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The total crypto market cap (TOTAL) and Bitcoin (BTC) had a rough weekend. The US attacking Iran led to massive liquidations and losses for investors, with BTC crashing below $99,000. However, amidst the bearishness, Story (IP) found its way upward with a 12% rise.
In the news today:-
The total crypto market cap dropped by $36 billion in the last 24 hours, currently standing at $3.06 trillion. This drop follows a $138 billion decline on Sunday, triggered by the US attack on Iran. The market remains under pressure, with investor sentiment still uncertain following these events.
Despite a brief recovery, the total market cap remains below the $3.09 trillion resistance level. Reclaiming this level and flipping it into support is crucial for a sustained recovery. If TOTAL fails to do so, it remains vulnerable to a further decline, possibly falling to the $3.00 trillion mark.
Total Crypto Market Cap Analysis. Source: TradingView
However, if TOTAL successfully reclaims the $3.09 trillion support, the market could potentially climb back toward $3.16 trillion. Such a move would mark a recovery from recent losses, helping restore investor confidence and pushing the market cap higher in the short term.
Bitcoin experienced a rough day, dropping below $99,000 during the intraday low on Sunday. This decline was triggered by growing tensions in the Middle East following the US attack on Iran. Bitcoin’s price responded sharply to the geopolitical unrest, adding pressure to the broader crypto market.
Currently, Bitcoin is trading at $101,102, staying above the $100,000 support level. The altcoin is attempting to recover from its recent losses, but this recovery hinges on broader market sentiment. With the RSI sitting in the bearish zone below the neutral mark, investor confidence remains weak, limiting potential gains.
Bitcoin Price Analysis. Source: TradingView
If investor sentiment continues to decline and selling pressure increases, Bitcoin could fall below $100,000 support, heading toward $98,000. A break below this key support level would indicate a deeper bearish trend. However, if the support at $101,503 holds, Bitcoin could rebound and move above $102,734, signaling a potential recovery towards $105,000.
Story emerged as the best-performing asset of the day, posting a 12% rise despite the overall bearish market conditions. This surge helped the altcoin climb back above $3.00. Investors are watching closely as Story shows strong resilience, making it one of the top performers in recent market fluctuations.
The Parabolic SAR indicator moved below the candlesticks, signaling a potential shift in momentum towards an uptrend. Currently trading at $3.03, Story’s price is poised to continue its upward trajectory. If the bullish momentum persists, Story could climb toward $3.55 in the coming days, attracting further investor interest.
IP Price Analysis. Source: TradingView
However, if Story faces significant selling pressure, it could fall back below the $3.00 level. A drop to $2.64 would invalidate the current bullish thesis, signaling a potential reversal.
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