The total cryptocurrency market capitalization (TOTALCAP) and the price of Bitcoin (BTC) have moved above their respective corrective patterns and are approaching new yearly highs.
Bankrupt cryptocurrency joint venture Three Arrows Capital (3AC) has made a comeback, launching a new version called 3AC Ventures. They have also introduced the OPNX exchange, with its native token being OX.
Bitcoin (BTC) price breaks out of corrective pattern Similar to TOTALCAP, the price of Bitcoin has broken out above a descending parallel channel on June 20th. The increase occurred rapidly, pushing BTC towards the $30,000 resistance level and moving slightly above it. BTC is only $200 away from reaching a new yearly high.
With the breakout above the channel, the corrective process may have completed, and a new uptrend could be underway.
If the upward momentum continues and a breakthrough occurs, BTC could reach $35,000.
However, if the price gets rejected, it could retest the channel's resistance line around $27,200.
Total cryptocurrency market capitalization (TOTALCAP) reaches crucial resistance TOTALCAP has been declining since reaching a yearly high of $1.26 trillion on April 14th. The decline has been contained within a descending parallel channel, which is considered a corrective pattern. Therefore, a final breakthrough from it is the most likely scenario.
On June 15th, the price bounced off the $980 billion support zone and started moving upwards. On June 20th, it broke out above the channel. It reached the resistance level of $1.15 trillion on June 21st.
If a breakthrough occurs, a move towards $1.30 trillion and a new yearly high would likely take place.
However, if TOTALCAP gets rejected, it could test the channel's resistance line at the $1.05 trillion level, confirming it as support.
