reclaim the support of $0.000349.
However, this will require consistent and strong conviction from the investors. Profit-taking must remain minimal in order for SATS to rally further and breach past the two-month-old resistance level.
