Over the past 24 hours, the cryptocurrency market experienced one of its most significant single-day increases this month, with Bitcoin (BTC) surging past the $93,000 mark. Among the altcoins, Immutable (IMX) stood out, posting a remarkable 32% gain.

In recent developments, the total crypto market capitalization (TOTAL) reached $2.88 trillion, marking an increase of $178 billion from the previous day. This substantial growth was partly attributed to the announcement of Paul Atkins' appointment as the next chairperson of the Securities and Exchange Commission (SEC), which injected optimism into the market and reinforced the bullish trend for digital assets.

The current market capitalization is holding firm above the support level of $2.85 trillion, signaling potential for continued upward movement. Analysts suggest that breaching the $2.93 trillion threshold could drive the market cap towards $3.00 trillion, further boosting investor confidence. Conversely, should the market encounter selling pressure, there is a risk of the market cap dipping below $2.85 trillion, with a fall to $2.74 trillion indicating bearish sentiment that might slow the current rally.

Bitcoin's price climbed by 6.3% in the last day, trading at $93,033. It is currently testing resistance at $93,625, its highest level in over a month. Breaking through this resistance could lead Bitcoin to advance toward $95,761. With the broader market maintaining its bullish momentum, Bitcoin may successfully surpass the $93,625 resistance and approach the next pivotal level at $95,761. Achieving this could bring Bitcoin closer to the psychologically significant $100,000 mark, potentially attracting heightened investor attention and driving additional gains.

Conversely, if Bitcoin fails to overcome the $93,625 resistance, it may retreat, finding support at $89,800. Additionally, the Relative Strength Index (RSI) is nearing the overbought zone, suggesting a possible saturation of bullish sentiment that could result in a reversal. A drop below $89,800 might push the price down to $86,822, negating the bullish scenario and potentially resulting in a prolonged consolidation phase.

Immutable (IMX) saw its price jump by 32% in the last 24 hours, reaching $0.619 at the time of reporting. The altcoin has been buoyed by favorable market conditions, making it the standout performer of the day. This surge has generated optimism among investors, reinforcing the bullish sentiment around IMX.

Should the positive momentum persist, IMX could rise to $0.721 in the coming days, erasing the 47% losses incurred in March. Maintaining an upward trajectory beyond this resistance level could encourage increased buying activity, potentially propelling IMX to higher price levels. However, if IMX cannot hold $0.601 as support, it may decline below this level, testing the subsequent support at $0.480. Falling through this critical level would invalidate the bullish outlook, opening the door for further downward movement.

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