Bitcoin (BTC) price and total crypto market capitalization (TOTALCAP) both broke through key horizontal resistance levels. However, they have yet to confirm their breakout. Compound (COMP) price has rallied strongly since June 10 and broke through a key resistance level on July 2.

The news of the resignation of SEC chairman Gary Gensler sparked hope in the crypto community, causing a surge in the crypto market. However, this news was later refuted.

TOTALCAP finally closed above resistance TOTALCAP has been up since June 15, when it bounced off the $980 billion support area. Five days later, the price broke out above a descending parallel channel formed since April 14. This confirms that the correction is complete and a new upward movement has begun.

After struggling to break above the $1.15 trillion resistance area, TOTALCAP finally broke through it on July 1. This is another sign that the trend is up.

If the gains continue, TOTALCAP could grow to $1.30 trillion, hitting a new yearly high in the process.

However, if it falls below $1.15 trillion, it will indicate that the previous breakout was a deviation and a drop to $980 billion is imminent.

Bitcoin (BTC) Forms a Continuity Pattern On June 23, the Bitcoin price hit a new yearly high of $31,431. A high is made above the $30,650 resistance area. However, it failed to reach a close above this zone. So the breakout is yet to be confirmed.
Currently, BTC price is trading inside a symmetrical triangle. Although this is considered a neutral pattern, it often leads to a continuation. Since it occurs after an upward movement, a breakout is the most likely possibility.
If the price breaks out, it can rally to the next resistance at $33,000. However, if BTC breaks below the triangle, it can quickly drop to $29,000.

Compound (COMP) breaks out strongly COMP prices have been falling since June 10, up 200% in the process. On June 29, the price broke out above the descending resistance line and moved above the $58 resistance area on July 2.
COMP hit a high of $70.74 on the same day. This is the highest price since February 2022.
With no overhead resistance, COMP could rally to $100 if the uptrend resumes. However, a drop to the $58 zone is possible if the rally loses momentum.