- After a significant increase, Crypto Market Capitalization (TOTALCAP) has stopped.
- Bitcoin (BTC) has formed a neutral weekly candlestick.
The rallies of Crypto Market Capitalization (TOTALCAP) and Bitcoin (BTC) seem to have come to a halt last week. So, what’s next?
In the news, Silicon Valley Bank (SVB) has made an acquisition agreement with First Citizens Bank, including SVB assets worth $72 billion.
Crypto Market Capitalization (TOTALCAP) Rally Loses Momentum
TOTALCAP stopped after forming a candlestick with wicks on both sides. However, the price eventually rose above the August 2022 highs (red line). Despite the loss of momentum, the rally still looks bullish due to the increasing weekly RSI, which is above 50.
If the rally continues, TOTALCAP could rise up to $1.30 trillion. However, if there is a reversal, TOTALCAP could drop to the support zone of $1.04 trillion.
Bitcoin (BTC) Struggles to Sustain Price Increase
Bitcoin’s price movement shares many similarities with TOTALCAP. After forming a bullish engulfing candlestick two weeks ago, the rally stopped with a relatively neutral candlestick with wicks on both sides. However, the weekly RSI is increasing and above 50.
If the previous upward movement continues, BTC could rise to the resistance zone of $31,600. However, if the rally loses momentum, BTC could drop to $24,500.
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