Current Market Trends

This week, Bitcoin (BTC) kicked off at the modest price of $6,500, seemingly in a snooze-fest. But, lo and behold! By mid-week, it perked up and strutted its way to the $7,800 resistance zone. Sadly, it hit that wall like a drunken party-goer to a bouncer on the first attempt, bouncing back into uncertainty.

Charting the BTC Journey

Peering into the daily chart, we find BTC still flirting within a downward channel since its peak back in June 2019. Many enthusiasts have been biting their nails, watching as the price danced around the golden Fibonacci levels. Support hangs around $6,500-$6,800 while the looming resistance gives off strong vibes in the $8,000-$8,200 area.

Market Capitalization Insights

Like a group project where everyone’s too polite to take control, the total crypto market capitalization has mirrored BTC’s sluggishly hopeful ride. Testing support levels like a kid stretches before gym class, the cap couldn’t break its first layer of resistance, sitting right at $207 billion. If the purple area can maintain support, we might just witness a break from a long-term falling wedge pattern heading into 2020.

Resistance and Support: The Tug of War

In the smaller time frames, BTC’s price boasted a brief escape, rallying up $1,300 from $6.5K but faced a serious reality check at $7,800. This infamous level isn’t merely a number; it’s practically the