Looking at the total market one may find that it can also be measured with the same tools and dynamics of understanding like any chart.

From what i see, this since this is excludng the BTC and ETH, means money is pouring in and out, so id expect a reaction once it hits the conversion line, but the reaction of it is still unpredictable, since in stock-to-flow chart we way far from a comeback, so a stinging pierce is possible sending BTC to the Lower lows,.

Having said that, a retest or a higher high is also possible since BTC hasn’t yet broken the above line of resistance and is above the 200 EMA on the daily time frame , and is now in a similar position like before, however attending that it is also below the kumo in the 3d timeframe, i think a side movement is also possible after it heits the conversion to scare people off, whilst whales start buying.

Pay attention to volume , volume is king.

Short term: Bullish
Long term: Neutral