Market capitalization is approaching key level
Last week has became a huge turning point for bitcoin which the price has already surged for more than 15% since its open on the early week. This upside moves is the direct effect because of the many good news that has occurred lately in the market. The biggest news we have seen was the Paypal decision to enable the buy and sell cryptocurrency on its platform. This news however has became the interest point for most of investors to put their fund on this market again and making the sentiment become positive again.
But, beside of this positivity we see on the sentiment, we must be aware of the key region too that the market capitalization faces in the above region. This $400 Billion level has became a very crucial zone that the market cap must watch. This key level is automatically becoming boundary of the price to go up. On the historical pattern, we saw a complete rejection and a huge fall after the market cap reached out this level. The first test was on April 30th, 2018 which we see a huge drop of the bitcoin's price from roughly $11500 to $3200 (-72%) and the second test was on June 24th, 2019 which made the price of bitcoin dropped from roughly $14000 to $3800 (-73%).
Although current sentiment on the market is now reaching the positivity and makes the momentum based on MACD ticks up on the bull side, we need something more stronger than current Paypal adoption that makes the market become more attractive again so the market cap can breaks out from the $400 Billion zone. If the market capitalization is back to above $400 Billions, I'm 1000% sure that the next alt season and the bitcoin's action beating the previous ATH will occur in the near future. Current bitcoin's structure is having the same alignment with this current market capitalization's structure which the price of bitcoin is now testing a crucial resistance which is the interim swing high of previous upside pattern.
But, beside of this positivity we see on the sentiment, we must be aware of the key region too that the market capitalization faces in the above region. This $400 Billion level has became a very crucial zone that the market cap must watch. This key level is automatically becoming boundary of the price to go up. On the historical pattern, we saw a complete rejection and a huge fall after the market cap reached out this level. The first test was on April 30th, 2018 which we see a huge drop of the bitcoin's price from roughly $11500 to $3200 (-72%) and the second test was on June 24th, 2019 which made the price of bitcoin dropped from roughly $14000 to $3800 (-73%).
Although current sentiment on the market is now reaching the positivity and makes the momentum based on MACD ticks up on the bull side, we need something more stronger than current Paypal adoption that makes the market become more attractive again so the market cap can breaks out from the $400 Billion zone. If the market capitalization is back to above $400 Billions, I'm 1000% sure that the next alt season and the bitcoin's action beating the previous ATH will occur in the near future. Current bitcoin's structure is having the same alignment with this current market capitalization's structure which the price of bitcoin is now testing a crucial resistance which is the interim swing high of previous upside pattern.
