The crypto markets have rebounded and hence the prices of the majority of the assets also have raised notably. Meanwhile, the weekend is fast approaching which is believed to have a major impact on the crypto prices and mainly the global crypto market cap. The market cap which has just flashed a massive bullish signal is believed to rise beyond the crucial resistance and mark new highs for 2023.
During the past week, the crypto markets and Bitcoin not only withstood huge turmoil within the traditional financial space but also got benefitted. The BTC price soared beyond $26,000 which elevated the market cap from $930 billion to $1.12 trillion in just a few days. Although the crypto markets have also experienced a notable pullback, the trend remains bullish in the weekly time frame.
Therefore, one of the popular analysts, Alan Santana believes that the crypto space may encounter an epic week ahead that may begin this weekend.
The above chart displays the crypto global market cap which has just rebounded and raised above the descending trend line. Presently, the market cap is testing the crucial levels and hence a breakout appears to be imminent. Mainly, the RSI which maintained its trend along the lower support until the end of 2022, amplified since the beginning of the year and surged above the average levels.
Moreover, the levels have displayed a bullish divergence which flashes bullish signals for the upcoming week. Meanwhile, the MACD may soon turn bearish, but the volume continues to remain within the bullish regions. Therefore, the upcoming weekend may turn the tables for the entire crypto space and rise the market cap beyond $1.4 trillion in the coming week.