Why is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) both reacted positively to the news of US President Donald Trump’s “Big, Beautiful Bill” passing the House vote. Fartcoin (FARTCOIN) reacted similarly, rising by a little over 5% in 24 hours.

In the news today:-

• AMINA, a Swiss bank, is the first globally operating bank to offer Ripple’s RLUSD, providing trading and custody services. Ripple is also seeking a bank license, which could open new stablecoin opportunities, though XRP may not directly benefit from it.
• GOP leaders announced “Crypto Week” starting July 14, focusing on three Web3-related bills: the GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act. Industry supporters will closely monitor these bills, which address key issues in US crypto regulation.

The Crypto Market Establishes Support

The total crypto market cap has increased by $14 billion, reaching $3.33 trillion. This rise has helped secure a key support level at $3.31 trillion. If the market maintains its current trajectory, this level could provide stability for future growth, setting the stage for further upward movement in the market.

The early upward movement of the total crypto market cap, followed by a slight downturn, was driven by investor speculation. As investors assess market conditions, TOTAL’s next significant target is $3.43 trillion. The market’s ability to maintain this momentum will depend on broader market sentiment and continued investor confidence.

Total Crypto Market Cap Analysis. Source: TradingView

If the market experiences a downturn, a drop below the $3.31 trillion level could lead to further losses. In such a scenario, the crypto market cap could fall to $3.26 trillion or potentially $3.21 trillion. 

Bitcoin Breached $110,000

Bitcoin’s price stands at $109,316, following a brief surge past the $110,000 mark in the last 24 hours. During this period, BTC nearly secured $110,000 as a support level. This price movement signals strong market interest in Bitcoin.

Despite the recent pullback, Bitcoin is now under 2.5% away from its all-time high (ATH) of $111,980. The Relative Strength Index (RSI) also indicates bullish momentum, remaining in the positive zone. This suggests that BTC has the potential to push past its ATH if market conditions remain favorable.

Bitcoin Price Analysis. Source: TradingView

However, if Bitcoin faces sudden selling pressure, it could drop below the $108,000 support level. In such a scenario, BTC may fall to $105,585, which would invalidate the current bullish outlook.

Fartcoin Has Flipped A Barrier

FARTCOIN has emerged as the best-performing altcoin today, with a 5.3% increase despite mixed market conditions. Currently trading at $1.20, this level has now been secured as support. The meme coin’s performance indicates potential for further upward movement if it can maintain its position in a volatile market.

FARTCOIN is aiming to bounce off the $1.20 support and target the resistance at $1.42. While this move could take some time, sustained bullish momentum could help the meme coin reach this price point. 

FARTCOIN Price Analysis. Source: TradingView

If the bullish momentum weakens and profit-taking begins, FARTCOIN may drop below the $1.20 support level. This decline could see the meme coin fall towards $1.02, potentially invalidating the current bullish outlook.