- The crypto market rebounds after a sharp dip, suggesting strong buying interest near key support at $3.03T.
- Liquidity sweep hints at a potential trend reversal, with a higher low formation possibly setting up a push toward $3.67T.
- Stability above $3.03T could drive bullish momentum, while failure to hold support may open the door for further downside moves.
The total cryptocurrency market cap has retreated and is testing key supports while rebounding. It fell back as low as $3.03 trillion before a strong rebound pushed it to $3.17 trillion. Despite the 3.71% daily decline, the structure still suggests the possibility of a trend reversal. Besides, strong buying pressure near the demand zone signals growing market confidence.
Key Support and Resistance Levels
The market has remained within a broad range, fluctuating between $3.03 trillion and $3.67 trillion. A strong demand zone exists near $3.03 trillion, where buyers have stepped in aggressively. Conversely, resistance at $3.67 trillion has proven difficult to breach, resulting in multiple rejections.
Source: Scient
After sweeping liquidity below the range, the price quickly bounced back, confirming the presence of buyers. Consequently, this signals the potential for a bullish recovery. Moreover, a consolidation phase at the lower range may strengthen the support before another upward attempt.
Potential Market Outlook
Scient highlighted that the recent move resembles a liquidity grab, which often precedes price recoveries. Additionally, the formation of a higher low could set the stage for a push toward range highs. Hence, traders are monitoring the $3.03 trillion level as a key pivot for future movements.
If the price holds above this level, a gradual rise toward $3.67 trillion becomes likely. However, failure to sustain support may lead to further downside moves. In that case, the next major support rests near $2.43 trillion. Moreover, the macro bullish structure remains intact despite short-term volatility.
Source: Scient
Volume analysis reveals strong selling pressure before the rebound. However, the quick recovery indicates aggressive buying, reinforcing market strength. Consequently, stability above $3.03 trillion may encourage traders to build long positions.
Final Thoughts
The cryptocurrency market remains in a critical phase, consolidating within a defined range. Scient’s insights suggest that a solid close inside the range could trigger a strong upward move. Additionally, market participants are closely watching key levels to confirm the next trend direction.
Hence, maintaining stability above $3.03 trillion could fuel a bullish breakout. On the other hand, failure to hold support might trigger another retest of lower levels. Consequently, traders remain cautious while awaiting further confirmation.
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