Today, as Bitcoin price (BTC) strives to achieve a new high, the crypto market place achieved a $300 billion market capitalization. Over the past calendar month, the figure has steadily increased from $218.4 billion to $303.1 billion, and the total market cap has gained 65.92% since the outset of 2022.

Crypto marketplace daily price nautical chart. Source: Coin360

Before this calendar week, Cointelegraph contributor Michaël van de Poppe discussed the significance of the crypto market cap reaching $300 billion.

Total crypto market place capitalization chart. Source: TradingView

Van de Poppe posted the above chart and said:

"The chart is showing a clear support/resistance flip at $245 billion, after which the market capitalization continued to rally upwards. The next target surface area is found at $285 billion and $300 billion...This gives the impression that continuation towards $300 billion is warranted, which would so be tested as the adjacent resistance level."

When asked nearly what he saw potentially occurring in the crypto market afterwards the $300 breach of the $300 billion market cap, Van de Poppe said:

"I do believe that the market place has found the lesser, as the market made a college low in Q4 of 2022 and is now pacing upward for a new higher high. It'due south likewise probable that altcoins will start to outperform Bitcoin in the coming catamenia, as altcoins perform the all-time when Bitcoin moves up at a calm step. This should mean that Bitcoin dominance starts to drop more."

Bitcoin is bullish but belongings $ten.4K is key

BTC USD daily nautical chart. Source: TradingView

Meanwhile, since the commencement of the year, Bitcoin's authorization rate has dropped from 68% to 62% with many altcoins seeing double and even triple-digit percentage rallies.

Currently, Bitcoin bulls are fighting to push and concord the price above the $10,300 to $ten,400 resistance. Traders have pushed as high as $10,450 merely the last 3 attempts to cross above it have been rejected at the overhead trendline of the ascending wedge design.

If bulls can flip $10,300 to support, then many analysts expect Bitcoin toll to piece through the $x,500 to $10,900 zone and run to $xi,000-$eleven,500 as there is a demand gap on the volume profile visible range.

Areas to scout: trading volume and higher lows

BTC USD 6-hour nautical chart. Source: TradingView

If bulls fail to flip the $x,300-$10,400 zones to support Bitcoin price could pullback to the support at $10,163 and $x,080. Below this level, the next terminate would be at the lower trendline of the ascending wedge at $9,785, which also lines upwards with the 50-day moving average.

If the price drops from the ascending wedge, the traders volition show their involvement at $nine,450, which is slightly beneath the 23.6% Fibonacci retracement at $9,500. Given that the bulk of recent dips have been bought into at higher levels than expected, traders anticipating a pullback might set up their buy orders slightly higher than the supports where bounces are expected.

Equally the price continues to fight the $9,300-$nine,400 zones, some things to scout for would be whatsoever declines in purchasing volume on the shorter time frames and whether or not the design of higher lows is cleaved on the vi-hr and daily timeframes.

These signals would hint that an ascending wedge breakup could occur only given the current state of the market, this scenario seems unlikely.

The views and opinions expressed hither are solely those of the author and practice not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. Yous should conduct your own enquiry when making a decision.