Emre Yumlu 
After nearly two weeks of subdued trading activity, the cryptocurrency market is beginning to show early signs of recovery. Over the past 24 hours, total crypto market capitalization increased by approximately $75 billion, climbing to $2.96 trillion. This rebound has been supported largely by Bitcoin (BTC)’s ability to hold above a key technical support zone, helping restore cautious optimism across the market.
Regulatory Pressure Remains a Key Overhang
Despite improving price action, regulatory uncertainty continues to weigh on broader market sentiment. In South Korea, crypto exchange Coinone dismissed recent claims suggesting it was in talks to sell equity to Coinbase. The company clarified that speculation surrounding a renewed entry of U.S.-based exchanges into the South Korean market does not reflect reality.
This statement dampened expectations of near-term consolidation in the Asian crypto sector and reinforced the idea that regulatory barriers remain a major constraint on international expansion. The situation highlights how compliance challenges continue to shape strategic decisions for both local and global platforms.
A similar dynamic is unfolding in the United Kingdom. According to a survey conducted by the UK Cryptoasset Business Council, nearly 40% of payments to crypto exchanges are being blocked or delayed by major banks. Exchanges operating in the region report a noticeable rise in failed transactions, positioning the UK as one of the most restrictive environments for crypto-related banking access among developed markets.
Total Market Capitalization Approaches Key Resistance
The recent rise in total market value suggests that selling pressure has eased in the short term, allowing prices to stabilize. Analysts note that if current momentum is sustained, the overall crypto market could attempt a move toward the psychologically important $3 trillion resistance level.
A confirmed break above this threshold may open the door for an extension toward $3.05 trillion. However, if buying interest weakens, the market could once again retreat toward the $2.92 trillion support zone, keeping volatility elevated.
Bitcoin’s Focus Shifts Toward $90,000
Bitcoin was trading around $88,421 at the time of writing. Importantly, BTC has managed to stay above the $86,976 level, which corresponds to the 23.6% Fibonacci retracement. Holding this area has helped prevent a sharper downside move.
Many market participants view this zone as a critical bear-market support base. As long as it remains intact, Bitcoin may continue to consolidate in a narrow range, with a potential test of the $90,000 psychological resistance in the near term.
On the downside, a decisive break below $86,976 could expose Bitcoin to a move toward the next support level at $84,694. Such a decline would likely increase selling pressure across the broader crypto market, reinforcing the importance of these levels in the days ahead.
This content does not constitute investment advice.
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