The cryptocurrency market has been experiencing a bullish trend, marked by its eighth consecutive bullish weekly candlestick. This upsurge is led by significant movements in Bitcoin (BTC) and Helium (HNT) prices. On December 5, both the total crypto market capitalization (TOTALCAP) and Bitcoin price reached new yearly highs. Helium also exhibited remarkable growth, breaking out from a long-term resistance area to achieve a new yearly high.
Since October, TOTALCAP has shown a rapid increase, breaking out from the $1.25 trillion resistance area. This growth trajectory suggests a potential 20% increase, targeting the 0.5 Fibonacci retracement resistance at $1.87 trillion.
Bitcoin, having consolidated near $38,000 since November 9, successfully broke out on December 1, reaching a new yearly high of $44,490. This rise positions Bitcoin beyond the TOTALCAP's growth, as it has already hit the 0.5 Fibonacci retracement resistance level at $42,800. Further growth potential is indicated, with a breakout above $42,800 possibly leading to a 13% increase to the next resistance at $49,250
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
