The overall crypto market cap has improved quite a lot in the past week and a half. Looking at the rally from the recent lows on 21st October, 2022 – the crypto market has recovered over 15% at its highs and is still well above 12% as of writing. According to CoinMarketCap, it also crossed above $1 trillion mark yesterday and has sustained above it even today. This is important because $1 trillion is a good psychological mark, and a sustenance above which indicates some bullish strength.
Bitcoin price too has recovered, pretty much in line with the overall crypto market cap too. It has come a long way from its lowest points of the year (marked in black) and is more than 10% away from there. Currently trading barely above the $20,500 mark, things seem far better for BTC price than it was two weeks ago. Bitcoin price has also broken out of the descending triangle pattern (marked in black) which is widely considered to be a very bearish pattern on the charts and a breakdown below than can have bad consequences. Also, the Relative Strength Index for the king coin remains just below 59 as of writing. Thus things look pretty good for Bitcoin as of now.