Crypto Daily – As (BTC) languishes, the Total Crypto Market Cap has recently been rejected from the important $2.3 trillion level. Is this the beginning of a full-out rejection, or is this just a small bump in the road for crypto before it definitively breaks out of a seven month bull flag?
All eyes on Bitcoin still
All eyes are probably on Bitcoin as it battles to stay above a bull flag which is also many months in the making. Should the king of the cryptocurrencies break down conclusively, the altcoins would be hit incredibly hard, and all the gains of the last three months would likely be wiped out.
That said, Bitcoin bulls are putting up a fight, and as long as the $BTC price can turn around in the next day or so, this will probably just be looked back upon as a minor correction as both Bitcoin and the top-performing cryptocurrencies transition into what could be the last stage of this bull market.
Total Crypto Market Cap rejects from top of bull flag
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