##Why Is the Crypto trading Market Up Today?

 

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In Brief

The Crypto Market Cap is approaching the $1 trillion resistance area.

Bitcoin created three weekly bullish candlesticks in a row.

AXS broke out from a descending resistance line.

The Total Crypto Market Cap (TOTALCAP) is approaching the $1 trillion resistance area. The Bitcoin (BTC) RSI moved above 50 for the first time since March 2022. Axie Infinity (AXS) broke out from a descending resistance line.

There was some exciting crypto market news on Jan. 19. For the second time in a week, bad actors are abusing OpenSea’s “stolen ape” policy in order to sell Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs) to collectors.

In some traditional market news, experts are suggesting that U.S. inflation has peaked. However, they warn of debt deflation, which could be caused by rising interest rates.

TOTALCAP Breaks Down From Bearish Pattern

On Jan. 14, the crypto market cap broke out from a descending resistance line that had been in place since Aug. 15. Shortly afterward, it moved above the 0.618 Fib retracement resistance level at $916 billion.

Bitcoin Gets Rejected From Fib Resistance

In the weekly time frame, the Bitcoin price created three bullish candlesticks in a row. Last week’s candlestick also caused the weekly RSI to move above 50 (green icon), the first time it has done so in the crypto market since March 2022 (green circle).

If the upward movement continues, the next resistance would be at $24,650. A breakout above this level could accelerate the increase toward $30,000.

On the other hand, a weekly close below $21,000 could send the BTC price tumbling down to $16,500.

So far, the cryptocurrency market cap has reached a high of $1.01 trillion but has failed to close above the $1 trillion resistance area.