The Crypto Market Cap (TOTALCAP) and Bitcoin (BTC) have both surpassed important horizontal resistance levels, indicating significant upward movements. Meanwhile, Fetch.ai (FET) has achieved a new record high.
Vanguard CEO Tim Buckley revealed his plan to retire by the end of 2024. Recently, he faced criticism for preventing Bitcoin ETFs from being accessible to the firm’s clients. On the other hand, American banks Merrill Lynch and Wells Fargo will provide spot Bitcoin ETFs for their clients.
Bullish Momentum in Cryptocurrency Market Cap
Over the past three weeks, the cryptocurrency market cap has seen significant growth, with successive bullish weekly candlesticks indicating an upward trend. This momentum intensified further in the current week.
TOTALCAP surged above the 0.618 Fib retracement resistance level, reaching a peak of $2.30 trillion yesterday, surpassing expectations. The next resistance level lies at $2.40 trillion, which is approximately 6% higher than the current level.
TOTALCAP Weekly Chart. Source: TradingView
Despite the optimistic outlook for TOTALCAP, a sudden rejection could lead to a 4% decline to the $2.15 trillion support area. It’s essential for investors to remain cautious and monitor the market closely amidst this bullish trend.
Bitcoin’s Upward Trajectory
Similar to TOTALCAP, the price of Bitcoin has been on the rise since the beginning of January. This upward movement culminated in today’s high of $57,615, the highest level seen since 2021. Additionally, Bitcoin closed above the horizontal and Fib retracement resistance level of $48,600, indicating strong bullish momentum.
Bitcoin recently broke through the $60,000 horizontal resistance area, marking the final hurdle before achieving a new all-time high price. However, it has yet to secure a weekly close above this level. If it manages to do so, the next resistance area awaits at the all-time high of $69,057, representing a 12% increase from the current BTC price.
BTC/USD Weekly Chart. Source: TradingView
Despite optimistic forecasts for Bitcoin’s price, a weekly close below $60,000 could trigger a significant 20% drop to the nearest support level at $48,000. Investors should remain vigilant and prepared for potential market fluctuations amidst this bullish trend.
Parabolic Surge in FET Price
Over the past four weeks, the price of FET has experienced a parabolic increase. This upward movement resulted in a breakout from the $0.85 horizontal resistance area, propelling FET to reach a new all-time high price of $1.67 today. Notably, this surge has been characterized by a continuous upward trajectory without any retracement.
FET is now approaching the 1.61 external Fib retracement level of the previous decrease, situated at $1.91. This represents a substantial 22% increase from the current price. As FET continues its ascent, investors are closely monitoring its progress towards this resistance level.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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