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Why has the cryptocurrency market grown today?

Market capitalization of digital currencies and Bitcoin is closed (BTC) above important resistance levels, while the Worldcoin (WLD) price reached a new all-time high.

In the news today:

  • The managing director of Ripple becomes the CEO of Crystal Blockchain, a blockchain exploration company.

  • One cryptocurrency analyst calls popular DePIN the best AI-powered crypto player in this bull market.

The market value of digital currencies closed above a critical resistance level

increased Market price Cryptocurrencies have risen significantly over the past two weeks, creating significant weekly bullish candles.

After breaking through the .382 Fibonacci retracement resistance level at $1.61 trillion, the cryptocurrency's market capitalization rose to close above the .5 Fibonacci retracement resistance level at $1.88 trillion.

If the upward movement continues, the next resistance will be $2.10 trillion, which is 10% higher than the current price.

Despite the bullish market cap price outlook for the cryptocurrency, a close below the 0.5 Fibonacci retracement resistance could trigger a 16% decline to immediate support at $1.61 trillion.

Bitcoin price closed above $50,000

Much like the market capitalization of cryptocurrencies, cryptocurrencies have risen. Bitcoin Notably, over the past two weeks, it reached a close above the 0.618 Fibonacci retracement resistance level. Bitcoin reached its first weekly close above $50,000 since December 2021.

However, it is worth noting that the weekly RSI is showing weakness. While the cryptocurrency market capitalization RSI has reversed its downward slope, the Bitcoin index has not, confirming this with this week's close.

However, the price action is not showing any bearish signs.

If Bitcoin continues to rise, the next resistance will be at $65,000, which is 25% higher than the current price.

Despite the bullish Bitcoin price outlook, a close below $48,600 could trigger a 22% drop to immediate support at $40,600.

WLD reaches new all-time high

The price has increased VLD Same for the last eight days. The move higher was swift and led to a new all-time high of $7.44 today.

The price also closed above the external 1.61 Fibonacci resistance level at $6.50. With WLD price at an all-time high, outer Fibonacci retracement levels are needed to determine next resistance.

For WLD, the next resistance is at $9.20, which is 25% higher than the current price.

Despite the bullish price outlook for WLD, a close below $6.50 could trigger a significant downside move due to a lack of support. If this happens, WLD's price could fall 40% to immediate support at $4.35.

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