Why Is The Crypto Market Up Today?

The total crypto market cap added $115 billion in the past 24 hours, climbing 4.83% as Bitcoin (BTC) rallied nearly 6% and RaveDAO (RAVE) surged over 70%.

The broad rally comes as hopes of US-Iran tension de-escalation fuel risk-on sentiment across crypto markets. Meanwhile, a massive short squeeze liquidated over $236 million in short positions, according to Coinglass data.

In the News Today:

• Bitcoin’s 5.7% rally toward $75,000 triggered $541 million in crypto liquidations, with short sellers absorbing $440 million in losses as Strategy disclosed a $1 billion BTC purchase.
• Errol Musk declared crypto “the future of finance” in an exclusive BeInCrypto interview, revealing that his sons Elon and Kimbal hold 23,400 BTC worth roughly $1.6 billion.
• X Head of Product Nikita Bier hinted the platform may launch something to “fix” crypto’s rough year, fueling speculation about new trading and payment features.

Total Crypto Market Cap Tests Critical 100-Day SMA

The total crypto market cap (TOTAL) added $115 billion in the past 24 hours, pushing from below the 0.618 Fibonacci level to above it. On Monday, TOTAL closed above the 0.618 Fibonacci level at $2.45 trillion, a level that now serves as immediate support.

However, the immediate resistance sits at the 100-day simple moving average (SMA) at $2.54 trillion. This level carries significant weight because TOTAL has not closed above the 100-day SMA since October 2025. A daily close above it could mark the end of a months-long downtrend.

If bulls manage to reclaim the 100-day SMA, the next target becomes the 0.5 Fibonacci level at $2.6 trillion.

TOTAL Price Analysis. Source: TradingView

However, if TOTAL fails to hold above the 0.618 level at $2.45 trillion, that would suggest the recovery attempt has stalled.

BTC Price Faces Its Most Important Test Since October 2025

BTC pumped by nearly 6% in the past 24 hours. The rally triggered a short squeeze, with over $236 million worth of shorts liquidated according to Coinglass data.

Now, the bulls are fighting the 100-day SMA at $75,164. Just like TOTAL, BTC has not closed above the 100-day SMA since October 2025. This makes the current level one of the most important technical tests of the year.

If BTC closes above the 100-day SMA, it could signal a broader trend reversal and open the path toward the 0.5 Fibonacci level at $76,662.

Bitcoin Price Analysis. Source: TradingView

However, if the bulls lose the fight with the 100-day SMA, the 0.618 Fibonacci level at $72,359 serves as immediate support.

A failure to hold $72,359 could send BTC back toward the 0.786 level at $66,645, which aligns closely with the $67,000 support that has acted as a floor throughout 2026.

RAVE Price Prediction: $20 Psychological Level in Sight

RAVE continues its explosive uptrend, becoming the 34th largest cryptocurrency by market capitalization. The token surged over 70% on Monday alone, trading at $13.93 at press time.

On Monday, the price retraced from a high of $16.80. This level could now serve as the next resistance. Beyond that, the 3.618 Fibonacci extension at $20 stands as a major target. The $20 mark also carries psychological significance, which may attract selling pressure.

RAVE Price Analysis. Source: TradingView

Since RAVE is trading largely in uncharted territory after its parabolic rally from $0.25 to above $14 in just one week, traditional support levels are limited. The 2.618 Fibonacci extension at $5.64 appears to be the next meaningful support if the current rally reverses.