The cryptocurrency market has seen notable price fluctuations in recent days, significantly affecting the total market value and Bitcoin‘s (BTC) price. Within the last 72 hours, Bitcoin’s value fell under $60,000, while Akash Network suffered the most significant drop among altcoins with an 11% decrease.
What Happened to the Crypto Market Value?
The total value of the cryptocurrency market has decreased notably. Recently, despite a single-day inflow of over $210 billion into TOTAL, more than $100 billion exited, causing concern among investors. As a result, the total market value hovered around the $2 trillion mark.
A recovery is anticipated as the overall value of all crypto assets remains above the $2 trillion support threshold. This level, previously tested as support, is expected to act as a barrier against further declines.
How is Bitcoin Performing?
Bitcoin’s price is currently trading at $58,000, below the critical psychological support level of $60,000. It is making attempts to stay above the $58,200 support level. Should it drop below this, it could fall to $54,500. To stabilize, BTC needs to rise to at least $60,000, which could then act as a foundation for further gains.
The longer-term target for Bitcoin remains $70,000, but multiple resistance points, particularly at $65,000, must be overcome first.
What is Happening with Akash Network?
Akash Network drew attention by losing 11% of its value in the past 24 hours. However, the overall sentiment among investors did not turn to panic due to the altcoin’s ongoing upward trend. AKT’s price movement showed potential for reaching $2.68, despite the recent decline.
If AKT manages to convert resistance zones into support, it could push the price up further, potentially turning $3.02 into a new support level. On the contrary, failing to break these resistance levels could cause the price to consolidate below $3.02, weakening its upward trajectory.
Key Takeaways for Investors
- Bitcoin needs to reclaim $60,000 for further gains and stability.
- The total crypto market value staying above $2 trillion is crucial for recovery.
- Akash Network’s resistance levels are pivotal for its future price movements.
Conclusion
The recent price movements in the cryptocurrency market have created a mixed outlook. While Bitcoin struggles to stay above key support levels, the total market value remains precariously supported above $2 trillion. Akash Network’s price actions indicate potential, but breaking resistance levels will be vital for its upward trend.