Why is the cryptocurrency market today

The total cryptocurrency market cap (TOTALCAP) has broken out from an important horizontal resistance area. Bitcoin (BTC) broke out of a symmetrical triangle. Arbitrum (ARB) price has almost reached an all-time high.

In the news, TRON founder Justin Sun received a subpoena from a New York quarter, with the Securities and Exchange Commission charging him with multiple securities law violations.

The cryptocurrency market cap (TOTALCAP) has finally vanished

On April 9, TOTALCAP crossed the $1.15 trillion resistance level. Five days later, it reached a new annual high of $1.26 trillion.

If the increase continues, the next resistance is at $1.33 trillion. However, if the rally loses momentum, TOTALCAP could drop to the $1.14 Trillion support.

TOTALCAP USDT daily chart. source: TradingView

Bitcoin (BTC) breaks out of the triangle

Bitcoin price broke out of a symmetrical triangle on April 10th. It reached a new yearly high of $30,978 on April 14.

If the increase continues, the next resistance is at $31,800. The area has not been reached since May 2021. However, if the rally loses steam, BTC could drop to the next nearest support at $28,600. This also coincides with the breakout level.

Bitcoin (BTC) Price Triangle Breakout
BTC/USD daily chart. source: TradingView

Arbitrum (ARB) is nearing an all-time high

Arbitrum (ARB) price has been rising since April 13, when it broke out of the $1.27 horizontal resistance area. The upward movement led to a high of $1.59 the next day. This is very close to a new all-time high.

If the increase continues, the next resistance is at $1.66, which was created by the outside 1.61 Fibonacci retracement of the previous decline (white).

Arbitrum Price Range (ARB)
2 hour ARB/USDT chart. source: TradingView

On the other hand, if the rally loses steam, the $1.42 level could provide support.

For the latest cryptocurrency market analysis from BeInCrypto, click here.


In line with 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 and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.

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