Why is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) breathed a sigh of relief as the market responded positively to the FOMC minutes. Altcoins led the rally with OKB taking the charge, rising by 56% to form a new ATH at $195 in the process.

In the news today:-

• Core Foundation and Hex Trust have expanded their partnership to offer Bitcoin staking services in the Asia-Pacific and MENA regions. The collaboration combines Core’s staking technology with Hex Trust’s regulated custody platform, enabling institutional investors to stake Bitcoin while retaining custody and earning rewards.
• SBI Holdings is partnering with Singapore’s StarTail Group to create a blockchain-powered platform to digitize Japanese equities. The project aims to reduce trading fees and improve international access to Japanese stocks.

The Crypto Market Hikes

The total crypto market cap rose by nearly $79 billion in the last 24 hours, reaching $3.82 trillion. This recovery follows a mild release of the FOMC minutes on Wednesday, suggesting that the broader crypto market is stabilizing. Investors appear optimistic as market sentiment improves, contributing to the rise.

If the market can maintain support at $3.81 trillion, it could push the crypto market cap further toward $3.89 trillion. Continued positive momentum would help erase previous losses and demonstrate that the recovery is not just temporary.

For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Total Crypto Market Cap Analysis. Source: TradingView

However, if the market sentiment shifts back to bearish, the total market cap could fall to $3.73 trillion. This decline would wipe out the gains from the last 24 hours, signaling continued volatility in the crypto market. The next few days are key to determining the trend’s direction.

Bitcoin Bounces Off Support

Bitcoin’s price is currently at $113,990, testing the $112,526 support level for the second time this month. This historical pattern could provide an opportunity for BTC to reclaim the $115,000 support level. A successful bounce would signal the potential for further upside, especially if broader market sentiment improves.

Reclaiming the $115,000 support level is crucial for Bitcoin. If BTC holds this level, it could push toward $117,261, with the possibility of reaching $120,000. This upward movement would confirm a recovery.

Bitcoin Price Analysis. Source: TradingView

The Relative Strength Index (RSI) currently indicates a bearish market momentum. The indicator remains below the neutral line, showing that market sentiment is weak. As a result, Bitcoin’s price could remain consolidated under $115,000 or even slide back to $112,526 if bearish pressure continues to dominate the market.

OKB Continues To Make History

OKB surged by 56% in the last 24 hours, reaching a new all-time high (ATH) of $195. This dramatic rise solidified OKB’s position as the top-performing altcoin of the day. The strong bullish momentum showcases investor confidence.

Currently trading at $190, OKB is on the verge of surpassing $200. The Parabolic SAR indicator, sitting below the candlesticks, signals a continuation of the uptrend. This technical setup supports the bullish outlook.

OKB Price Analysis. Source: TradingView

However, the possibility of profit-taking remains a concern for OKB’s price trajectory. If investors decide to sell and lock in profits, the altcoin could drop to $120, erasing recent gains. Such a sell-off would invalidate the current bullish thesis.