Why the Crypto Market Is Up Today
The Bitcoin (BTC) price and the Crypto Market Cap (TOTALCAP) moved above pivotal resistance levels. ICP resumed its rapid ascent.
In the news today:
TOTALCAP Reaches New High
The cryptocurrency market cap has increased swiftly since October. In the past two weeks, it struggled to reach a close above the $1.65 trillion resistance area, a horizontal resistance area that nearly coincides with the 0.382 Fib retracement resistance level.
However, the price initiated an upward movement this week and moved above this area, though it has yet to reach a weekly close above it.
If the increase continues, the next resistance will be at $1.87 trillion, created by the 0.5 Fib retracement resistance level. This is 10% above the current price. Then, resistance levels are confluent at $2.14 trillion, 26% above the price.
Despite this bullish TOTALCAP prediction, a breakdown and close below the $1.65 trillion resistance will invalidate the breakout. Then, TOTALCAP can fall 18% to the closest support at $1.40 trillion.
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Bitcoin Moves Above $45,000
Like TOTALCAP, the BTC price has increased rapidly since October. The movement caused a breakout above the 0.5 Fib retracement resistance level at $42,300.
After the price consolidated above the area, it began another upward movement this week, reaching a high above $45,000.
If the upward movement continues, BTC can increase by 13% and reach the next resistance between $48,600-$50,500. This is a Fib and horizontal resistance area.
Despite this bullish BTC price prediction, closing below $42,300 will invalidate the breakout. Then, the price can fall 18% to the closest support at $38,000.
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ICP Creates Another Bullish Candlestick
The ICP price has increased rapidly since December 2023, breaking out from the $9.20 horizontal resistance area. After validating it as support (green icon), ICP started the year with another similar upward movement.
Today, ICP reached a high of $16.30, inside a minor resistance area at $16.
If the upward movement continues, ICP can increase by 50% to the next resistance at $23.40.
Despite this bullish ICP price prediction, failure to break out can trigger a 40% drop to the $9.20 support area.
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For BeInCrypto‘s latest crypto market analysis, click here.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
