How Does the Crypto Market Affect When Bitcoin Price Holds Around $30K?

    The total crypto market cap (TOTALCAP) has surpassed a critical horizontal resistance area, while BTC has broken out from an ascending resistance line.

    In recent news, the volume of derivatives trading on crypto exchanges has increased by 46.8% in March compared to February. Spot trading also saw a 9.6% increase.

    On April 9, TOTALCAP surpassed the resistance level of $1.15 trillion, reaching a peak of $1.22 trillion just two days later. As this resistance level was established in August 2022, a strong upward trend was expected after the breakout. If this trend continues, TOTALCAP could reach the next resistance level of $1.33 trillion. However, if the rally loses momentum, TOTALCAP may fall back to the support level of $1.14 trillion.

    TOTALCAP Daily Chart. Source: TradingView

    Bitcoin (BTC) has surpassed the diagonal resistance after breaking out from an ascending resistance line and confirming it as support on March 27 (indicated by the green icon). The price of BTC has been on an upward trend since then and gained momentum on April 9, reaching a new high of $30,550 for the year.

    BTC/USDT Daily Chart. Source: TradingView

    If this upward momentum continues, BTC could potentially hit the next resistance level at $31,900. However, if the rally loses momentum, the price of BTC may fall back down to the ascending resistance line at $28,000.

    WOO Network’s (WOO) price has been rising rapidly since March 10 and is currently approaching the $0.26 resistance area, which has been in place since May 2022. If the price manages to break out, a massive upward movement could follow as there is no significant resistance until $0.39.

    On the other hand, if WOO experiences another rejection, its price may drop down to $0.18.

    WOO/USDT Daily Chart. Source: TradingView

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