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Bitcoin (BTC) price and Total Market Cap (TOTALCAP) have been trading within a long-standing resistance zone. Meanwhile, GALA coin couldn’t sustain its rapid rise. Alibaba has announced an artificial intelligence model called Tongyi Qianwen 2.0 in order to compete with US tech giants.
Above the Resistance Level of TOTALCAP
There has been a rapid increase in Crypto TOTALCAP since October 12th. Following this increase, the level reached its highest point of the year, $1.27 trillion, on October 24th. After this level, there was a drop below the $1.25 trillion resistance. The mentioned $1.25 trillion level has been confirmed as a resistance level. It is worth mentioning that this $1.25 trillion level has been maintained since April.
Although TOTALCAP didn’t reach its highest level of the year yesterday, it reached the highest closing level of the year at $1.26 trillion. This closing was the first to surpass the resistance area consistently.
A possible rise in TOTALCAP could bring along the next resistance level of $1.44 trillion, which is more than 15% higher than the current value. Despite this possibility of a rise, staying below $1.125 trillion for a while could trigger a 13.50% decrease and cause a drop to the nearest support level of $1.120 trillion.
Breakout Approaching in Bitcoin Formation
Since reaching $35,198, the highest level of the year, on October 24th, the BTC price has been trading in a rising triangle formation. The rising triangle is generally defined as a bullish formation. In this formation, an upward breakout is generally considered as the most likely scenario.
Although the triangle is defined as a bullish formation, the BTC price has not yet achieved the expected breakout in this formation. Bitcoin is approaching its final point for this breakout, so a movement outside the boundaries of the formation may occur.
A breakout in the triangle could bring about the realization of the $36,500 expectation, which corresponds to a 6.50% increase. Despite this Bitcoin price prediction for the rise, a downward breakout of the triangle could cause a 7% decrease and a drop to $31,900, where the 0.382 Fib retracement support level is located.
GALA Drops After Rejection
On October 23rd, the GALA price broke the declining resistance trendline and started to rise. The increase happened quickly and the price reached $0.022 on October 29th. However, the price couldn’t surpass the horizontal resistance level of $0.021. Since then, it has formed a long upper wick (red symbol) and has been declining.
In the event of a continued decline, the nearest support area appears to be more than 15% below the current price, and the expected first level could be $0.016. Despite this downward movement in the GALA price forecast, a break above the $0.021 level could trigger a 50% increase to the next resistance level of $0.028.
