Crypto Market Analysis: Total Market Cap and BTC Experience Deviations, BSV Faces Volatility
Crypto News – The cryptocurrency market witnessed deviations in both total market capitalization (TOTALCAP) and Bitcoin (BTC) price, surpassing their previous highs before experiencing a subsequent decline. Bitcoin SV (BSV) saw a notable increase on October 2 but faced a downturn the following day.
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Total Market Capitalization Shows Bearish Candlestick The total crypto market capitalization has been on the rise since bouncing at the $1 trillion horizontal support area on September 11. This surge led to a breakout from a descending resistance trendline on September 18.
After a brief dip that confirmed the trendline on September 25, TOTALCAP accelerated its upward trajectory, peaking at $1.10 trillion on October 2.
However, on the same day, the price formed a bearish candlestick (depicted by a red icon) and has been declining since then.
Comparing this to the high on August 29, the October 2 peak represents a deviation (shown by the red line), followed by a decrease. Such deviations often indicate potential significant reversals.
If the downward trend persists, the $1 trillion support area will be 6% below the current price. Conversely, a 6% increase is needed to reach the next resistance level at $1.13 trillion.
Bitcoin Sees Deviation Above Range High
Similar to TOTALCAP, the BTC price broke out from a descending resistance trendline on September 28, resulting in a peak of $28,580 on October 2. This high slightly exceeded the one from August 29.
However, the BTC price failed to sustain this increase and has been declining since (as indicated by the red icon). This decline confirmed the deviation above the previous high (marked by the red line) and initiated a subsequent downward movement.
If the BTC price continues its descent, a 5% drop would bring it to the descending resistance trendline at $26,000. Conversely, a 6% increase would propel the price to the next resistance at $29,100.
BSV Unable to Sustain Growth
The price of Bitcoin SV (BSV) surged significantly on October 2. However, despite continued growth the following day, the price couldn’t maintain its momentum and formed a bearish candlestick with a long upper wick (depicted by the red icon).
This indicates a shift in market sentiment, with sellers gaining control and pushing the price downwards.
If the downtrend continues, BSV could experience a 20% decline, reaching the $29 horizontal support area.
Alternatively, if the price regains momentum, it could aim for the next resistance at $52, representing a 35% increase from the current price.
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