Crypto Market Analysis: TOTALCAP and BTC Show Promising Signs, BSV Nearing $40 Resistance

Crypto Market Analysis: TOTALCAP and BTC Show Promising Signs, BSV Nearing $40 Resistance

Crypto News – On October 16, both the crypto market cap (TOTALCAP) and Bitcoin (BTC) initiated significant upward movements. Additionally, the price of Bitcoin SV (BSV) is approaching the crucial $40 resistance level.

Recent developments indicate that the U.S. government has successfully seized approximately 200,000 BTC from cybercriminals, elevating its BTC holdings to a substantial $5.4 billion and solidifying its position as one of the largest Bitcoin holders.

TOTALCAP Demonstrates Potential for Four Consecutive Bullish Candlesticks

TOTALCAP has been on an upward trajectory since September 11, confirming the $1 trillion horizontal support as a stable foundation. A week later, TOTALCAP broke free from a descending resistance trendline, marking a significant development.

Following this breakout, the price retraced and confirmed the trendline as a reliable support on September 25 (marked by the green icon). Subsequently, it surged, reaching a peak of $1.10 trillion on October 2.

Despite a subsequent dip in TOTALCAP, characterized by a notable upper wick (as denoted by the red icon), the asset established a higher low on October 12 (indicated by the black icon). Presently, it is in the process of forming the fourth consecutive bullish candlestick.

In the event that this upward momentum persists, TOTALCAP could target the $1.13 trillion resistance area, reflecting a 6% increase from the current price. Conversely, if the rally loses steam, a 6% decline to the $1 trillion support area may be the anticipated price outlook.

Bitcoin Nears a Pivotal Resistance

The BTC price has been tracing a descending resistance trendline since surpassing the $28,000 resistance level on October 2. This downturn led to a low of $26,538 on October 11.

However, the price has shown signs of recovery and is on the verge of breaking out from this trendline. While it has surged significantly above the line, a confirmed close above it is yet to materialize.

Should BTC breach the $28,000 resistance area, a potential 13% surge could propel it to $31,500, as per bullish predictions. However, a rejection from this area might trigger a sharp 4.5% decline to $26,600.

Bitcoin SV (BSV) Closes in on $40

BSV’s price has been on an upward trajectory alongside an ascending support trendline since June 10. Recent observations reveal the price validating this line on September 11 and October 9 (as denoted by the green icons), with an accelerated rate of increase.

BSV is currently approaching the $50 horizontal resistance area, a level that has remained intact since July. When considering this in conjunction with the ascending support trendline, it forms an ascending triangle—a bullish pattern.

In the event of a breakout that encompasses the entire height of this pattern, a substantial 50% increase could potentially drive BSV to the next resistance at $56.

Conversely, a rejection from the $40 area may prompt a 12% drop concerning the ascending support trendline.