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Why the Crypto Market Is Up Today
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The Bitcoin (BTC) and the Bitcoin SV (BSV) prices increased significantly on October 19 and 20. The Crypto Market Cap (TOTALCAP) attempts to break out from a resistance area.
Around 23,000 Bitcoin options contracts worth $640 million will expire today. 210,000 Ethereum contracts are also set to expire today, with a notional value of $320 million.
The Aptos team conducted a post-mortem on the reasons for the five-hour outage on October 19.
TOTALCAP Makes Another Breakout Attempt
TOTALCAP has increased since September 11, when it bounced at the $1 trillion horizontal area, validating it as support. Seven days later, it broke out from a descending resistance trendline.
The price returned and validated the trendline as support on September 25 (green icon). Then, it bounced but failed to break out from the $1.10 trillion resistance area.
While TOTALCAP fell afterward, creating a long upper wick (red icon), it created a higher low on October 12 (black icon).
Then, it began another upward movement and reached a high of $1.12 trillion on October 16 before falling below the $1.10 trillion area again.
Since resistances weaken each time they are touched, an eventual breakout from the area is the most likely future price scenario.
If that occurs, TOTALCAP can increase to the next resistance at $1.16 trillion. This will be an increase of 6.50%. Measuring from the current price.
Despite this bullish prediction, another rejection from the $1.10 trillion area can cause a nearly 9% drop to the closest support at $1 trillion.
Bitcoin Approaches $30,000 Level
The BTC price broke out from a long-term descending resistance trendline on October 1. It returned to validate it as support on October 11 (green icon) and accelerated its rate of increase afterward.
On October 16, BTC reached a high of $30,000 and broke out from the $28,000 resistance area.
While the Bitcoin price fell slightly afterward and created a long upper wick (red icon), it reached a daily close of $28,500, considerably above the $28,000 resistance.
BTC began another upward movement on October 19 and is approaching the $30,000 resistance. If the upward movement continues, the next resistance will be at $31,500, 7.50% above the current price.
Despite this bullish Bitcoin prediction, a sudden loss of momentum can lead to a 4.50% decrease to the closest support at $28,000.
Bitcoin SV (BSV) Price Reaches $56 Resistance
The BSV price has increased alongside an ascending support trendline since June. The trendline has been validated numerous times, most recently on October 9.
BSV accelerated its rate of increase afterward and reached a high of $55.88 on October 20. The high is inside the $56 horizontal resistance area.
If BSV breaks out, it can increase by another 25% and reach the $67.50 resistance area.
However, if the rejection continues, the price can fall by 25% to the $40 horizontal support area.
For BeInCrypto‘s latest crypto market analysis, click here.
Disclaimer
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.
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