The cryptocurrency market is experiencing a modest recovery, with a total market capitalization of $2.99 trillion, reflecting a 0.86% increase over the past 24 hours. This uptick comes as buyers are stepping in around key support levels, signaling cautious optimism among investors. As risk appetite improves slightly, prices of major cryptocurrencies are edging higher, though trading volumes remain moderate.
Bitcoin and Ethereum Show Signs of Strength
Bitcoin (BTC) is trading at $88,965, marking a 1.40% rise in the last 24 hours. The cryptocurrency has managed to hold steady after breaking out of its previous price range, suggesting improving short-term strength. Immediate resistance for Bitcoin is located near $92,000, with a stronger resistance zone around $94,500. On the downside, support is identified at $89,200, with deeper support around $87,000 should momentum weaken.
Data from derivatives markets indicate positive open interest at $58.63 billion, up 1.76%, alongside positive funding rates of 0.0077%. This suggests renewed but controlled long positioning among traders rather than excessive leverage.
Ethereum (ETH) is trading at $2,969, a 0.89% increase over the same period. The cryptocurrency is consolidating near the $3,100 level, which has improved its short-term structure after several sessions of sideways movement. Immediate resistance is noted at $3,250, while a stronger supply zone remains around $3,380. On the downside, support is observed at $2,900, followed by a broader base around $2,800.
Positive on-chain activity and improving spot demand have contributed to a reduced downside sensitivity for Ethereum compared to earlier sessions, with derivatives data showing open interest of $37.61 billion, up 0.72%, and funding rates at 0.0011%.
Altcoin Performance and Market Outlook
In addition to Bitcoin and Ethereum, several altcoins are also displaying notable movements. Avalanche (AVAX) is trading at $12.54, up 3.05% over the past day, with immediate resistance near $13.20-$13.50 and support around $12.00-$11.70. The expansion of its ecosystem and ongoing subnet activity continue to bolster medium-term sentiment.
Meanwhile, ARB has increased to $0.1919, up 0.73%. Immediate resistance is seen at $0.205-$0.215, while support lies around $0.185-$0.180. Layer-2 adoption trends are positively influencing this asset’s performance.
XRP is trading at $1.86, down 0.42% over the last 24 hours. Resistance is located at $1.92-$1.95, while support rests around $1.80-$1.75. Ongoing adoption in cross-border payments and regulatory clarity are supporting XRP’s medium-term outlook.
NEAR, another notable cryptocurrency, is trading at $1.52, up 1.44%. Immediate resistance is seen between $1.60-$1.65, with support around $1.45-$1.40. The positive narratives surrounding AI and ecosystem updates continue to provide support for its price.
In the memecoin sector, WIF is trading at $0.3172, down 2.84%. Immediate resistance is found near $0.335-$0.350, with support close to $0.300-$0.285. Trading activity remains highly sentiment-driven. FLOKI is at $0.00004044, down 0.91%, facing resistance near $0.00004350-$0.00004500 and support around $0.00003900-$0.00003750.
The overall increase in total cryptocurrency market capitalization suggests an improving short-term sentiment, although conviction remains moderate. With Bitcoin holding near $89,000 and Ethereum close to $3,000, the market appears poised for gradual upside continuation rather than sharp rallies. A more bullish scenario would necessitate Bitcoin maintaining strength above $92,000 and Ethereum decisively breaking above $3,250. Conversely, failure to uphold current support levels could lead to renewed consolidation, keeping the broader market range-bound in the near term.