Bitcoin market volatility is expected to rise today since almost $5 billion in Bitcoin options are expiring. This marks the largest mass expiry in months.

Crypto Market Cap (TOTALCAP) Makes Attempt at Moving Above Resistance

On June 15, there was a notable recovery in the TOTALCAP, which confirmed that the support level of $980 billion is reliable. It took five days for the TOTALCAP to move above a downward parallel channel, resulting in a peak value of $1.17 trillion on June 23.

However, the price has subsequently experienced a slight decline and struggled to surpass the resistance level of $1.15 trillion.

If a breakthrough occurs, there is potential for the TOTALCAP to increase towards the next resistance level of $1.30 trillion, establishing a new peak for the year. Conversely, if the price is rejected, it could decrease toward the closest support level at $980 billion.

Bitcoin (BTC) Price Creates Double Top Pattern

On June 20, the price of Bitcoin broke out from a descending resistance line. It reached a new yearly high of $31,431 three days later. Despite this increase, BTC failed to close above the $30,800 resistance area. Rather, it created a long upper wick yesterday (green icon) and has fallen since.

Moreover, it seems that the BTC price has created a double top, considered a bearish reversal pattern.

If the BTC price falls in the short term, the closest support will be at the 0.382 Fibonacci level, which is at $29,000. However, if the price continues to rise and breaks out, the next closest resistance will be at $35,000.

Compound (COMP) Is in the Midst of a Sharp Reversal

The COMP price has been on a tear since June 10 and increased by 150% in the process. On June 29. the price broke out from a descending resistance line. It is now approaching its yearly high at $58.

If COMP moves above this resistance area, it could accelerate its rate of increase to $100. However, a drop to the resistance line at $48 could transpire if the price gets rejected.

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