The cryptocurrency market has been experiencing a downward trend, with the overall market value and Bitcoin showing signs of approaching previous breakout levels. Since December 9, 2023, the market has been trading within a rising parallel channel, peaking at $1.81 trillion on January 11, 2024.
Cryptocurrency Market Value Analysis
However, the market value began to decline, with TOTALCAP exiting the channel on January 18 and dropping below the $1.61 trillion support area. A further dip below $1.52 trillion was observed on January 23, but the market later recovered this level. On January 30, TOTALCAP faced rejection at the $1.61 trillion resistance, indicating a potential 14% drop to the $1.40 trillion support or a 12% rise to $1.80 trillion if the support trend line is reclaimed.
Bitcoin Chart Analysis
Bitcoin’s price also exited its rising parallel channel on January 12, 2024, suggesting an end to its upward trend. The price continued to fall after being rejected at the channel’s support trend line on January 16, breaking the $41,000 support on January 22. It later regained this level, with a potential 15% increase to $49,000 if it reclaims the support trend line at the 0.618 Fib level.
BLUR Chart Analysis
BLUR’s price exited the horizontal resistance at $0.65 on January 16 but failed to maintain its rise, confirming the area as resistance. It remains within a rising parallel channel, with a potential 30% drop to $0.43 support or a 28% increase to $0.80 resistance if it closes above the $0.65 region.
This analysis provides a snapshot of the volatile nature of the cryptocurrency market, highlighting critical support and resistance levels that could dictate future price movements.