A brief rise marked the past 30 days in the cryptocurrency market, with Bitcoin ( $BTC ) leading the way for many cryptocurrencies . Greed is starting to dominate investor sentiment as most digital assets recorded massive capital inflows in the month.

Notably, the leading index by TradingView (CRYPTOCAP: TOTAL) surged 35%, adding $365 billion in 30 days. At press time, the total crypto market capitalization of $1.024 trillion quickly rose to $1.392 trillion from October 12 to November 11.

Short-term bearish case for cryptocurrencies

However, the Relative Strength Index ( RSI ) is overbought at 88.29 points on the daily chart. This situation has been going on since October 22, when the RSI crossed 70 points. Meanwhile, total capitalization has distanced itself by $155 billion from the 30-day exponential moving average (EMA).

Basically, these indicators suggest that cryptocurrency trading can expect a natural retracement any time from now. In this case, traders should look for important support zones in the market capitalization index. If this support zone holds, the current purported bull market could continue healthily.

On the other hand, a break of capitalization support would threaten a bearish trend reversal.

Short-term bullish case for total crypto market cap

Interestingly, there is interesting psychological resistance at the $1.50 trillion total market cap for indexed cryptocurrencies. This can be a magnet for the continuation of the current movement.

Additionally, Crypto Tony , a cryptocurrency analyst at X , supports the altcoin to close above the current resistance zone . The crypto market cap, excluding #Bitcoin and #Ethereum ( ETH ), recorded a capitalization of $405 billion at press time.

Crossing this line on a weekly basis would also support a bullish bias in global market capitalization. Nevertheless, a rejection would strengthen this resistance, supporting the previous bearish case.