Why is the Crypto Market Up Today?
In Brief
- The total crypto market cap surged by $33 billion to $3.71 trillion, facing resistance at $3.73 trillion, awaiting stronger market cues.
- Bitcoin stabilizes at $117,872 with RSI showing bullish potential for a possible breakout above $120,000, targeting $122,000.
- FLOKI surged 24%, hitting a 5-month high at $0.000125, with potential to breach $0.000132 resistance and rise toward $0.000148.
The total crypto market cap (TOTAL) and Bitcoin (BTC) have risen slightly over the last 24 hours as the crypto legislations passed the US Senate’s procedural votes after nearly 10 hours of discussion. This brought bullishness to the altcoins as well, led by the meme coin Floki (FLOKI).
In the news today:-
- New FOIA documents reveal the US government holds 28,988 BTC worth $3.47 billion, sparking concerns of a potential sell-off under President Biden. Although federal agencies control 200,000 BTC, much of it, including up to 48% held by Bitfinex creditors, is not considered government property.
- Bitcoin developers have proposed a plan to protect the network from quantum computing attacks, potentially freezing 25% of Bitcoin’s supply if users don’t upgrade. The plan aims to transition to quantum-resistant cryptography while phasing out older signature types like ECDSA and Schnorr, safeguarding around $593 billion worth of BTC.
The Crypto Market Is Maintaining An Uptrend
The total crypto market cap, or TOTAL, has surged by $33 billion in the last 24 hours, reaching $3.71 trillion. The altcoin market is now facing resistance of nearly $3.73 trillion, and it is awaiting stronger market cues to push higher. This growth indicates that the market is positioning for further gains.
A key driver for the rise in market cap could be the potential passage of crypto-related bills currently being advanced by the US Senate. These developments are expected to provide much-needed support to the market. With favorable legislation, TOTAL could break through $3.73 trillion and surge to $3.80 trillion.
Despite the positive outlook, there is always the risk of a downturn. Should the broader market conditions weaken, the crypto market could face a decline. If that happens, TOTAL may fall back to $3.61 trillion, potentially reversing recent gains and leading to a market correction.
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Bitcoin Is Stabilizing
Bitcoin is currently trading at $117,872, showing some signs of weakness after failing to break the $120,000 barrier this week. The cryptocurrency has been hovering around the $118,000 level, indicating some consolidation before its next move. This creates uncertainty for investors waiting for the next price surge.
The Relative Strength Index (RSI) is indicating that Bitcoin has cooled down but is now back in the bullish zone. This suggests that BTC could be preparing for another attempt to breach the $120,000 mark. If successful, Bitcoin may reach higher levels, potentially pushing up to $122,000 or more.
If investors decide to sell and take profits, Bitcoin’s price could face downward pressure. A drop below the $115,000 support level would indicate a reversal of the current trend, invalidating the bullish outlook. In this case, Bitcoin could struggle to maintain its upward momentum and face a more significant correction.
Floki Forms A 5-Month High
FLOKI price surged by 24% in the last 24 hours, currently trading at $0.000125, marking a 5-month high. The meme coin is approaching the $0.000132 resistance level, which could be a significant barrier. Continued bullish momentum could lead to a breakout above this level, pushing the price higher.
Recent trends in the memecoin market suggest increased momentum, providing FLOKI with room to potentially breach the $0.000132 resistance. If successful, this could pave the way for the token to rise toward $0.000148. This positive momentum is supported by a broader trend in memecoin growth across the market.
However, should investors decide to secure profits, FLOKI could face a decline. If the price falls below $0.000114, the bullish outlook would be invalidated, indicating a stronger bearish trend. A further drop could push the altcoin to lower levels, weakening investor confidence.
