Market picture

Since Friday, the crypto market has been in a mood of easy greed, as evidenced by the corresponding index, which reached 55 on Monday, close to levels at the beginning of the month. Market capitalisation has also returned to $2.25 trillion, the highest since August 2nd.

A decisive breakthrough came on Friday when Fed Chairman Powell supported optimism in global financial markets, tipping the scales in favour of the bulls. The cryptocurrency market has managed to overcome the local resistance of the past few weeks and is likely to head towards the upper end of the range, now nearing $2.35 trillion.

Bitcoin broke above both its 50- and 200-day moving averages on Friday and briefly touched the $65,000 level on Saturday and Monday morning. The bulls will need to confirm this breakout by holding above $63.0K on Monday.

Toncoin is stabilising at nearly $5.66 after losing more than 15% on the news of Pavel Durov’s arrest. Technically, the coin is consolidating near its 200-day moving average, which is acting as local support. In our view, there is a high probability of a deeper dive to the $4.3 (200-week) or even $2.5 (April 2022-February 2024 resistance area).