Crypto market has been stuck between $2.05T and $2.74T for six months

The total market value of the crypto market has barely moved for six months. Analyst DaanCrypto points to a clear range in which the market is currently stuck, with resistance at the top at $2.74 trillion and support at the bottom at $2.05 trillion. As long as the market remains within those boundaries, according to him, no clear direction can be determined.

In brief:

• The total crypto market has been stuck between $2.05 trillion and $2.74 trillion for six months.
• This corresponds to a Bitcoin range of $60.000 to $80.000.
• A breakout above the top counts as the start of a bull market, a fall below it as confirmation of a bear market.

Bitcoin and the total market in the same pattern

According to DaanCrypto, the pattern of the total crypto market runs almost parallel to that of Bitcoin. The range of $2.05 trillion to $2.74 trillion for the total market corresponds to a Bitcoin price between $60.000 and $80.000. At the time of writing, Bitcoin is trading at $64.500, which means the price is still in the middle of that range.

The chart shared by the analyst clearly shows how the market has tested the support around $2.05 trillion several times, particularly in February and again in early June. Both times, a recovery towards the middle of the range followed, but a breakout to the upside failed to materialise. The resistance at $2.74 trillion was briefly touched around May, after which the price fell back.

Bull market or bear market depends on the breakout

DaanCrypto is clear about the significance of a potential breakout. If the market manages to hold above $2.74 trillion, that signals a resumption of the bull market. If the market instead breaks through the support at $2.05 trillion, he sees that as confirmation that the bear market continues. For now, neither is the case.

The analyst says this sideways movement could continue for some time. The market has now been moving within these boundaries for six months without making a clear choice. Investors waiting for a trend confirmation will therefore have to be patient for a while longer.