A short bull run marked the last 30 days in the cryptocurrency market, with Bitcoin (BTC) leading the way for multiple cryptocurrencies. Greed started dominating investors’ sentiments as most digital assets registered massive capital inflows in a month.
Notably, the leading index by TradingView (CRYPTOCAP: TOTAL) surged 35%, adding $365 billion in 30 days. By press time, a $1.024 trillion total crypto market cap quickly became $1.392 trillion from October 12 to November 11.
CRYPTOCAP: TOTAL – Total cryptocurrency market capitalization. Source: TradingView
The bearish short-term case for cryptocurrencies
However, the Relative Strength Index (RSI) is overbought at 88.29 points in the daily chart. This state has lasted since October 22, when RSI crossed 70 points. In the meantime, total capitalization has distanced itself by $155 billion from the 30-day exponential moving average (EMA).
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On the other hand, a break out from capitalization supports would threaten a bearish trend reversal.
The bullish short-term case for the crypto total market cap
Interestingly, there is an appealing psychological resistance at the $1.50 trillion total market cap for the indexed cryptocurrencies. This could act as a magnet for the current movement’s continuation.
Moreover, Crypto Tony, a cryptocurrency analyst on X, is rooting for altcoins to close above the current resistance zone. The crypto market cap, excluding Bitcoin and Ethereum (ETH), registers a $405 billion capitalization by press time.
#TOTAL3 / #Altcoin Market Cap – Update Weekly closure above $408 billion Market Cap please. Super important weekly closure for the bulls pic.twitter.com/lgGLGdT6dp
— Crypto Tony (@CryptoTony__) November 11, 2023Crossing this line in the weekly would also favor a bullish bias for the global market cap. Nevertheless, a rejection would strengthen this resistance, favoring the previous bearish case.
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