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The Bitcoin (BTC) price and the Crypto Market Cap (TOTALCAP) are trying to reclaim lost support levels. Ethereum Name Service (ENS) has increased in the past four days.
In the news today:
- $3.4 billion worth of Bitcoin options contracts will expire today. There are twice as many long contracts compared to shorts.
- Kraken hired Marcus Hughes, the former Managing Director of Coinbase’s European business.
TOTALCAP Falls Below Support
The cryptocurrency market cap has increased inside an ascending parallel channel since December 2023, culminating with a high of $1.81 trillion on January 11, 2024.
The price has fallen since and broke down from the channel on January 18. This took the price below $1.61 trillion, a critical Fib and horizontal area.
TOTALCAP has fallen since, losing the $1.51 trillion support on January 22. It is currently validating it as resistance (red icon).
If TOTALCAP gets rejected, it can decrease by 9% to the closest support at $1.40 trillion. Conversely, reclaiming the area can trigger a 4% increase to the $1.61 trillion resistance.
Bitcoin Breaks Down From Range
Like TOTALCAP, the BTC price has traded inside an ascending parallel channel since December 2023. This led to a high of $48,969 on January 11, 2024.
The Bitcoin price fell afterward and validated the channel as resistance (red icon) on January 16. It has decreased at an accelerated rate since, falling below the $41,000 horizontal support area.
If Bitcoin continues to fall, it can decrease 8% to the closest support at $36,900. Conversely, if the price reclaims the $41,000 area, it can increase 12% to the next resistance at $44,600.
ENS Begins Bounce
The ENS price has fallen since reaching a high of $27.54 on January 14. The decrease created a long upper wick (red icon), validating the $23 area as resistance.
The ENS drop culminated with a low of $15.49 on January 23. However, the price bounced afterward (green icon), validating the 0.5 Fib retracement support level at $15.80.
If the increase continues, ENS can reach the $23 resistance area, 20% above the current price.
However, if the ENS price loses its footing, it can fall 20% to the 0.5 Fib retracement support level at $15.80.
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