The Total Crypto Cap (TOTALCAP) trades within an ascending parallel channel. A five-wave upward rise in the price of Bitcoin (BTC) might be on wave four. Its double-top pattern was produced by the pricing of Aptos (APT).
January 31 featured some intriguing bitcoin market developments. Although both businesses had declared bankruptcy, Alameda Research sued Voyager Digital for $445.8 million.
Gemini Dollar (GUSD) drops after OKX delists it. Despite NFTs on Chainlink, the LINK price dips below $7. Crypto market cap traded in ascending channel since January 23, a bearish pattern often leading to breakdowns.
January 29 price rejection, potential drop to $927B 0.382 Fib support on breakdown. Furthermore, Breakout from the channel could take the crypto market cap to the next resistance at $1.14 trillion.
Since January 14, the price of Bitcoin has produced a negative divergence. On January 30, it started to fall. A five-wave price increase is probably in its fourth wave (black). Wave three extended, as shown by the sub-wave count, which is displayed in red.
Possible drop to $21,040 0.382 Fib support if BTC downward trend persists. A rise above the January 29 high of $23,960 indicates a correction end; BTC could reach $24,500.
Since January 14, the price of Bitcoin has produced a negative divergence. On January 30, it started to fall. A five-wave price increase is probably in its fourth wave (black). Wave three extended, as shown by the sub-wave count, which is displayed in red.
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If the trend continues downwards, the nearest support level would be $13.75 due to the 0.382 Fib retracement support. However, a rise above $20.37 could result in a new all-time high at $21.80.
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