Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) have barely moved over the last 24 hours, recovering their declines. Altcoins, on the other hand, have exhibited mixed signals, with some rising and others falling on the daily chart. Movement (MOVE) was among the former, rising by 17%.

In the news today:-

• In March 2025, US states are increasingly adopting cryptocurrency-friendly legislation, signaling a shift in how lawmakers view crypto. No longer seen just as a speculative asset, cryptocurrency is now recognized as a key component of the financial future by many US lawmakers.
• Wyoming plans to launch its own stablecoin, WYST, in July with LayerZero as the issuance partner. The stablecoin will be pegged to the US dollar, supported by cash, Treasury bonds, and repurchase agreements, and is separate from the state’s Bitcoin reserve plan.

The Crypto Market Remains Virtually Unmoved

The total crypto market cap has recovered from a $29 billion decline on Wednesday, currently standing at $2.82 trillion. This rebound signals that the market is attempting to regain stability, showing resilience despite recent volatility.

Market activity has been relatively quiet over the last few days, allowing the total market cap to reach $2.93 trillion potentially. With TOTAL holding above the key support level of $2.74 trillion, it is maintaining bullish momentum. If market conditions remain stable, the crypto market cap could continue its upward trajectory.

Total Crypto Market Cap Analysis. Source: TradingView

However, if broader market conditions worsen, the total crypto market cap may struggle. Falling below $2.74 trillion could signal further weakness, especially as the EMAs approach a potential Death Cross. This bearish signal could push TOTAL to $2.61 trillion, marking a significant decline in market value.

Bitcoin Eyes Key Resistance

Bitcoin’s price is currently stable at $87,444, trading within the range of $85,000 and $89,800. The altcoin is receiving bullish cues, but its upward movement depends on short-term investors holding onto their positions. A shift in sentiment could influence the next price action in Bitcoin’s market.

If Bitcoin successfully breaches the $89,800 resistance, it could drive the total crypto market cap higher, pushing toward the $92,005 mark. If this level is flipped into support, it would boost investor confidence, potentially leading to further price increases and continued bullish momentum for Bitcoin in the short term.

Bitcoin Price Analysis. Source: TradingView

On the other hand, if the broader market conditions fail to improve, Bitcoin could experience a downturn. A fall below $85,000 would suggest a loss of momentum, potentially sending Bitcoin down to $80,301. This decline would invalidate the bullish outlook and put the altcoin in a more vulnerable position.

Movement Makes A Massive Move

Movement (MOVE) has emerged as one of the best-performing crypto tokens over the last 24 hours, rising by 17.4% to trade at $0.49. Whale accumulation has significantly driven interest in the token, signaling strong investor support. This surge suggests a potential continuation of upward momentum for MOVE.

The bullish momentum in MOVE led to an intra-day high of 54%, even briefly surpassing the $0.61 resistance. Although the price has since corrected, the current target for the altcoin is to breach and flip the $0.52 level into support. This would help MOVE target the $0.61 level again.

MOVE Price Analysis. Source: TradingView

However, if MOVE continues its 9% decline today, the bullish outlook could be invalidated. A drop below $0.47 would signal weakness, with the price potentially falling to $0.42. This decline would erase the recent gains and shift sentiment toward a more bearish market.