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Crypto Market Steadies as Bitcoin Consolidates and Bittensor Nears $500

The overall cryptocurrency market cap (TOTAL) remains stable as the market cools off. Bitcoin’s (BTC) price is expected to consolidate over the coming trading sessions, while the Bittensor DAO token (TAO) continues its rally, nearing the $500 mark.

In the News Today:

  • US House of Representatives: Passed the Financial Innovation and Technology for the 21st Century Act (FIT21), setting up a framework for digital asset regulation.
  • VanEck: Pushed the SEC to approve spot Ethereum ETF filings on a first-come, first-served basis. VanEck argues that the SEC’s practice of approving all filings simultaneously to avoid giving a first mover advantage raises fairness issues.

Total Market Cap at Key Support:

The total crypto market capitalization stands at $2.50 trillion, a crucial support level previously tested. There’s anticipation of a rebound from this level due to increased inflows in the last 24 hours.

The next major resistance is at $2.61 trillion, but reaching this level seems unlikely. A bullish scenario might only push the market cap to $2.55 trillion. Conversely, dropping below $2.50 trillion could lead to a decline to $2.45 trillion, negating any bullish prospects.

Bitcoin Might See Consolidation:

Bitcoin is currently trading at $69,500 after failing to break through the $71,800 barrier. BTC has critical support at $68,500, and a drop to this level is possible. However, it is unlikely to fall below this support.

Bitcoin’s price is expected to remain rangebound between the support at $68,500 and the resistance at $71,800. This consolidation phase will allow BTC to attempt another break above $71,800. If it loses support at $68,500, BTC could drop to $66,000 or lower.

Bittensor Faces a Barrier:

Bittensor’s native token, TAO, is trading at $468 after a 30% rise over three days. TAO is pushing towards the $500 resistance, a level it has failed to close above three times in the past month.

If TAO manages to break through and establish $500 as support, it could signal a positive shift in price action. However, failure to breach this level could see TAO falling back to $418 or lower, possibly down to $351, a critical support level.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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