As the crypto market moves into the heart of the summer, cryptocurrency enthusiasts are eagerly watching the price movements and anticipating another possible price breakout.
This sentiment is further amplified by the remarks made by influential crypto analyst Michaël van de Poppe, who stressed the significance of the ongoing week for the crypto market in a July 10 tweet. The renowned crypto analyst van de Poppe has recently declared the ongoing week as a ‘make it or break it week’ for the cryptocurrency market, with the total market capitalization steadily consolidating.
In light of this, van de Poppe emphasized the importance of the $1.08 trillion support level. For the crypto market to make a strong upward move, it is imperative that this level holds as support.
According to the trading expert, the current total market cap is in a phase of consolidation, hinting at the potential for a new higher high. This consolidation phase often serves as a precursor to a market rally in the near-term trajectory.
Market dynamics
Investors and traders alike will be closely monitoring the market dynamics this week, as any significant breach of support or an impressive surge could set the tone for the market’s future course.
As Bitcoin (BTC) plays a dominant role in shaping the overall market with 49.9% market dominance, traders and investors should stay attuned to the correction phase that lies ahead.
Poppe anticipates Bitcoin to undergo a correction before resuming its upward trajectory. This correction is expected to establish lower price levels, enabling market participants to capitalize on increased liquidity.
Furthermore, it is worth noting that the cryptocurrency market tends to exhibit heightened sensitivity to concerns surrounding the Consumer Price Index (CPI). In the next 48 hours, it is likely that fear-driven reactions to CPI data will significantly influence crypto market behavior.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
