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    Bitcoin’s (BTC) Price Surge Boosts the Entire Crypto Market

    Since May 12, both the Total Crypto Market Cap (TOTALCAP) and Bitcoin (BTC) have rebounded from previous breakdowns and experienced an increase. Additionally, the price of Conflux (CFX) is currently trading within a bullish pattern.

    The Crypto Market Cap (TOTALCAP) Begins to Rebound

    The Crypto Market Cap (TOTALCAP) has been following a descending parallel channel since April 14, which is generally viewed as a bullish pattern that tends to result in breakouts.

    Since May 12, TOTALCAP has experienced a rebound after bouncing at the support line of the channel (indicated by a green icon), leading to its current upward movement.

    At present, TOTALCAP is trading in the middle of the channel (marked by a red circle). If it fails to break through this level, it may drop back down to the channel’s support line. However, if it manages to surpass this level, a potential breakout could be on the horizon.

    TOTALCAP 6-hour chart | Source: TradingView

    Bitcoin (BTC) Price Retests Breakdown Level

    Since March 17, the Bitcoin price has been fluctuating within a head-and-shoulders pattern, which is generally viewed as a bearish pattern that often results in breakdowns.

    On May 11, BTC experienced a breakdown, with its value dropping to $25,811 the following day. If the price continues to move downward, following the entire height of the pattern (indicated by the white area), it could potentially hit a low of $23,300.

    Nevertheless, BTC has managed to regain its footing and is currently retesting the breakdown level. If it fails to surpass this level, it may drop to $23,300. However, if it manages to reclaim the $27,500 level, there is potential for it to increase toward its previous highs at $31,000.

    BTC/USDT Daily Chart | Source: TradingView

    Conflux (CFX) Price Trading in a Bullish Pattern

    Like the TOTALCAP, Conflux (CFX) price has been following a descending parallel channel since March 10. These channels typically indicate corrective movements, which often lead to breakouts.

    On May 13, the price of CFX bounced back after reaching the support line of the channel (indicated by a green icon), leading to its current upward trend.

    If the price manages to move above the channel’s midline, it could potentially increase toward its resistance line at $0.38. However, if it experiences a breakdown instead, the CFX price could potentially drop to $0.14.

    CFX/USDT 6-hour chart | Source: TradingView

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