Bitcoin market volatility is expected to rise today as nearly $5 billion in Bitcoin options are about to expire. This marks the largest mass expiration in months.
Crypto Market Cap (TOTALCAP) Tries to Break Resistance
On June 15, TOTALCAP saw a significant recovery, confirming that the $980 billion support level was credible. It took five days for TOTALCAP to cross a downward parallel channel, leading to a June 23 peak of $1.17 trillion.
However, the price then fell slightly, struggling to surpass the $1.15 trillion resistance level.
Changes in Crypto Market Cap (TOTALCAP)
If there is a breakout, TOTALCAP has the potential to increase to the next resistance level of $1.30 trillion, setting a new peak for the year. Conversely, if the price is rejected, it could drop to the closest support level of $980 billion.
More on BeInCrypto: Cryptographic Signals: What They Are and How to Use Them
Bitcoin (BTC) Price Creates Double Top Pattern
On June 20, the price of Bitcoin broke through the descending resistance line. Three days later, it hit a new yearly high of $31,431. Despite this, BTC failed to close above the $30,800 resistance zone. Instead, it created a long upper wick (green icon) yesterday and has since fallen.
Additionally, BTC price appears to have created a double top, considered a bearish reversal pattern.
Bitcoin (BTC) price breaks above the BTC/USDT six-hour chart. Source: TradingView
If BTC price falls in the short-term, the closest support will be at the 0.382 Fibonacci level, which is $29,000. However, if the price continues to rise and breaks out, the next closest resistance will be $35,000.
Compound (COMP) is in the midst of a sharp reversal
COMP price has been falling since June 10, gaining 150% in the process. June 29. The price broke a descending resistance line. It is now near a yearly high of $58.
If COMP surpasses this resistance zone, it could accelerate towards $100. However, if the price is rejected, a drop to the $48 resistance line is possible.
