Crypto Market Momentum Builds Ahead of Potential Breakout

The crypto market is showing signs of gathering momentum for a potential breakout, with the total capitalization reaching $2.19T and fluctuating within a narrow range.

The largest cryptocurrencies have experienced relatively small price movements over the past 24 hours, ranging from -2.5% to +1.5%, but Cardano has led the gains with an impressive 7% increase, followed by Algorand's 3.2% growth.

Bitcoin continues to test its resistance at $65K, having attempted to break through earlier in the week but ultimately failing to do so. The consolidation range has narrowed significantly since June, from $58K to $66K, and is now situated between $62K and $66K.

The recent lack of volatility may be a cause for concern, with Tesseract Group warning against using leverage due to limited market depth and weak trading volumes. On the other hand, CryptoQuant notes that large holders are building their positions at current prices, which could indicate a reduction in selling pressure.