The recent weakness in the crypto market has not invalidated the six-week-long ascending trend, even after a failed test of the channel’s upper band on Feb. 21. The total crypto market capitalization remains above the psychological $1 trillion mark and, more importantly, cautiously optimistic after a new round of negative remarks from regulators.
Total crypto market cap in USD, 12-hour. Source: TradingView
As displayed above, the ascending channel initiated in mid-January has room for an additional 3.5% correction down to $1.025 trillion market capitalization while still sustaining the bullish formation.
Weekly winners and losers among the top 80 coins. Source: MessariPerpetual futures accumulated 7-day funding rate on Feb. 27. Source: CoinglassBTC options volume put-to-call ratio. Source: laevitas.ch
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