The Crypto Market Cap (TOTALCAP) and Bitcoin (BTC) broke out above key horizontal resistances. BONK broke out from a diagonal resistance.
In the news today:
TOTALCAP Breaks Through Pivotal Resistance
The cryptocurrency market cap has increased considerably in the past three weeks, creating successive bullish weekly candlesticks. The increase accelerated further this week.
TOTALCAP increased and closed above the 0.618 Fib retracement resistance level of $1.88 trillion, reaching a high of $2.29 trillion today.
If the increase continues, the next resistance is at $2.40 trillion, 6% above the current level
Despite the bullish TOTALCAP price prediction, a sudden rejection can trigger a 5% drop to the $2.15 trillion support area.
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Bitcoin Surges Above $63,000
Similar to TOTALCAP, the Bitcoin price has increased since the start of January. The upward movement led to a high of $57,615 today, the highest since 2021. This also led to a close above the horizontal and Fib retracement resistance level of $48,600.
Bitcoin then broke out through the $60,000 horizontal resistance area, the final one before a new all-time high price. However, it has yet to reach a weekly close above it. If it does, the next resistance area is at the all-time high of $69,057, 9% above the current BTC price.
Despite the bullish BTC price prediction, a weekly close below $60,000 can trigger a 22% drop to the closest support at $48,000.
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BONK Breaks Out From Trend Line
The BONK price had fallen under a descending resistance trend line for 63 days. BONK started an upward movement on February 24 and broke out from the trend line three days later. The upward movement led to a high of $0.000023 today.
BONK reached the final horizontal resistance area, but it was rejected (red icon). If it breaks out, BONK can increase by another 80% and reach the next Fib resistance at $0.000037.
Despite the bullish BONK price prediction, failure to break out from the horizontal area can lead to a 22% drop to the closest support at $0.000016.
Read More: What are Meme Coins?
For BeInCrypto‘s latest crypto market analysis, click here.
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