Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL), Bitcoin (BTC), and altcoins are all cooling down after a bullish weekend. Amidst this meme coin, BONK emerged as a top performer, rising by a little over 14% in 24 hours.

In the news today:-

• Silvergate Bank is set to pay $63 million to settle compliance deficiency charges with the Federal Reserve, the Securities and Exchange Commission (SEC), and the California Department of Financial Protection and Innovation (DFPI).
• The US Marshal Services (USMS) has joined hands with Coinbase to safeguard and trade its large-cap digital assets. The contract for custodying USMS’s digital assets is valued at over $32.5 million.

The Market Is Stabilizing

The total crypto market cap is hovering under the $2.30 trillion mark after rising over the weekend. TOTAL seems to be cooling down as the market is currently holding back in anticipation of the potential launch of spot Ethereum ETFs this week.

If the bullishness surges following the launch, it could be seen in TOTAL, likely pushing it toward the $2.39 trillion resistance.

Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

Total Crypto Market Cap Analysis. Source: TradingView

But if the launch gets delayed, there is a good chance that the rise could turn into either consolidation or a mild drawdown above $2.20 trillion.

Bitcoin’s Price Sees Resistance

Bitcoin’s price, $62,866 at the time of writing, is under the resistance of $63,068. Once flipped into support, this crucial resistance would enable BTC’s recovery. Since the month of June brought considerable losses for Bitcoin’s investors, the expectations of a recovery have been high.

The target for the crypto asset is to reclaim $65,000 as a support floor. This could push Bitcoin’s price up toward $67,500 to recoup the recent losses.

Read More: Bitcoin Halving History: Everything You Need To Know

Bitcoin Price Analysis. Source: TradingView

However, if the breach of $63,068 fails, BTC could test the lows of $61,000 once again. Falling any further could send the crypto asset to $60,000.

BONK Bounces Up

BONK price is gradually recovering the 51% losses witnessed during the June decline. The incline that began towards the end of last month has brought the meme coin to trade at `2604.

In the last 24 hours alone, BONK emerged as the best-performing asset, rising by more than 14%. It is currently facing resistance at `2748, breaching, which will enable a rise to `3000.

Read More: Bonk Airdrop Eligibility: Who Can Claim and How?

BONK Price Analysis. Source: TradingView

But if BONK holders decide to offload their holdings for profit during this time, there is a good chance the breach could fail. The resulting correction would invalidate the bullish thesis.