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▲ Bitcoin (BTC)/AI Generated Image
The cryptocurrency market is showing signs of a rebound again. However, the real test for this rally depends on whether it can recover to $2.08 trillion.
According to BeInCrypto, a cryptocurrency media outlet, on July 1 (local time), the total cryptocurrency market capitalization rose by 0.59% that day. The total market cap has maintained the $2.01 trillion support level since June 25, with buying pressure flowing in to prevent further declines whenever selling pressure threatened that zone.
However, there are still areas to confirm before concluding that the market has entered a full recovery. BeInCrypto analyzed that recovery signals would strengthen only if the total market cap closes a daily candle above $2.08 trillion, and a broader uptrend could follow only if it breaks above $2.16 trillion.
Bitcoin (BTC) defended the $58,030 support level on the 8-hour chart and temporarily recovered to $59,000 during the trading session. However, Bitcoin remains within a downtrend channel, having fallen by 1.4% as of July 1. While a slight increase in trading volume from June 29 to June 30 supported the rebound attempt, the cautious stance of the Federal Reserve and Middle East tensions continued to limit risk asset appetite.
If Bitcoin moves towards $59,816, the short-term uptrend in the cryptocurrency market could be sustained. Conversely, if it falls below $58,030, the day's rebound could vanish. BeInCrypto pointed out that a break above the psychological resistance level of $60,000 is necessary for a definitive shift in the short-term trend.
Among altcoins, Stellar (XLM) showed the strongest movement, surging 11.54% in 24 hours. This rise is attributed to a combination of anticipation for the Protocol 27 mainnet upgrade vote scheduled for July 8 and expectations for its role as a settlement token for DTCC's tokenization services. Whether Stellar can maintain the $0.20 level will be a key factor for further gains.
[Article Key Summary]
-The total cryptocurrency market cap rose by 0.59% on July 1, maintaining the $2.01 trillion support level.
-Bitcoin defended the $58,030 support level, but a short-term trend reversal is limited until it breaks above $60,000.
-Stellar surged 11.54% in 24 hours amid anticipation for the Protocol 27 upgrade vote and expectations for its role as a DTCC settlement token.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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