Bitcoin (BTC) Price and Crypto Market Cap Analysis: Recent Bounces and Predictions
Crypto News – Since November 8, the total cryptocurrency market capitalization, known as TOTALCAP, has been trading within a defined range of $1.32 trillion to $1.40 trillion. During this period, there was an apparent breakout above the upper range boundary on November 16, leading to a new yearly high of $1.43 trillion.
However, this breakout proved short-lived, resulting in a deviation marked by a green circle above the crucial $1.39 trillion horizontal resistance level. Subsequently, TOTALCAP faced rejection at the upper range boundary on November 20, experiencing a subsequent decline.
Yesterday, TOTALCAP found support at the horizontal level of $1.32 trillion and initiated a rebound, as indicated by the green icon.
Should TOTALCAP sustain its upward momentum and successfully breach the upper range boundary, a potential 9% gain could lead it to the $1.48 trillion resistance area. This level is derived from the 1.61 external Fibonacci retracement of the preceding decline.
Nonetheless, it is crucial to note that a breakdown below the $1.32 trillion support level might trigger a 9% descent towards the nearest support at $1.23 trillion.
Bitcoin Witnesses a Bounce at Key Support
On November 16, the price of Bitcoin (BTC) experienced a decline just shy of reaching a new yearly high.
Despite this retracement, BTC managed to remain above the critical horizontal support zone at $36,000. This level is determined by the 1.61 external Fibonacci retracement of the previous downturn.
BTC successfully validated this support level, as indicated by the green icon, and subsequently embarked on an upward trajectory. Following a recent retracement, Bitcoin established a higher low, reaffirming the strength of the support area.
Should the current upward momentum persist, BTC could see an 18% ascent towards the 2.61 external Fibonacci retracement level at $42,800.
However, it’s essential to consider that a close below the $36,000 support level would negate the bounce, potentially leading Bitcoin to a 15% decline towards the next support at $31,000.
BLUR Surges Beyond Resistance
Beginning in October, the price of BLUR initiated a notable and robust upward trend, reaching a peak of $0.47 on November 11.
Although this surge initially appeared to break free from the $0.37 resistance range, the price ultimately failed to maintain its position and dipped below this level just two days later.
Yesterday, BLUR commenced an upward movement, surpassing the $0.37 resistance once again.
Should this upward trajectory continue, BLUR could potentially realize an impressive 95% gain, reaching the resistance level at $0.80.
Conversely, a close below the $0.37 level might trigger a 40% drop, leading BLUR to its closest support at $0.23.
In conclusion, the crypto market has recently witnessed notable price movements and key levels that may impact the future trajectory of Bitcoin, TOTALCAP, and BLUR.
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