November 9 Crypto Market

Crypto News– Today, both Bitcoin (BTC) and the Crypto Market Cap (TOTALCAP) hit fresh yearly peaks. Huobi Token (HT) also made waves by breaking free from a descending resistance trendline. The trajectory of TOTALCAP has been on a rapid ascent since October 12, surging to the $1.25 trillion resistance zone by October 25.

November 9 Crypto Market

After a series of unsuccessful attempts to breach this level, TOTALCAP finally made a breakthrough at the onset of November. This breakthrough triggered a swift climb to a new yearly pinnacle of $1.35 trillion today, marking the highest point for the crypto market cap since May 2022.

The upcoming hurdle stands at $1.44 trillion, shaped by the 1.61 external Fibonacci retracement of the preceding dip. Despite this optimistic outlook, a failure to sustain this upward momentum could lead to a 7% retracement, bringing TOTALCAP back to the $1.25 trillion range and solidifying it as a support level.

Bitcoin Crosses the 36,000 Dollars Threshold in Upward Move

In the last four weeks, the Bitcoin price has experienced a substantial uptick. This upward surge propelled a breakout from the $31,000 resistance zone, propelling it to a fresh long-term pinnacle of $36,864 today. The next significant hurdle stands at $50,000. Should the upward trajectory persist, Bitcoin’s value has the potential to surge by an additional 40%, reaching a price territory not witnessed since the beginning of the year.

However, amid this optimistic outlook for Bitcoin, a failure to sustain this upward momentum could result in a 15% decline, revisiting the $31,000 horizontal area and establishing it as a formidable support level.

HT Shatters Resistance in Breakout Rally

HT’s journey has been on a rollercoaster, dipping under a descending resistance trendline since November, hitting a low of $2.10 in August. However, the tides turned, and HT has been on an upward trajectory since. Breaking free from the descending resistance trendline, it successfully reclaimed the $2.30 horizontal support. Today, it’s making significant strides upward.

Should this momentum persist, HT could experience a further 30% surge, reaching the coveted $4 resistance zone. Despite this optimistic projection, a short-term setback could result in a 20% dip, solidifying the $2.30 area as a robust support level.