Why the Crypto Market Is Up Today

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Why Is the Crypto Market Up Today?
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The Total Crypto Market Cap (TOTALCAP) and Bitcoin (BTC) created long-term bullish engulfing candlesticks. Conflux (CFX) reached a new yearly high.

In the news, former Coinbase CTO Balaji Srinivasan made a $2 million bet against social democrat James Medlock that the BTC price will reach $1 million in 90 days.

Crypto Market Cap (TOTALCAP) Attempts to Find Support

The Crypto Market Cap (TOTALCAP) created a bullish engulfing candlestick last week, decisively moving above the $1.04 trillion horizontal area, which is now expected to provide support.

However, it is worth mentioning that the price has not moved above it since the August 2022 highs (red line). If it does, it could increase to the next resistance at $1.30 trillion. This is supported by the RSI, which has moved above 50.

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However, if the trend reverses, the price could fall back to the $1.04 trillion area.

TOTALCAP/USDT Weekly Chart. Source: TradingView

The Bitcoin price also created a bullish engulfing candlestick last week. This further confirmed the breakout and retest of a long-term descending resistance line. Moreover, the RSI moved above 50.

If the BTC price increases, it could reach the next resistance area at $30,500. This possibility is supported by the RSI movement and the ongoing breakout. However, if the rally loses momentum, BTC could fall to the $23,000 support area again.

Bitcoin (BTC) Long-Term Breakout
BTC/USDT Weekly Chart. Source: TradingView

Conflux (CFX) Reaches New Yearly High

The CFX price has increased since the beginning of the year. After a drop starting on Feb. 21, the price regained its footing and reached a new yearly high of $0.488 on March 19.

However, the daily RSI has generated a significant amount of bearish divergence, which could lead to a bearish reversal. If that occurs, the CFX price could fall to $0.150.

However, if the increase continues, the CFX price could move to the next Fib resistance at $0.515.

Conflux (CFX) Price Fib
CFX/USDT Daily Chart. Source: TradingView

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

Disclaimer

BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.



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