Although the prices of bitcoin and other altcoins have risen significantly, it is worth noting that the Total Market Cap of all cryptocurrencies has yet to surpass its previous high of $1.182 trillion. This level may still act as a resistance point. If the price fails to break through the previous high, there is a possibility that it could retrace and fall below the trillion-dollar mark.

Will the Total Market Cap follow through like bitcoin and break above its previous high?

#TOTALMARKETCAP #crypto2023 #breakout #BTC

Bitcoin looks to be trading on shaky ground going into the April monthly close, with the threat of a much deeper price pullback a strong possibility.

One of the things I first learned when trading Bitcoin was to look for clues of possible price moves by examining the Crypto Total Market Cap chart and indeed anything alluding to a pending move in altcoins.
Source: Tradingview.com

 Looking at the total Market Cap chart and the most obvious observation on the daily chart is the bearish triangle pattern breakout has held true over recent weeks.

According to this very apparent downward triangle breakout on the chart the broader crypto market could be in for much more downside over the coming days and weeks.
Source: Tradingview.com

The overall target of the bearish triangle breakout is $1.6 trillion, meaning that a further $500 billion of downside could be coming.

It is also noteworthy that bearish Momentum divergence also extends down towards the $1.6 trillion to add further weight to this theory.'
Source: Tradingview.com

And to conclude discussing the Crypto Total Market Cap we need to discuss the recent change on Biyond Vanguard on the weekly time frame.

Just recently, we have added Biyond Vanguard indicator to Tradingview for subscribers, and THIS means that Vanguard CAN be attached to many different cryptos and asset classes.

Aside from this new exciting development itself, the broader point is that the Crypto Total Market Cap is close to turning bearish on the weekly time frame for the first-time since October 2023.
Source: Tradingview.com

This bearish signal could have some major implications next week, and could mean that bearish momentum will start to pick up.

Without exception, once a Red candle has been generated other red candles follow so this is a very ominous sign.

Santiment's CEO Maksim Balashevich has stressed caution for Bitcoin investors post-halving and that crypto whales often start selling early, while smaller holders buy or hold. 
Source: Santiment.net

Balashevich also suggests that the cryptocurrency market may well be gearing up to resume the bull trend for the next 12-months after the latest correction ends.

His analysis aligns very well with Biyond Vanguard and also the triangle breakout for the Crypto Total Market Cap.

I'd suggest being very selective and careful when buying Bitcoin and other cryptos in the coming week or weeks, just incase a much-larger drop is iabout to unfold.

#TOTALMARKETCAP #VanguardCrypto #santiment