Why Did the Crypto Market Drop on November 1?

Crypto News- Bitcoin (BTC) and the entire crypto market, as represented by TOTALCAP, are currently grappling with resilient resistance levels, while GALA’s impressive rally has hit a stumbling block.

Why Did the Crypto Market Drop on November 1?

TOTALCAP has been on an impressive run since October 12, reaching a yearly high of $1.27 trillion on October 24. Subsequently, it dipped slightly below the critical $1.25 trillion resistance level, thus affirming the long-standing resistance that has been in place since April.

Although TOTALCAP hasn’t managed to establish a new yearly high recently, it did achieve a significant milestone by securing the highest daily close of the year at $1.26 trillion. This development is indicative of a strong bullish trend.

Looking ahead, if TOTALCAP continues its upward trajectory, it may set its sights on the next resistance level at $1.44 trillion, offering the potential for a 15% increase from its current position. However, should the market experience a downturn and fall below the $1.125 trillion mark, this could trigger a 13.50% decline, with support expected around the $1.120 trillion level.

Bitcoin’s price has been confined within the boundaries of an ascending triangle pattern since it reached a yearly high of $35,198 on October 24. Traditionally, this pattern suggests a bullish breakout is likely. However, it’s important to note that, despite the optimism associated with this pattern, Bitcoin has not yet broken free from it. As Bitcoin approaches the apex of the triangle, a breakout could be imminent.

In the event of a breakout, we might see a 6.50% increase, with the potential to reach $36,500, a target derived from projecting the triangle’s length to the breakout point. On the flip side, a breakdown from the triangle could result in a 7% decline, leading to a test of the 0.382 Fib retracement support at $31,900.

On October 23, GALA’s price managed to break out from a descending resistance trendline, surging to a high of $0.022 on October 29. However, its attempt to overcome the $0.021 horizontal resistance proved challenging, as indicated by a notable upper wick (represented by the red icon), and the price has since retraced.

If the current downward momentum persists, the nearest support level for GALA is around $0.016, marking a 15% decline from its current price. However, on a more positive note, reclaiming the $0.021 level could pave the way for a substantial 50% surge toward the next resistance point at $0.028.