Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) did not register any massive growth but still managed to paint green on the daily chart. Altcoins, however, performed better, with Curve DAO Token (CRV) rising by over 15% in the last 24 hours.

In the news today:-

• Coinbase has requested a DC District Court to resume its lawsuit against the FDIC over Operation Choke Point 2.0, claiming the regulator still hasn’t released relevant information. The FDIC maintains it has responded truthfully despite delays in the past.
• Michael Saylor’s Strategy recently purchased nearly $2 billion worth of Bitcoin, marking a significant increase over last week’s purchase. This follows a similar $2 billion acquisition in February, with additional purchases of $10 million and $500 million, the latter funded by a new stock offering.

The Crypto Market Is Holding On

The total crypto market cap increased by less than $15 billion over the last 24 hours, reaching $2.64 trillion. While the growth is minimal, it signals stability and strength as TOTAL bounces off the $2.61 trillion support level. The market is poised for further movement, depending on broader conditions.

The next key target for TOTAL is $2.74 trillion. Breaching this level would push the crypto market cap closer to the $2.85 trillion resistance. If the market conditions remain favorable, this could recover most of the recent losses and pave the way for further bullish activity in the coming days.

Total Crypto Market Cap Analysis. Source: TradingView

However, the formation of a Death Cross between the EMAs could signal a bearish shift. If this occurs, TOTAL could face further declines. Falling below the $2.61 trillion support level could lead the crypto market cap to $2.50 trillion, intensifying the downtrend.

Bitcoin Is Yet To Break Out

Bitcoin’s price is holding steady at $82,906 after failing to secure $85,000 as support last week. The altcoin king is now attempting to reclaim the $85,000 level in order to recover recent losses. Its next movement will largely depend on whether this support can be firmly established.

Bitcoin’s recovery may receive a boost from Strategy’s recent $2 billion BTC accumulation. This significant buy could instill optimism among skeptical investors, potentially pushing Bitcoin past $85,000 and toward $89,800.

Bitcoin Price Analysis. Source: TradingView

If Bitcoin’s recovery falters due to bearish cues, BTC could slide back down to $80,301, the next crucial support level. A failure to hold this support could lead to further declines, completely invalidating the bullish outlook.

Curve DAO Token Notes An Uptick

CRV has emerged as the best-performing token today, rising 12% in the last 24 hours to trade at $0.52. The altcoin is currently targeting a breach of the $0.57 resistance level. This positive price action indicates that CRV could continue its upward momentum if it surpasses this barrier.

The $0.57 resistance has posed a challenge for CRV since February, and overcoming it could lead to significant gains. If the broader market conditions remain bullish, CRV may rise further, targeting the $0.78 level.

CRV Price Analysis. Source: TradingView

However, if CRV fails to breach $0.57 and faces continued resistance, it could struggle to maintain its gains. A downturn could push the price back towards the $0.39 support level, invalidating the bullish outlook.