In a dynamic turn of events in the cryptocurrency market, TOTALCAP has broken free from a descending resistance trendline, while Bitcoin (BTC) faces resistance, and ImmutableX (IMX) is inching closer to a critical support level. Additionally, the Securities and Exchange Commission (SEC) has decided to postpone the ARK 21Shares Bitcoin ETF decision until January 2024, marking the maximum extension window for this important decision.

TOTALCAP Shatters Resistance Trendline

Since July 13, TOTALCAP had been following a downward trendline, reaching a low point of $978 billion on September 11. However, a notable shift occurred as TOTALCAP embarked on an upward trajectory, finding strong support at the $1 trillion mark. This impressive rally was accompanied by a bullish divergence in the daily Relative Strength Index (RSI), indicating a promising upward potential.

On September 18, TOTALCAP made a significant breakthrough, breaking free from the descending resistance trendline, signaling a potential shift in market sentiment.

If TOTALCAP adheres to its previous patterns, it could experience a notable uptick of around 10%, potentially reaching the $1.12 trillion resistance level. Conversely, a modest 3% decline might be required to bring the price down to the $1 trillion support level, providing traders with key levels to watch in the coming days.

Bitcoin (BTC) Price Grapples with Resistance

BTC has been tracing a path below a descending resistance trendline since July 13, reaching its lowest point at $24,901 on September 11. Subsequently, a substantial price surge occurred, peaking at $27,483 on September 19. Interestingly, similar to TOTALCAP, this upward movement in BTC was accompanied by a bullish divergence in the RSI. However, unlike TOTALCAP, BTC has been struggling to break free from the resistance trendline.

Should a breakout materialize, it has the potential to propel the Bitcoin price by approximately 8%, aiming for the $29,200 resistance level. Conversely, in the event of a rejection and unsuccessful breakout, the most likely scenario could be a decline of around 11%, taking the price down to the critical 0.618 Fibonacci retracement support level at $24,250.

ImmutableX (IMX) Faces Support Challenge

ImmutableX (IMX) experienced a significant breakout from a descending resistance trendline on September 15. Notably, the price reached a high of $0.77 on September 21. However, IMX failed to breach the 0.618 Fibonacci retracement resistance level, resulting in a notable rejection and the formation of a long upper wick—a signal of selling pressure.

Subsequently, the price of IMX has been on a downward trajectory since the rejection. Currently, it is approaching a crucial support level at $0.54, which is merely 4% below its current price.

On the flip side, a sudden resurgence of buying momentum could potentially push the price of IMX back to the $0.71 resistance level, representing a substantial increase of 24%.

SEC Extends Decision on ARK 21Shares Bitcoin ETF

In a regulatory development, the Securities and Exchange Commission (SEC) has announced an extension of the decision timeline for the ARK 21Shares Bitcoin ETF until January 2024. This extension marks the maximum window allowable for such decisions, underscoring the significance and complexity of the matter.

Market participants and cryptocurrency enthusiasts will be closely monitoring this decision, as the approval of a Bitcoin ETF could have a profound impact on the cryptocurrency market, potentially opening the door for greater institutional investment.

In conclusion, the cryptocurrency market remains highly dynamic, with TOTALCAP breaking free from a resistance trendline, BTC facing resistance, and IMX approaching a critical support level. The SEC’s decision on the ARK 21Shares Bitcoin ETF, postponed until January 2024, adds an element of anticipation and uncertainty to the crypto landscape. Traders and investors should stay vigilant and adapt their strategies in response to these evolving market dynamics.