Today’s Cryptocurrency Market Update

Today, the cryptocurrency market has seen a growth of 0.71%, while the altcoin market has experienced a surge of 0.93%. The Bitcoin market has risen from $86,912.41 to $87,464.80. Yet, a crypto analyst, known as The Flow Horse, suggests that this newly emerged bullish momentum, particularly in the altcoin market, might not be sustainable. Curious to know more? Read on!

Crypto Analyst: Market Structure Still Bearish

According to The Flow Horse, the overall trend in the cryptocurrency market remains bearish.

At the beginning of this month, the market capitalization of the cryptocurrency market was $3.18T. Since then, it has dropped by 11.63%. During the same period, the altcoin market cap has fallen by 19.4%. Over the past 30 days, Bitcoin has decreased by 2.1%, while Ethereum has dropped by 15.4%.

Nonetheless, today, the crypto market recorded a rise of 0.71% and the altcoin market noted an increase of 0.93%.

Why This Rally Could Be a Temporary Bounce

The Flow Horse argues that the latest bullish dynamics have not significantly altered the prevailing bearish trend in the market.

Currently, the crypto market is at least 6.64% below its previous swing high, with the altcoin market over 6.89% below its last swing high. Additionally, the BTC market is approximately 5.76% lower than its previous swing high.

Bitcoin’s Key Price Levels That Could Change the Trend

At present, Bitcoin’s price stands at $87,464.80. The $90,000-$93,000 range acts as a significant resistance currently. The crypto expert believes that if the market can convert this resistance into strong support, it could signal the end of the downtrend.

Presently, Bitcoin plays a crucial role in determining the crypto market’s direction. Earlier this year, Bitcoin’s dominance was just 57.60%; it now stands at 61.67%.

The analyst notes that since Bitcoin dominates the market trend, altcoins will only thrive if Bitcoin stabilizes.