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The crypto market cap (TOTALCAP) and the Bitcoin (BTC) price both deviated above their previous highs before falling below them. Bitcoin SV (BSV) increased significantly on October 2 but fell the next day.
The Securities and Exchange Commission (SEC) has opposed Coinbase’s request to dismiss the lawsuit against the latter.
Total Market Capitalization Creates Bearish Candlestick
The crypto market capitalization has increased since bouncing at the $1 trillion horizontal support area on September 11. The increase caused a breakout from a descending resistance trendline on September 18.
After a brief drop that validated the trendline on September 25, TOTALCAP accelerated its rate of increase, culminating with a high of $1.10 trillion on October 2.
The price created a bearish candlestick the same day (red icon) and has fallen since.
With respect to the August 29 high, the October 2 one constitutes a deviation (red line) followed by a decrease. Such deviations often lead to significant reversals.
TOTALCAP Daily Chart. Source: TradingView
If the downward movement continues, the $1 trillion support area will be 6% below the current price. On the other hand, a 6% increase will be required to reach the next resistance at $1.13 trillion.
Bitcoin Deviates Above Range High
Similarly to TOTALCAP, the BTC price broke out from a descending resistance trendline on September 28. The breakout led to a high of $28,580 on October 2. The high was made slightly above that of August 29.
The BTC price failed to sustain the increase and has fallen since (red icon). The drop confirmed the deviation above the previous high (red line) and subsequent downward movement.
BTC/USDT Daily Chart. Source: TradingView
If the BTC price continues downward, a 5% drop will take it to the descending resistance trendline at $26,000. On the other hand, a 6% increase will take the price to the next resistance at $29,100.
BSV Fails to Sustain Increase
The Bitcoin SV price increased significantly on October 2. While the increase continued the next day, the price could not sustain it. Rather, it created a bearish candlestick with a long upper wick (red icon).
This indicates that sellers have taken over and pushed the price down.
BSV/USDT Daily Chart. Source: TradingView
If the decrease continues, BSV can fall by 20% and reach the $29 horizontal support area.
On the other hand, if the price regains its momentum, it can move towards the next resistance at $52, an increase of 35% from the current price.
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
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