The total market capitalization of crypto (TOTAL) and Bitcoin (BTC) continued their upward trend today, as market conditions have finally improved. Among altcoins, Zcash (ZEC) also recorded the beginning of a recovery, with a 12.5% increase over the last 24 hours to surpass $350.
Today's news:
The families of the victims of the October 2023 attacks in Israel have sued Binance, alleging that the platform allowed transactions for groups designated as terrorists by the United States. The case could set a precedent by shifting the responsibility of crypto platforms from mere regulatory fines to significant private liability related to terrorism financing.
Changpeng Zhao is accelerating his initiative in prediction markets with the launch of a new platform on BNB Chain, while Trust Wallet has added prediction trading for 220 million users. Combined with the recent integrations of Polymarket and the launch of the mainnet of Opinion, BNB Chain is establishing itself as a major hub for decentralized prediction markets.
The crypto market is regaining color
The total market capitalization of crypto has surged by $95 billion in the last 24 hours, reaching $3.15 trillion. The price of TOTAL has risen following improvements in macroeconomic conditions, as well as investor sentiment. This enhances the appetite for risk and leads to significant inflows into major cryptos in the sector.
TOTAL is now targeting the resistance level of $3.16 trillion, which it needs to surpass to maintain its upward momentum. It will be crucial for it to turn this threshold into solid support to sustain this rally and allow for a new advance towards $3.21 trillion.
If volatility returns and conditions reverse, the price of TOTAL could drop below $3.09 trillion and retrace towards $3.00 trillion, or even lower. This would signal a weakening of demand and temporarily negate the bullish outlook.
Bitcoin is looking for a breakthrough
The price of Bitcoin is currently testing its five-week downward trend for the fourth time, trading at $93,617 at the time of writing. Breaking through this long-standing barrier is essential for the king of cryptos to confirm a sustainable recovery and regain the upward momentum lost across the entire crypto market.
The rally of the last 48 hours has strengthened Bitcoin's recovery, supported by improved macroeconomic signals. If this momentum continues, BTC could finally break through the downward trend and advance towards $95,000. If it turns this level into support, it would open the way towards $98,000, marking a major sentiment shift.
However, an inability to overcome the downward trend could lead to a further drop in price and erase its recent gains. A rejection at this level could bring BTC back below $91,521, possibly even below $89,800. This would negate the bullish thesis and extend its corrective phase.
The long road of Zcash
The price of ZEC has increased by 12.5% in the last 24 hours to trade at $352, while maintaining above the support of $344. Holding this floor is essential to extend its short-term recovery and strengthen its momentum after last week's sharp decline.
The next major obstacle is at $442. This is a level that will require a renewed confidence from investors and stronger market support. A successful breakthrough above this barrier could allow ZEC to recover a considerable part of the 45% losses recorded the previous week.
However, if the attempts to recover weaken and downward pressure returns, ZEC could fall back towards the support zone of $300. A drop below this level would then negate the bullish outlook and signal a risk of a deeper decline.
