ยฉ Reuters
After reaching their yearly highs, (BTC) and the overall cryptocurrency market capitalization (TOTALCAP) have seen slight declines. The price of BTC and TOTALCAP are now trading within specific patterns that could indicate possible future movements.
On Sunday, October 24, BTC broke through the $31,200 resistance level and hit its yearly high of $35,280. Since then, it has seen a slight decline and is now trading within a symmetrical triangle pattern. If this pattern results in a successful breakout, BTC price could see a 7% rise to $36,530. Conversely, a breakout could lead to an 8% drop to $31,350.
Similarly, TOTALCAP broke through the $1.15 trillion resistance on Saturday, October 23. The next day it rose sharply to reach its annual high of $1.26 trillion. TOTALCAP is currently trading within an ascending parallel channel. A breakout of this pattern could lead to a 14% rise to $1.42 trillion, while a breakout could lead to a 6% drop to $1.15 trillion.
In other cryptocurrency news, MINA price has fallen since hitting its yearly high of $0.96 also on Sunday, October 24. Currently, it is trading within a falling wedge pattern. If MINA breaks this pattern, it could rise 20% to $0.75; Otherwise, it risks a sharp drop of 25% to $0.47.
During this period of market fluctuation, Sam Bankman-Fried, the embattled founder of crypto exchange FTX, shared his experience regarding numerous security breaches during his tenure as CEO. At the same time, a survey suggests that the majority of cryptocurrency traders are holding their assets in anticipation of the approval of the Bitcoin spot ETF.
These events underscore the volatile nature of the cryptocurrency market and the potential for significant price movements based on both technical patterns and external factors such as regulatory developments.
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