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Crypto Market Faces Resistance, Bitcoin Price Shows Bearish Signals

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The crypto market is currently encountering resistance as the Crypto Market Cap (TOTALCAP), Bitcoin (BTC), and Pepe (PEPE) face various challenges and bearish movements. In this article, we will explore the current state of the market, analyze the price predictions for these cryptocurrencies, and provide insights for investors.

Crypto Market Cap (TOTALCAP) Faces Resistance The TOTALCAP recently formed a bearish candlestick, signaling a struggle to break above the crucial $1.15 trillion resistance level. Despite an initial move above this area, the price subsequently fell below it, reaffirming it as a formidable resistance level. This failed breakout is considered a sign of weakness, especially when considering the previous deviation above the same level. To signal strength and upward momentum, TOTALCAP needs to sustain its increase and overcome this resistance.

If the downward movement continues, TOTALCAP may decline towards the 0.5 Fibonacci retracement level at $1.08 trillion or even the horizontal support area at $990. On the other hand, a close above $1.15 trillion could trigger an increase towards the next resistance level at $1.30 trillion.

Bitcoin (BTC) Price Shows Bearish Signals Similar to TOTALCAP, the BTC price has encountered challenges in surpassing its resistance at $30,500. Although it briefly reached a new yearly high of $31,500, it failed to sustain the increase and formed a bearish shooting star candlestick. This specific candlestick pattern, characterized by a long upper wick and a bearish close, often suggests a potential reversal in a bullish trend. The subsequent fall and close below the $30,500 level further reinforce this possibility.

If the downward movement continues, BTC may find support at the 0.382 Fibonacci retracement level of $28,950, followed by the 0.5 Fibonacci retracement level at $28,150. These levels act as potential areas where the price could stabilize. However, if BTC manages to close above $30,500, it could pave the way for an increase towards the next resistance level at $33,000.

Pepe (PEPE) Struggles After Breakout Pepe recently experienced a breakout on June 21, surpassing a descending resistance line and reaching a high of $0.0000019 on July 3. During this period, it appeared to complete a five-wave increase, signaling bullish momentum. However, the price has since entered a corrective phase and is potentially retracing towards the 0.5 Fibonacci retracement support level at $0.0000013.

If PEPE manages to surpass its previous high at $0.0000019, it could potentially rally towards the next resistance level at $0.0000028. However, investors should closely monitor its price movement and market dynamics to make informed decisions.

The Future Outlook The crypto market is currently facing resistance, with TOTALCAP, BTC, and PEPE encountering challenges and displaying bearish signals. It is crucial for investors to closely monitor market movements and indicators to accurately assess future price developments.

As the hash rate increases, putting additional pressure on BTC miners and reducing mining profitability, it is essential to observe how this factor impacts overall market sentiment and cryptocurrency prices. Additionally, regulatory developments, technological advancements, and macroeconomic factors can significantly influence the market’s trajectory.

One of the key aspects to consider when navigating the crypto market is the volatile nature of cryptocurrencies. Prices can experience significant fluctuations within short periods, driven by factors such as market sentiment, regulatory developments, technological advancements, and macroeconomic events. It is essential for investors to understand and acknowledge the inherent risks associated with these digital assets.

While challenges persist, the crypto market remains dynamic and subject to rapid changes. Investors and traders should exercise caution, stay informed through reliable sources, and employ appropriate risk management strategies when engaging in cryptocurrency investments.

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Maheen Hernandez

A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5

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