One of the most anticipated and critical technical events for crypto occurred over the weekend: a return to a $1 Trillion market cap. 🤩
$1 Trillion is a critical level for one primary reason beyond its psychological importance: $1 Trillion is the price level that cracked when FTX collapsed.
For many analysts and pundits, the current price action behavior for Bitcoin and the broader crypto market is at a make-or-break point.
Hitting $1 Trillion is great – but many analysts believe that closing at or above $1 trillion on a weekly or monthly time frame is more important.
Since Friday (January 20, 2023), the Total Crypto Market Cap has hit and exceeded $1 Trillion for each of the past four days – but has yet to close at or above $1 Trillion.
However, regaining $1 Trillion maybe isn’t as important as this: the Total Crypto Market Cap is on its way to its highest monthly close in 6 months. To do so, the Total Crypto Market Cap needs to end January at or above $954 Billion. 🙏