The post Crypto Market News Today: BTC Price Corrects While Ethereum & Altcoins Display Strength appeared first on Coinpedia Fintech News
The crypto market has turned mildly bullish after recovering from recent lows, with the global market cap and trading volume witnessing a brief rise. The Bitcoin price reclaimed higher levels over the weekend, while the Ethereum price continues to trade strongly near $2,350 despite facing a crucial resistance zone.
Among the top altcoin gainers, the SUI price led the rally with a strong breakout fueled by rising buying pressure. Tokens like Osmosis, Octra, and MEME HORSE also posted notable gains, reflecting improving sentiment across the altcoin market.
After a bullish weekend, the crypto market has entered a consolidation phase at the start of the weekly trade. If Bitcoin, Ethereum, and major altcoins fail to break above key resistance levels in the coming days, a minor correction could follow before the next major move.
24-Hour Crypto Recap: Bitcoin & Ethereum Maintain Bullish Structure
The Bitcoin price is currently trading around $80,700, following a pullback from the intraday high at around $82,380. The volume also increased moderately while the market cap remained restricted to $1.61 trillion. However, the price continues to respect the bullish pattern, maintaining strength above a key trendline, acting as a strong support.
However, until the price sustains above the 20/50/100/200 MA, the possibility of a bullish reversal is active. On the other hand, the ETH price is also struggling at an important resistance zone and has also failed to break the bearish structure. Meanwhile, the price remains within a range-bound as the volatility decreases, hinting towards a choppy week ahead.
Although the price has been stuck within a descending parallel channel since mid-April, the broader pattern remains bullish within an ascending parallel channel. The Bollinger bands indicate a drop in volatility, while the CMF fails to clear the average zone, indicating an outflow of liquidity. Therefore, the ETH price may remain under bullish influence until it respects the lower bands of Bollinger, but strong buying volume is required to break the bearish structure.
Altcoins Display Strength, SUI Leads the Market
As Bitcoin & Ethereum sustain above $80,000 and $2,300, respectively, the altcoins have begun to explode. While the SUI price breaks out by nearly 20%, reaching $1.30, the SKYAI price plunges by 11.22%. Other tokens in the top gainers include Binance Life by 13.13%, XDC Network by 8.93%, Terra Classic by 7% and DeXe & SEI by more than 6% each.
On the other hand, Toncoin drops by 9.45%, Dash by 6.32%, Siren by 6.23% and Filecoin & Internet Computer by more than 5% each. The global market cap faces a brief pullback from $2.73 trillion to $2.69 trillion while the volume increases from around $58 billion to $97 billion. This suggests the trades are taking minor profit after small jumps, which may not be a positive factor for a sustained bull run.
Geopolitical Factors Impacting the Crypto Market in the Past 24 Hours
- Rising tensions between the U.S. and Iran increased uncertainty across global financial markets, triggering higher volatility in Bitcoin and altcoins
- Concerns surrounding the Strait of Hormuz pushed oil prices higher, raising fears of inflation and tighter macroeconomic conditions
- Investors closely monitored the possibility of delayed Federal Reserve rate cuts due to conflict-driven inflation risks
- Bitcoin briefly surged above $82,000 after a temporary easing in geopolitical fears improved short-term market sentiment
- Increased geopolitical uncertainty led to cautious trading activity, with markets entering a consolidation phase after the recent rally
- Analysts expect crypto market volatility to remain elevated throughout the week as global political developments continue influencing investor sentiment
What to Expect in the Next 24 hours?
The crypto market is expected to remain highly volatile over the next 24 hours as traders closely monitor Bitcoin’s movement near the crucial $82,000 resistance zone and Ethereum’s struggle to break above key levels around $2,350. While selective altcoins like SUI continue to attract strong buying pressure, the broader market sentiment still depends heavily on macroeconomic and geopolitical developments.
Any fresh updates surrounding the U.S.-Iran conflict, oil prices, or Federal Reserve rate-cut expectations could trigger sharp price swings across Bitcoin, Ethereum, and the altcoin market. If the leading cryptocurrencies successfully break above their immediate resistance levels, the bullish momentum could extend further. However, failure to sustain the current recovery may result in a minor pullback before the next major move.
