Why the Crypto Market Is Up Today

by jmpwes

The Total Crypto Market Cap (TOTALCAP) is trading in a range while Bitcoin (BTC) broke out from a descending resistance line. Dogecoin (DOGE) broke out from a descending parallel channel.

In the news, Binance converted 800 million BUSD from its Recovery Funds to other cryptocurrencies as regulatory pressure from the U.S. government increases. The Securities and Exchange Commission (SEC) announced its “Free Investor Education Resources” initiative, which has numerous crypto warnings. Twitter CEO Elon Musk replaced the Twitter logo with that of Dogecoin, causing a price surge in the latter.

Crypto Market Cap (TOTALCAP) Trades in Range

The TOTALCAP has traded in a range between $1.09 trillion and $1.16 trillion since March 14. Both the range high and low have been validated numerous times. Currently, TOTALCAP trades very close to the range high, indicating that a breakout could occur soon. If one does, TOTALCAP could move to the next resistance at $1.30 trillion. However, if a rejection follows, it could decrease to the 1.09 trillion support area.

Crypto Market Cap (TOTALCAP) Range
TOTALCAP/USDT Six-Hour Chart. Source: TradingView

Bitcoin (BTC) Bounces at Previous Resistance

The Bitcoin price broke out from a descending resistance line on March 29, reaching a new yearly high of $29,184 two days later. While the price has fallen since, it validated the previous resistance line twice (green icons), creating lower wicks each time. If the current bounce continues, the BTC price could increase to $32,000. However, if the price falls below the resistance line, a drop to $26,300 could follow.

Bitcoin (BTC) Price Movement
BTC/USDT Six-Hour Chart. Source: TradingView

Dogecoin (DOGE) Finally Breaks Out

The Dogecoin price had decreased inside a descending parallel channel since November 2022. These channels usually contain corrective structures, meaning that a breakout would be likely. After reclaiming the middle of the channel in March, the DOGE price finally broke out on April 3. The DOGE price currently trades at the 0.382 Fib retracement resistance level at $0.10. If it successfully breaks out, the next resistance would be at $0.14, created by the 0.786 Fib retracement resistance level. On the other hand, if the price falls back inside the channel, it could drop to its support line at $0.05.

Dogecoin (DOGE) Price Breakout
DOGE/USDT 12-Hour Chart. Source: TradingView

For BeInCrypto’s latest crypto market analysis, click here.


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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