Over the weekend, the crypto market experienced a slight recovery with most coins recording gains. Bitcoin (BTC), for instance, climbed past $109,000 putting the king crypto just below the crucial resistance in its path to a new all-time high. On the other hand, Ethereum (ETH) too remained steady above $2,500. 

However, the crypto market is slightly down today as the beef between Trump and Elon Musk develops further. As reported by Blockchain News, Elon Musk announced the formation of the America Party as he cited corruption in the current ‘one-party system.’ This came after Trump signed the “Big Beautiful Bill”, which Elon Musk sees as insane and destructive, into law. 

Crypto Market Losses $7.48 Billion

On the day, the crypto market is down slightly as the market records losses. As per data by TradingView, the market has lost a total of $7.48 billion over the last 24 hours. The total crypto market cap (TOTAL) is currently sitting at $3.22 trillion down from around $3.33 over the last 24 hours. 

While the current slip up is minimal, continued dip could mean trouble for investors. At the moment, the TOTAL has strong support around $3.21 trillion. A drop below this level could result in a deeper dive towards the next support at $3.06 trillion. 

However, if the total crypto market holds the current level and rebounds upwards, it could achieve higher levels. The crypto market faces strong resistance at $3.42 trillion. If bulls push past this level, the market could climb to $3.57 trillion signaling strong bullish momentum. 

Bitcoin Slackens; Price Sits 2.8%  Away from All-time High 

Bitcoin has been making attempts to rally past its current all-time high (ATH). However, key resistance levels have prevented the surge to a new all-time high. In its recent attempt over the weekend, the coin climbed to $109,000 level yet again. But, the rally faced resistance with BTC dropping to $108,899 as of this writing. 

The king crypto is currently facing strong resistance at $109,840. Breaching this level is crucial for the coin to have a rally to a new all-time high. However, a psychological resistance sits at $110,000 level which if breached could see Bitcoin climb to $112,000, a level that is currently 2.88% away. 

In case Bitcoin fails to hold the current level and clear the resistance, a consolidation or dip will be imminent. The coin has strong support around $107,224 and staying above this level is vital to prevent further dip. However, if bears get stronger, BTC could drop to the next support around $105,061. Any dip below this level would stir panic amongst investors and potentially lead to more downturn. 

ETH Remains Steady Above $2.5K as it Eyes More Gains

Ethereum (ETH) has been trading above $2,500 since Saturday. On the day, the top altcoin by market cap is trading at $2,570 per TradingView data. Having pumped by 2.22% today, Ethereum is eyeing more gains. 

At the moment, the coin is facing strong resistance at the $2,704 level. ETH must climb past this level to open the door for a higher price level. The next resistance sits at $2,828 which if breached will see Ethereum surge to $3K. 

However, in case Ethereum fails to keep the positive momentum, the price could drop. At the moment, Ethereum has established strong support at $2,418. A breach of this level would see the price dip to the next support which sits at $2,188. A deeper dive below this level would invalidate the current bullish momentum in the price of ETH.