Why the Crypto Market Is Up Today

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Why Is the Crypto Market Up Today?
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The Total Crypto Market Cap (TOTALCAP) and the Bitcoin (BTC) price bounced on May 25. The SingularityNET (AGIX) price was rejected by a resistance area.

86,000 Bitcoin options contract will expire on May 26. They have a total value of $2.26 billion. The strike price which will incur the most losses for the holders of these options is $27,000.

Crypto Market Cap (TOTALCAP) Fails to Reclaim Support

The TOTALCAP has fallen inside a descending parallel channel since April 17. The descending parallel channel is a bullish pattern. Therefore, it leads to price breakouts most of the time.

However, the price is in the lower portion of the channel, diminishing the possibility of a breakout.

Betfury
Crypto Market Cap Movement
TOTALCAP Daily Chart. Source: TradingView

If the decrease continues, TOTALCAP could fall to the next closest support area at $1.03 trillion.

However, if a bounce ensues, the price could increase to the channel’s resistance line at $1.10 trillion and possibly break out toward $1.17 trillion.

Bitcoin (BTC) Price Bounces at Support

The Bitcoin price broke out from a descending resistance line on May 15. However, it failed to initiate a significant upward movement since it was rejected by the $27,400 resistance area numerous times.

On May 25, BTC fell to the $26,200 support area and bounced (green icon), creating a long lower wick.

Bitcoin (BTC) Price Range
BTC/USD Six-Hour Chart. Source: TradingView

If the bounce continues, BTC could reach the $27,400 resistance area again. However, if it breaks down, a drop towards $25,000 will be likely.

SingularityNET (AGIX) Price Gets Rejected

The AGIX price was rejected by the $0.31 resistance area on May 19 (red icon).

After a brief drop, the price made another unsuccessful breakout attempt which led to a lower high on May 25. The price has fallen since.

SingularityNET (AGIX) Price Movement
AGIX/USDT Daily Chart. Source: TradingView

If the decrease continues, AGIX could return to the $0.23 horizontal support area. On the other hand, a price breakout could lead to an upward movement towards $0.36.

For BeInCrypto’s latest crypto market analysis, click here.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

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