After losing its local range, the $TOTAL Crypto Market Cap has retested the important $3T level.
This is a key support level and important to hold for the bulls.
If lost, price would be trading below the previous range low from earlier this year which would not paint a healthy view.
Most of this is driven by altcoin weakness as that same level corresponds with ~$90K BTC when you compare the charts. Which shows how much BTC has outperformed relative to alts.
The $TOTAL Crypto Market Cap has broken down (again).
It has traded within and around this range for about 1.5 months now.
We've previously seen short trips outside of the range and a retrace back in but until that happens again, I think caution is warranted as we are seeing a clear market structure shift for the time being.
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