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The Bitcoin ($BTC) price broke down from an ascending support line while the Crypto Market Cap (TOTALCAP) trades inside support. $BONK broke down from an important horizontal support area.
In the news today:
- MicroStrategy’s bet on Bitcoin increased the firm’s stock by 317% this year. The company recently purchased 16,130 $BTC.
- Changpeng Chao’s “CZ” net worth increased by $25 billion this year, making him the 35th richest person in the world.
TOTALCAP Returns to Support
The cryptocurrency market cap has increased alongside an ascending support trend line since October. Recently, it bounced at the trend line on December 18 (green icon) and began an upward movement.
The bounce led to a new yearly high of $1.66 trillion on December 26, causing a breakout from a critical horizontal and Fib resistance area at $1.60 trillion.
However, TOTALCAP fell sharply yesterday and returned to the $1.60 trillion area again. Whether it bounces or breaks down will likely determine the future trend.
A strong bounce can lead to a 17% increase to the next resistance at $1.87 trillion, while a breakdown could cause a 12% drop to the 0.382 Fib retracement support at $1.41 trillion. This will also cause a breakdown from the ascending support trend line.
Bitcoin Closes Below Support Trend Line
Like TOTALCAP, the $BTC price has increased alongside an ascending support trend line since October. However, Bitcoin’s December 18 bounce (green icon) did not lead to a new yearly high. Rather, it created a lower high on December 22.
$BTC has fallen since and reached a close below the ascending support trend line yesterday. However, the price still trades inside the long-term support at $42,300.
If the downward movement continues and Bitcoin closes below the support area, it can fall by 11% and reach the closest support at $37,800.
Despite this bearish $BTC price prediction, a strong bounce that reclaims the trend line can initiate a 15% upward movement to the next resistance at $48,600.
$BONK Breaks Down From Support
The $BONK price has fallen since reaching an all-time high of $0.000035 on December 15. The price initially bounced at the $0.000019 horizontal support area, attempting to initiate upward movements.
However, the price finally broke down from the support area yesterday, falling to a low of $0.000015.
If the downward movement continues, $BONK can decrease by another 10% and fall to the closest support at $0.000014.
Despite this bearish $BONK price prediction, a strong bounce at the current level can lead to a 20% increase back to the $0.000019 horizontal area.
For BeInCrypto‘s latest crypto market analysis, click here.