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Why Is Today’s Crypto Market Weak?

Bitcoin (BTC) and the Total Crypto Market Cap (TOTALCAP) both produced short-term bullish patterns. PancakeSwap (CAKE) is getting close to its 2022 lows after hitting a new annual low.

According to the news, Coinbase has filed a lawsuit against the SEC for failing to react to an earlier open petition for clarification and direction.

Market Cap For Crypto (TOTALCAP) Drops to Support

Since April 14, the TOTALCAP has dropped. Ten days after the decline, TOTALCAP reached the $1.10 trillion support level after reaching a low of $1.10 trillion.

A bullish pattern known as a double bottom, which TOTALCAP is currently forming, is in progress. Four-Hour TOTALCAP Chart. Citation: Trading View

There could be an increase to $1.16 trillion if the pattern causes a bounce. However, if TOTALCAP fails, a decline to $1.03 trillion may be anticipated.

Bullish Pattern is Created by Bitcoin (BTC)

Since hitting an annual high on April 14, the price of Bitcoin has dropped dramatically. On April 24, the decline reached a low of $26,948.

The Bitcoin price did, however, rally, forming a double bottom pattern and confirming the $27,200 region as support. The double bottom is regarded as a bullish pattern, which indicates that it typically results in upward advances. Four-Hour BTC/USDT Chart. Citation: Trading View

Bitcoin might move to its nearest resistance level at $28,500 if a bounce occurs. However, if the price collapses, a precipitous drop to $25,700 might follow.

Crash of PancakeSwap (CAKE) Below Resistance

Since June 2022, the CAKE price has been rising together with an ascending support line. The rising movement’s slope was measured and maintained by the line.

On April 19, nevertheless, the price dropped from it. The rate of decline quickened after the breakup. CAKE also fell from the $3.20 horizontal support area on April 24. Daily CAKE/USDT Chart. Citation: Trading View If the decline persists, CAKE might hit the $2.60 support level in 2022. A retest of the $3.20 region, though, might be in store if the price picks up steam.

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