The Bitcoin (BTC) price and the Crypto Market Cap (TOTALCAP) reached new yearly highs today. Huobi Token (HT) broke out from a descending resistance trendline.
In crypto news today:
TOTALCAP Reaches New Yearly High
TOTALCAP has increased at a rapid rate since October 12. The increase took the TOTALCAP to the $1.25 trillion resistance area on October 25.
After several unsuccessful attempts at breaking out, TOTALCAP finally cleared the area at the beginning of November.
This led to an accelerated push to a new yearly high of $1.35 trillion today. This is the highest that the crypto market cap has been since May 2022.
The next resistance is at $1.44 trillion, created by the
1.61 external Fib retracement of the previous dip.
TOTALCAP Daily Chart. Source: TradingView
Despite this bullish prediction, failure to sustain the increase can lead to a 7% retracement to the $1.25 trillion area,
validating it as support.
Bitcoin Moves Above $36,000
Bitcoin price has increased significantly over the past four weeks. The upward movement caused a breakout from the $31,000 resistance area, leading to a new long-term high of $36,864 today.
The next closest resistance is at $50,000. So, if the
BTC price continues to move upwards, it can increase by another 40% and reach a price zone that has not been seen since the start of the year.
BTC/USDT Weekly Chart. Source: TradingView
bullish Bitcoin prediction, failure to sustain the increase can cause a 15% drop to the $31,000 horizontal area, validating it as support.
HT Breaks Out From Resistance
The HT price had decreased under a descending resistance trendline since November. The drop led to a low of $2.10 in August. The
HT price has increased since.
After breaking out from the
descending resistance trendline, HT reclaimed the $2.30 horizontal support area. Then, it began a significant upward movement today.
If the increase continues, HT can increase by another 30% and reach the $4 resistance area.
HT/USDT Weekly Chart. Source: TradingView
bullish HT price prediction, a short-term rejection can lead to a 20% drop that would validate the $2.30 area as support.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.