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The cryptocurrency market is showing renewed strength, with the total market capitalization and Bitcoin (BTC) maintaining stability. Altcoins, too, are benefiting, highlighted by Hedera Hashgraph’s (HBAR) impressive 80% rally in the past 24 hours.
Today’s Headlines Driving the Market
Coinbase Exits Turkey: Coinbase is withdrawing from Turkey’s crypto market, liquidating operations, and halting its application with the country’s financial regulator. Meanwhile, 14 other companies are exiting, while 77 remain in the application process, including Binance, KuCoin, and OKX.
Bitcoin Accumulation Grows: MicroStrategy added 15,400 BTC worth $1.5 billion to its holdings, raising its total to 402,100 BTC. Additionally, Marathon Digital Holdings announced a $700 million private offering to expand its Bitcoin purchases further.
Total Crypto Market Cap: Pushing New Highs
The total market cap reached a temporary high of $3.49 trillion before correcting to $3.41 trillion. Despite the pullback, the market is attempting to form a solid support level, indicating potential for sustained growth.
Support Levels to Watch:
The key threshold is $3.10 trillion. A breach below this level may shift sentiment toward bearish, possibly triggering broader corrections.
Maintaining support above $3.41 trillion could pave the way for continued upward momentum in the coming weeks.
Bitcoin Eyes $100,000 Milestone
BTC is trading at $96,175, striving to solidify support at $96,000 as it inches toward its all-time high of $99,595.
Key Levels:
Holding at $96,000 is critical to sustain its rally toward the psychological $100,000 mark.
A drop below the $89,800 support could invalidate the bullish outlook, leading to market-wide corrections.
Reaching $100,000 would set a historic milestone for Bitcoin, reinforcing confidence and bolstering investor sentiment.
Hedera Hashgraph (HBAR): A Star Performer
HBAR soared 80% in 24 hours, trading at $0.37, driven by strong market interest. This surge has turned the $0.25 level into critical support, with continued bullish momentum potentially driving further gains.
Key Levels for HBAR:
Staying above $0.25 is crucial to maintain its rally.
A fall below this level could lead to declines toward $0.18, undermining the bullish trend.
Market Outlook
The crypto market’s current rally hinges on key support levels for both Bitcoin and the total market cap. With altcoins like HBAR leading the charge, bullish momentum could continue—but investors should watch for potential corrections.
