Crypto Market Analysis: BTC and TOTALCAP in Patterns, SBF Testifies, and Trader Sentiment on Bitcoin ETF Approval

Crypto Market Analysis: BTC and TOTALCAP in Patterns, SBF Testifies, and Trader Sentiment on Bitcoin ETF Approval

Crypto News – The price of Bitcoin (BTC) and the total cryptocurrency market capitalization (TOTALCAP) has witnessed a modest decline since achieving their annual peaks. Meanwhile, MINA is currently trading within the confines of a descending wedge pattern.

Sam Bankman-Fried, the disgraced former founder of FTX, recently appeared in court to testify regarding multiple security breaches within communication platforms during his tenure as CEO.

A recent survey reveals that a majority of cryptocurrency traders are inclined to hold their assets in anticipation of a potential approval for a Bitcoin (BTC) spot ETF.

TOTALCAP Moves within a Trading Channel

On October 23, TOTALCAP made a significant breakthrough beyond the $1.15 trillion resistance level, resulting in a substantial uptick in its valuation. The following day, it reached a peak of $1.26 trillion.

Subsequently, TOTALCAP has been consolidating within an ascending parallel channel, with a series of unsuccessful breakout attempts (indicated by red icons). Presently, it is situated in the lower section of this channel.

In the event of a breakout from this channel, TOTALCAP could experience a 14% surge, potentially reaching the next resistance point at $1.42 trillion. Conversely, a breakdown from this channel could lead to a 6% decline, finding support at the closest level of $1.15 trillion.

BTC Engages in a Symmetrical Triangle Pattern

Following the breach of the $31,200 horizontal resistance on October 24, BTC witnessed a rapid ascent, reaching a new yearly high of $35,280 on the same day.

Since achieving this annual high, BTC’s price has undergone a slight decline and is now confined within a symmetrical triangle pattern. Although the symmetrical triangle is typically regarded as a neutral pattern, its occurrence after an upward movement can often signify a continuation.

A successful breakout from this pattern may propel BTC’s price by 7% towards the next resistance at $36,530. However, a bearish scenario could see an 8% drop in price, finding support at the nearest level of $31,350.

MINA Navigates a Descending Wedge Pattern

MINA’s price has retreated following its yearly high of $0.96, reached on October 24. This decline led the price below the $0.75 horizontal level, subsequently trapping it within a descending wedge pattern.

MINA is approaching the culmination of this pattern, which aligns with the 0.618 Fibonacci retracement support at $0.59. Given the bullish nature of a wedge pattern, the most probable future price scenario is a breakout to the upside.

Should this materialize, MINA could potentially surge by 20% towards the subsequent resistance at $0.75. However, it’s essential to note that a breakdown from the wedge could result in a 25% drop, with a floor at $0.47.