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Why Is the Crypto Market Up Today?

2 mins
Updated by Kyle Baird
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In Brief

  • The total crypto market cap (TOTALCAP) moved above the long-term 0.618 Fib retracement resistance level.
  • Bitcoin's (BTC) price moved above the final horizontal resistance area before it can reach a new all-time high.
  • Fetch.ai (FET) continues its parabolic ascent and reached a new all-time high price of $1.67 earlier today.
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The Crypto Market Cap (TOTALCAP) and Bitcoin (BTC) broke out above key horizontal resistances. Fetch.ai (FET) reached a new all-time high.

In the news today:

TOTALCAP Moves Above Pivotal Resistance

The cryptocurrency market cap has increased considerably in the past three weeks, creating successive bullish weekly candlesticks. The increase accelerated further this week.

TOTALCAP increased above the 0.618 Fib retracement resistance level of $2.15 trillion, reaching a high of $2.30 trillion yesterday.

If the increase continues, the next resistance is at $2.40 trillion, 6% above the current level.

Crypto Market Cap (TOTALCAP) Movement
TOTALCAP Weekly Chart. Source: TradingView

Despite the bullish TOTALCAP price prediction, a sudden rejection could trigger a 4% drop to the $2.15 trillion support area.

Bitcoin Surges Above $63,000

Similar to TOTALCAP, the Bitcoin price has increased since the start of January. The upward movement led to a high of $57,615 today, the highest since 2021. This also led to a close above the horizontal and Fib retracement resistance level of $48,600.

Bitcoin then broke out through the $60,000 horizontal resistance area, the final one before a new all-time high price. However, it has yet to reach a weekly close above it. If it does, the next resistance area is at the all-time high of $69,057, 12% above the current BTC price.

Bitcoin (BTC) Price Movement
BTC/USD Weekly Chart. Source: TradingView

Despite the bullish BTC price prediction, a weekly close below $60,000 can trigger a 20% drop to the closest support at $48,000.

FET Reaches New All-Time High

The FET price has increased parabolically during the past four weeks. The upward movement caused a breakout from the $0.85 horizontal resistance area, leading to a new all-time high price of $1.67 today. The movement has been parabolic, devoid of any retracement.

FET is moving towards the 1.61 external Fib retracement of the previous decrease at $1.91, 22% above the current price.

FET Price Movement
FET/USDT Weekly Chart. Source: TradingView

Despite this bullish FET price prediction, failure to sustain the increase can trigger a 23% drop to the previous all-time high of $1.20.

For BeInCryptos latest crypto market analysis, click here.

Top crypto platforms in the US | March 2024

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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. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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