Daily Times

Investors in cryptocurrencies breathed again after a shaky Monday where major cryptocurrencies were forced to give up gains built up during the weekend, with the market cap surging to $1.5 trillion with an increase of 3.8 percent as of 13:45 GMT on Tuesday.

The price of Bitcoin (BTC), the largest cryptocurrency, increased to $34,161 after gaining 1.47 percent. With this increase in price, the market capitalisation of the BTC has reached $640 billion.

Likewise, ethereum (ETH) price gained 4.08 percent to reach $2,311. With this increase in price, the market capitalisation of ETH has reached $269 billion.

Similarly, XRP gained 1.81 percent to reach $0.666. The market capitalisation of XRP stands at $66.5 billion after this increase. On the other hand, Cardano (ADA) price reached $1.43 with a 1.83 percent increase in its price. Its market capitalisation has reached $46 billion with this increase. Likewise, Dogecoin (Doge) faced an increase of 0.49 percent to reach $0.234. With this increase in price, the market capitalisation of Doge reached $30.5 billion. Bitcoin price has been consolidating below the equilibrium of its trading range, revealing a lack of buying pressure. On the other hand, Ethereum and other altcoins are taking this opportunity to rally.

Bitcoin price retraced 6% after failing to slice through the 50% Fibonacci retracement level at $35,618. The retracement paused around $33,380 and continues to rally higher instead of sweeping the July 2 swing low at $32,700 or dipping into the demand zone extending from $30,573 to $31,979. Therefore, investors can expect BTC might pull back once again at or before $35,619 and tag either of the two levels mentioned above.

The uptrend that originates as a result is likely to shatter the midpoint, aka equilibrium, at $35,619 and take a jab at the resistance levels ranging up to $40,516. A decisive 4-hour candlestick close above $40,516 will open the path to retest the range high at $42,452. Looking at Ethereum price action since it broke the orange descending trend line on June 28, it has made a new intermediate high around $2,360. ETH dipped lower only to test another trend line before retesting $2,360 again. On Tuesday, Ether has paired the profit-taking from last Sunday. Technical traders call this a cup-with-handle formation, and it looks ready for the jump higher.