Analysts See Hope! Is BTC Going To Skyrocket Again?


 The momentum displayed by the crypto market so far shows the momentum that raises market expectations following the breakout of BTC and ETH price resistance levels. This indicates further growth in the crypto market. This improved market sentiment pushed several major cryptocurrencies higher, giving market players a surge of hope.

Additionally, the global crypto market rose to $831.40 Billion today, an increase of 0.3% in the last 24 hours. However, the total crypto market plunged 11.87% to reach the $$57.61 Billion mark. The volume of trading in DeFi is now at $3.64 Billion, constituting a 6.31% increase of the total 24-hour crypto market.

Crypto Curve DAO and GMX showed the highest gains among the top 100 listed cryptocurrencies. In the last 24 hours, CRV price rose 10.22% to $0.685, while GMX price rose 7.41% to $45.22. On the other hand, EthereumPoW and Aptos were the biggest losers, where the price of ETHW traded at $3.33 showing a fall of 5.48%, while the price of APT at $4.28 reflected a fall of 4.16%.

Earlier today, Bitcoin price provided a bullish breakout from the resistance trendline of the descending triangle pattern. A bullish breakout from a bearish continuation pattern highlights buyers' commitment to higher levels.

However, BTC price is currently trading at $16558 with a daily loss of 0.35%. This decline is expected to be short-lived and is seen to retest resistance

If the buying pressure continues, the potential price increase will jump by 7% to the $18200-$18000 level. However before that happens, BTC needs to conquer the $17,000 resistance level.

Ethereum price rose for three days in a row providing a bullish breakout from the combined resistance of $1185 and the downtrend line. This bullish breakout indicates a shift in market sentiment from current selling to bearish buying. However, ETH is currently trading at $1,195. If the price of ETH stays above the $1180 level, a potential upside may push the price up by 12% to reach $1,340.

On the other hand, if ETH fails to capture the 4-hour resistance level, Ethereum price may plunge back to $1080.

Market players are so far still taking a cautious stance as the FTX collapse is still having an impact on the crypto market.