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The Total Crypto Market Cap (TOTALCAP) reached the highest weekly close in nearly a year. Bitcoin (BTC) trades in a descending parallel channel. Stacks (STX) is decreasing under a descending resistance line.
In the news, Russia is close to overtaking the USA as the world’s preeminent mining hub after becoming the second-largest Bitcoin mining sector in the world. OpenSea launched its market aggregator OpenSea Pro in a bid to reclaim the title of the world’s most popular NFT marketplace.
Crypto Market Cap (TOTALCAP) Reaches Highest Close Since May 2022
The TOTALCAP reached a new yearly high of $1.19 trillion last week, but decreased slightly and created an upper wick. Despite the loss of momentum, the TOTALCAP close of $1.15 trillion was the highest close since May 2022.
If TOTALCAP confirms the movement above the long-term $1.14 trillion support area, it could increase to $1.67 trillion.
However, if it closes below $1.14 trillion, a drop to $980 billion could ensue. The weekly RSI is above 50 and increasing, supporting the continuation of the upward movement.
Bitcoin (BTC) Trades in Corrective Pattern
Since March 29, the value of Bitcoin has dropped within a descending parallel channel, which typically includes corrective patterns. This suggests that there may be an eventual breakout from the channel.
The fact that the price trades in the channel’s upper portion supports this possibility.
If a breakout does occur, it is possible that the price of BTC could rise to $32,000. However, if the opposite happens and there is a rejection, then BTC could potentially drop back down to the $26,800
Stacks (STX) Price
The STX price has fallen under a descending resistance line since March 18 (red icon). The decrease led to a low of $0.77 on April 7.
Currently, the price is making an attempt at breaking out from the line. If successful, it could increase to the 0.5 Fib resistance at $1.04. However, if another rejection occurs, TOTALCAP could fall to $0.70.