What’s Driving Today’s Crypto Market Surge?

Crypto News- Today’s Crypto Market: In recent times, the price of Bitcoin has been on a remarkable upward trajectory, which has once again put MicroStrategy’s BTC holdings in a profitable position. This surge in Bitcoin’s value has also ignited optimism within the cryptocurrency community about the possible approval of a spot Bitcoin ETF. Additionally, there are reports indicating that BlackRock, a major financial institution, is making significant headway in the development of its own Bitcoin ETF.

What’s Driving Today’s Crypto Market Surge?

Furthermore, the TOTALCAP metric has been showcasing an impressive performance since September 11. It demonstrated a breakout from a descending resistance trendline on September 18, which was subsequently confirmed as a strong support level (indicated by the green icon). The ascent of TOTALCAP has been nothing short of rapid.

During this remarkable journey, TOTALCAP has managed to surpass critical horizontal resistance levels, specifically at $1.10 and $1.16 trillion. Most notably, the price reached a new yearly high of $1.26 trillion today. After a brief retracement, it tested the $1.25 trillion range as a zone of resistance. A potential breakthrough above this resistance barrier could pave the way for a substantial 14% upswing towards the next resistance at $1.43 trillion. On the flip side, a 14% decline would be required to reach the nearest horizontal support, resting at $1.16 trillion.

Similarly, Bitcoin has witnessed a rapid surge in its price throughout the month of October. On October 23, it successfully breached the $31,300 horizontal resistance and achieved a fresh yearly high at $35,280. As part of this ascent, Bitcoin’s price managed to surpass the 1.27 external Fibonacci level, which was calculated from the previous drop at $33,700.

If the current upward momentum persists, there’s a potential for a further 7% increase, aiming for the next resistance at $36,100, identified by the 1.61 external Fibonacci level. However, it’s important to note that despite this optimistic outlook, a rejection from the $33,700 area could potentially trigger a 7% decline, bringing Bitcoin back to the nearest support at $31,300.

Lastly, the price of MINA has exhibited a parabolic increase, especially after breaking free from a descending resistance trendline on October 21. This upward surge transformed into a parabolic trajectory on the following day, culminating in a peak value of $0.70 today, marking the highest price level seen since April.

Nonetheless, despite the impressive gains, the price of MINA displayed a significant upper wick (indicated by the red icon), signifying that the $0.70 range currently acts as a resistance zone. Presently, it is trading within the price range of $0.70 and $0.50. If the price experiences a decrease toward the lower end of this range, it would equate to an 11% decline. Conversely, a successful retest of the $0.70 area would translate into a substantial 20% upward movement for MINA.