After reaching their yearly highs, Bitcoin (BTC) and the overall cryptocurrency market cap (TOTALCAP) have seen slight decreases. The BTC price and TOTALCAP are now trading within specific patterns that could indicate potential future movements.

On Sunday, October 24, BTC breached the $31,200 resistance level, peaking at its yearly high of $35,280. Since then, it has experienced a minor decrease and is now trading within a symmetrical triangle pattern. If this pattern results in a successful breakout, the BTC price could see an increase of 7% to $36,530. Conversely, a breakdown could lead to an 8% drop to $31,350.

Similarly, TOTALCAP broke through the $1.15 trillion resistance on Saturday, October 23. The following day it sharply surged to reach its yearly high of $1.26 trillion. Currently, TOTALCAP is trading within an ascending parallel channel. A breakout from this pattern might trigger a 14% surge to $1.42 trillion while a breakdown may cause a 6% fall back to $1.15 trillion.

In other cryptocurrency news, MINA’s price has dipped since hitting its yearly peak of $0.96 also on Sunday, October 24. Presently, it is trading inside a descending wedge pattern. If MINA breaks out from this pattern, it could surge by 20% to $0.75; otherwise, it risks a steep plunge by 25% to $0.47.

During this period of market fluctuation, Sam Bankman-Fried, the embattled founder of the FTX crypto exchange shared his experience about numerous security breaches during his tenure as CEO. Concurrently, a survey suggests that most crypto traders are holding onto their assets in anticipation of the Bitcoin spot ETF approval.

These events underline the volatile nature of the cryptocurrency market and the potential for significant price movements based on both technical patterns and external factors such as regulatory developments.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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