- Market compression signals the buildup of pressure before a breakout move.
- Bitcoin and Ethereum consolidate alongside total market cap levels
The global cryptocurrency market is consolidating within a tight range, signaling an upcoming breakout. According to Daan Crypto Trades, the total crypto market cap ($TOTAL) has remained range-bound between $3.19 trillion and $3.33 trillion for over a month.
The 4-hour chart shows multiple touches at both ends of the range, reinforcing the pattern’s strength. This extended compression phase reflects market indecision, with neither bulls nor bears taking complete control.
The price action in Bitcoin ($BTC) and Ethereum ($ETH) also reflects this tightening range. Both assets are trading within confined zones, mirroring the broader market’s sideways trend. Historically, such consolidation zones have preceded large-scale breakouts, as both buying and selling pressures build simultaneously.
CoinMarketCap reports the current global crypto market cap at $3.26 trillion, with a 24-hour trading volume of about $110.91 billion. Over the last 30 days, the market has swung between $3.1 trillion and $3.6 trillion, highlighting ongoing volatility. A sharp decline occurred around June 5, with the market bottoming near $3.1 trillion before recovering.
Despite occasional buying surges, the market has struggled to stay above the $3.4 trillion level. Repeated pullbacks suggest resistance remains strong at higher levels. Market participants continue testing support zones, with each failed breakout reinforcing the broader consolidation narrative.
In conclusion, the crypto market is currently in a holding pattern, defined by tight price ranges and limited momentum. Market analysts are closely watching for a breakout from the current zone, which could set the tone for the next phase of market direction.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
