Why Is the Crypto Market Up Today?
In Brief
- The total crypto market cap surged by $91 billion to $3.35 trillion, with $3.28 trillion now a key support for sustained bullish sentiment.
- Bitcoin reclaimed $95,668 as support and eyes $100,000 resistance; flipping this level could drive it toward $105,000.
- Meme coin FARTCOIN soared 51%, nearing its ATH of $1.30, but risks a drop to $0.70 if bearish pressure escalates.
The total crypto market cap (TOTAL) and Bitcoin (BTC) witnessed a surge over the last 24 hours, recovering a part of the recent dip. Altcoins are faring well as well, led by the meme coin FARTCOIN, which is currently up by 51%.
In the news today:-
- North Korean TraderTraitor hackers, linked to the Lazarus Group, were identified as responsible for the DMM Bitcoin hack, which led to the theft of 4,502 BTC worth $308 million and the exchange’s closure.
- Russia will ban mining in certain regions from January 1, 2025, until March 15, 2031, to balance energy consumption. The list of affected regions may change based on the legal commission’s assessments.
The Crypto Market Recovers
The total crypto market cap surged by $91 billion in the past 24 hours, reaching $3.35 trillion. This growth solidifies $3.28 trillion as a crucial support level. The recovery reflects renewed market optimism, with major crypto contributing to the uptick. Analysts are monitoring whether the market can sustain this upward momentum.
Reclaiming $3.49 trillion as support remains a pivotal goal for the market to achieve its next target of $3.64 trillion. Such a move would strengthen bullish sentiment and increase trading activity across altcoins and major assets. Investors are advised to watch for sustained market-wide buying pressure at higher levels.
However, holding above $3.28 trillion is critical to maintaining the bullish outlook. A failure to preserve this support could trigger a decline toward $3.10 trillion. This drop might reflect weakened investor confidence or external market shocks, emphasizing the need for cautious trading in these volatile conditions.
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Bitcoin is Looking For Support
Bitcoin is trading at $98,202, nearing the crucial $100,000 resistance level. Over the past 24 hours, it successfully reclaimed $95,668 as a strong support zone. This movement highlights investor confidence as BTC consolidates gains.
For Bitcoin to continue its bullish trajectory, flipping $100,000 into support is essential. Achieving this milestone could pave the way for a surge toward $105,000. With rising market participation and positive sentiment, BTC’s potential remains strong.
However, a failure to breach $100,000 could lead to a retest of $95,668. Breaking below this level may invalidate the bullish outlook, signaling possible downside risks.
FARTCOIN Aims For New ATH
FARTCOIN has skyrocketed as the day’s top-performing cryptocurrency, surging by an impressive 51% over the past 24 hours. Currently valued at $1.22, it continues to attract bullish sentiment.
Market optimism around FARTCOIN’s performance suggests it could soon challenge its all-time high (ATH) of $1.30. Sustained buying pressure and minimal sell-offs could propel the altcoin beyond this critical resistance level in the coming days.
Despite its recent rally, FARTCOIN is not immune to bearish risks. If selling pressure increases, the price could drop to $0.70, invalidating current bullish predictions. Such a decline would likely stem from a broader market correction.
