CDS Crypto News What’s Driving Today’s Crypto Market Surge?
Crypto News

What’s Driving Today’s Crypto Market Surge?

On October 19 and 20, both Bitcoin (BTC) and Bitcoin SV (BSV) experienced substantial price surges. Meanwhile, Crypto Market Cap (TOTALCAP) is currently making efforts to overcome a key resistance level.

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What'S Driving Today'S Crypto Market Surge

Crypto News- As of late, TOTALCAP has shown signs of a potential breakout. The journey began on September 11, as it found support at the $1 trillion horizontal level. Just seven days later, it managed to break free from a descending resistance trendline.

What’s Driving Today’s Crypto Market Surge?

Following this breakout, on September 25, the price revisited and confirmed the trendline as a reliable support level (indicated by the green icon). However, despite a brief bounce, it struggled to breach the $1.10 trillion resistance area. Eventually, TOTALCAP experienced a dip, forming a long upper wick (as shown by the red icon). Notably, it established a higher low on October 12 (the black icon).

What'S Driving Today'S Crypto Market Surge

Shortly after, it embarked on another upward journey, hitting a peak of $1.12 trillion on October 16, only to retreat beneath the $1.10 trillion level.

It’s worth noting that with each touch, resistances tend to weaken. Therefore, a future breakout from this range is the most probable scenario. In the event of such a breakout, TOTALCAP could aim for the next resistance at $1.16 trillion, marking a 6.50% increase from its current level. Despite this optimistic outlook, failing to surpass the $1.10 trillion resistance might trigger a nearly 9% drop towards the nearest support at $1 trillion.

Bitcoin Nears $30,000 Threshold

On October 1, the price of Bitcoin (BTC) made a significant move by breaking free from a long-standing descending resistance trendline. It retraced back to validate this trendline as support on October 11 (indicated by the green icon) and then picked up its pace in terms of gains.

What'S Driving Today'S Crypto Market Surge

By October 16, BTC had soared to $30,000 and decisively broke through the $28,000 resistance area. Although the price experienced a slight dip afterward, it managed to close the day at $28,500, notably above the $28,000 resistance level.

Bitcoin SV (BSV) Challenges the $56 Resistance

The price of Bitcoin SV (BSV) has been on a steady ascent, riding an ascending support trendline that dates back to June. This trendline has been confirmed multiple times, most recently on October 9.

What'S Driving Today'S Crypto Market Surge
What'S Driving Today'S Crypto Market Surge?
Sources:beincrypto
Written by
Ecem EFE

Since 2022, Ecem has been creating digital content, combining her passion for technology with writing. Continuing her education in the Mathematics department, Ecem focuses on producing in-depth content on areas such as blockchain, artificial intelligence, and cryptocurrency. She aims to simplify these topics and present them to a wide audience, sharing valuable insights into the crypto industry through her writing. With her innovative content, she strives to raise awareness in the digital world.

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