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The global cryptocurrency market cap now stands at $1.6 trillion, up 0.87% over the last 24 hours, according to data from CoinMarketCap Data.
Total Crypto Market Cap
The total crypto market volume over the last 24 hours is $50.68 billion which marks a 19.53% decrease. The total volume in DeFi is currently $7.57 billion, 14.94% of the total crypto market 24-hour volume. The volume of all stablecoins is now $44.97 billion, which is 88.74% of the total crypto market 24-hour volume.
Crypto prices have been consolidating with the total market cap for the digital currencies shrinking from the 20-month high of $1.63 trillion reached on Dec. 9 to Monday's intra-day low at $1.50.
The total crypto market value is consolidating in a descending triangle, pointing to the possibility of a deeper correction across the board.
Bitcoin (BTC) has been hovering between $40,783 and $42,364 over the last day. As of 3:00 a.m. EST, BTC is trading with a bearish bias at $41,202, down by 2%. Bitcoin's dominance is currently 51.63%, a decrease of 0.10% over the day.
After reaching a 20-month high at $44,362, BTC has recorded a series of lower highs and relatively equal lows around the $41,200 area. This price action has led to the appearance of a descending triangle chart pattern on the daily chart.
A descending triangle is a significantly bearish chart pattern that projects a continuation of a downtrend once the technical formation is confirmed.
In Bitcoin's case, a daily candlestick close below the horizontal line at $41,203 would confirm a bearish breakout from the chart pattern. The target is projected at $37,350, a 9% drop from the current price.
However, before reaching this target, the bears must first deal with buyer congestion from the $40,000 psychological level and 50-day Exponential Moving Average (EMA) at $38,531.
BTC/USD Daily Chart. Source: TradingView
This pessimistic outlook is supported by the downward movement of the Relative Strength Index (RSI) which has dropped from 81 on Dec. 5 to the current value of 52. The position close to the midline validates the consolidation, suggesting that Bitcoin is yet to establish a directional bias for the short term.
On the other hand, Bitcoin could turn up from the current price to reclaim the $42,000 support level. If this happens, the big crypto could continue the uptrend it has nurtured since mid-October with the bulls setting their eyes on $50,000.
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