The crypto market has been moving rather sideways lately. But the market is now showing signs of recovery as investors pump more capital over the weekend, resulting in a slight rebound.
Meanwhile, Bitcoin and Ethereum, the top two cryptocurrencies by market capitalization, remained steady over the weekend. With capital inflows, the crypto market could rebound moving into the weekend as investors continue to show confidence.
$45.37B Added to the Crypto Market
According to the daily chart on TradingView, crypto investors are showing signs of growing confidence as they added a total of 45.37 billion to the market over the last 24 hours. Following this addition, the total crypto market cap (TOTAL) now stands at $3.79 trillion. This marks a 1.21% surge on the day.
The slight surge also shows that the market could continue growing, potentially reclaiming previous levels. However, at the moment, the crypto market is facing resistance at $3.83 trillion. Climbing past this level could open the door to a full-blown recovery with $4.01 trillion serving as the next resistance before a surge to another all-time high above $4.14 trillion.
However, in case bulls fail to maintain the current momentum, the market could move downwards. The crypto market currently has support at $3.71 trillion. A dip below this level could trigger a downward movement towards the next support at $3.58 trillion level. Such an occurrence would invalidate the incoming recovery further causing more turmoil.
Bitcoin Climbs Above $111K but Remains Range-bound
Bitcoin (BTC) is also showing signs of recovery along with the general crypto market. As per the BTCUSD chart on TradingView, Bitcoin is currently trading at $111,117, up by 0.35% over the last 24 hours. However, the pioneer crypto is still moving sideways between $108,000 and $112,000.
At the moment, BTC is facing resistance at $112,511. A breach of this level could send the price of Bitcoin higher with the next resistance at $116,137. The next resistance is at $119,063 and could open the door to a rally above $120,000.
If Bitcoin slides, it could face support at $108,266. But, a breach of this level could trigger a deeper plunge potentially towards $105,000 or even lower. In case the Fed fails to make a September rate cut, BTC could even dip below $100,000.
Ethereum Holds Above $4,300
Besides Bitcoin, Ethereum (ETH) also trading sideways. According to data by TradingView, Ether is currently trading at $4,300. The coin, while steady above $4,300, has been range-bound between $4,200 and $4,400.
Any upward movement in the price of Ethereum could face resistance at $4,454. A move past this resistance could send ETH higher towards $4,605. The next resistance after this one lies around $4,827 and if breached could send the coin to the much awaited $5,000.
However, if Ethereum fails to hold the current level, it could trigger a move to the downside. ETH currently has support at $4,225 but could plunge even further if this support fails to hold. The next support lies at $4,076 and a breach of this level could push the coin even lower.
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