Yesterday, the Fed decided not to change the rates, and therefore to leave them in a range between 4.25 % and 4.5 %. The cryptocurrency market must evolve in an environment where the Fed continues to be vigilant towards its monetary policy, and where tensions persist in the Middle East. For the moment, Bitcoin is resilient, because it continues to evolve above the psychological figure of $ 100,000. However, the cryptocurrency market has been changing little for several weeks. Can we hope for a large-scale movement? Let's see if the sector is ready to explode!
A break of $ 3,500 billion could release cryptocurrencies
The total capitalization of cryptocurrencies is in a upward dynamic with clear ascending hollows and heights since the beginning of 2023. Under these conditions, the probabilities are oriented towards a New increase in cryptocurrencies. However, for the moment, the course blocks against Resistance at $ 3,500 billion :
Chart of the total capitalization of cryptocurrencies (1W)-Register for trading view using our affiliation link. If there Resistance at $ 3,500 billion Given, the course could once again explode. To do this, it will take a buying reaction around the averages Mobiles 9 and 18 upwards. On the other hand, if the resistance holds, the course of capitalization of cryptocurrencies could enter a rack period. And in this case, the course could return to the next Support at $ 2,500 billion. Even if the dynamics are up, the RSI recently validated a divergence. As long as the RSI develops below the downstream trendline, the The moment is fragile.
Altcoins still come up against major resistance dating from 2021
If we are now interested in the Altcoin capitalization (by excluding Bitcoin and Ethereum), we also realize that the dynamic is up. Again, the course may well experience a New increase phase. But for that, we will have to get rid of a Resistance that dates from 2021 :
Total capitalization of cryptocurrencies without counting Bitcoin and Ethereum (1W)-Register for Trading View using our affiliation link. To be able to launch a movement movement important, and perhaps finally a Real Altcoin Seasonthe course will have to reach Break the downstream trendline as well as the resistance at 1,000 billion dollars. If the course fails, the capitalization of altcoins could end up losing the level of Support at 750 billion dollars. And if this lowering scenario is set up, the course could find the Support at $ 530 billion. For its part, the RSI is a lowerhe even comes from Validate a downward divergence. For the moment, total market capitalization and that of altcoins are blocked on significant resistances. And for the cryptocurrency market to finally wake up, these levels will have to be broken. If we observe the previous cycles, everything suggests that a new increase in bitcoin is possible. And in this case, altcoins could follow.