Why the Crypto Market Is up Today

The Total Crypto Market Cap (TOTALCAP) and the Bitcoin (BTC) price are in the process of creating bullish engulfing candlesticks. Stacks (STX) is breaking out from an ascending parallel channel.

In the news, the beta version of Bluesky, a decentralized Twitter alternative, went live on the Apple App store. The application is back by former Twitter CEO Jack Dorsey. STEPN commenced its GMT token unlock, starting a vesting schedule that will end in 2023.

Crypto Market Cap (TOTALCAP) Struggles With Resistance

The crypto market cap (TOTALCAP) is in the process of creating a bullish engulfing candlestick. If so, it could also reclaim the $1.04 trillion horizontal area. This is a crucial area since it had previously acted as resistance since September 2022.

If it breaks out, it could increase to $1.16 trillion. However, a rejection could lead to a fall toward the $955 million horizontal support area.

TOTAL/USDT Daily Chart. Source: TradingView

Bitcoin (BTC) Gets Rejected

The Bitcoin price has increased alongside an ascending support line since the beginning of the year. While it reached a high of $25,250 on Feb. 16, it fell below the $24,000 horizontal support area after four days and then validated the area as resistance (red icon) on Feb. 27.

Currently, the BTC price trades very close to the point of convergence between support and resistance, so a decisive movement could occur soon. Bitcoin is creating a bullish engulfing candlestick, so a breakout is more likely.

If one occurs, it could lead to an increase toward $27,000. On the other hand, a breakdown could cause a drop to $21,540.

Bitcoin (BTC) Ascending Support — BTC/USDT Daily Chart. Source: TradingView

Stacks (STX) Attempts Breakout

The STX price has traded in an ascending parallel channel since Feb. 20. Such channels usually contain corrective movements.

But, the price is in the process of breaking out from the channel. If successful, it could increase toward $1.50. However, if it falls back inside the channel’s confines, the STX price could fall to its support line at $0.75.

Stacks (STX) Price Channel — STX/USDT Two-Hour 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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