The Bitcoin (BTC) price reached a new yearly high while the Crypto Market Cap (TOTALCAP) is close to doing so. Aave (AAVE) has reached a long-term resistance level but has not broken out yet.

The percentage of the Bitcoin supply that has not moved for more than a year reached a new all-time high, despite the price being at a new yearly high. This shows conviction on the side of BTC holders, which do not want to take profit during this rally.

Crypto Market Cap (TOTALCAP) Reaches Crucial Resistance

The TOTALCAP increased considerably last week after bouncing at the $970 billion support area (green icon). The increase took it to the next significant resistance at $1.15 trillion.

If TOTALCAP breaks out, it could reach a new all-time high and possibly move to $1.70 trillion.

However, if rejection and decrease ensue, a drop to the $970 billion support will be on the cards.

Bitcoin (BTC) Price Reaches New Yearly High

Last week, the Bitcoin price created a large bullish candlestick in the weekly time frame. This led to a new yearly high of $31,431. BTC decreased slightly afterward and now trades inside the $30,000 long-term resistance area.

This is a crucial level, a breakout above, which could trigger a sharp upward movement to $47,000.

However, if the BTC price fails to close above $31,000, a drop to the next closest support at $21,500 could transpire.

AAVE Price Nearly Reaches Resistance

The AAVE price has decreased under a descending resistance line since the beginning of June. The line has been validated numerous times, most recently on February 16 (red icon). This decrease led to a new yearly low of $47.30 on June 10.

However, the price bounced immediately afterward, validating the $52 horizontal area as support. This led to a high of $76.90 on June 25, nearly reaching the descending resistance line.

If the AAVE price breaks out from the line, it could move to $100. However, a drop to the $52 area could transpire if it gets rejected.

For BeInCrypto’s latest crypto market analysis, click here.