Why is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) are holding strong, posting green on the daily chart. Following the footsteps is Ethena (ENA), which is emerging as the best-performing altcoin, noting a 15% rise in 24 hours.

In the news today:-

• US Senators unveiled a revised market structure bill that clarifies crypto rules, excluding tokenized securities, staking, airdrops, and DePIN from securities law. Section 101 restricts the SEC and private firms from suing existing tokens unless fraud is involved, aiming to limit regulatory overreach.
• Robinhood will join the S&P 500 on September 22, replacing Caesars Entertainment, sending its stock up more than 7%. Strategy, expected to be included due to its Bitcoin holdings, was left out, causing its shares to fall nearly 3% in after-hours trading.

The Crypto Market Is Moving Sideways

The total crypto market cap rose by $14.4 billion in the past 24 hours, reaching $3.77 trillion. Despite the increase, TOTAL remains below the critical $3.81 trillion resistance level. Securing this threshold is essential for building momentum.

Intraday volatility continues to dominate the market, leaving investors cautious. TOTAL is currently consolidating between $3.72 trillion and $3.81 trillion, with no decisive signals from macro or technical indicators.

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Total Crypto Market Cap Analysis. Source: TradingView

Looking ahead, potential inflows from ETFs and traditional finance could ignite bullish momentum. If next week begins with strong institutional demand, TOTAL could flip $3.81 trillion into support. This would open the path for the crypto market cap to climb toward $3.89 trillion.

Bitcoin Is Rangebound

Bitcoin is trading at $110,958, holding firm above the $110,000 support level. The crypto king has remained rangebound between $110,000 and $112,500 over the past two days, showing limited volatility but maintaining stability within this crucial price corridor despite broader market fluctuations.

The probability of a sharp decline appears low unless negative investor sentiment or market pressures emerge. The 50-day EMA is acting as support but also signals lingering bearishness. Despite this, Bitcoin is likely to continue trading within its established range, consolidating before making a decisive move.

Bitcoin Price Analysis. Source: TradingView

If investor demand strengthens, Bitcoin could reclaim momentum in the days ahead. Successfully breaching and flipping $112,500 into support would open the path for BTC to rally toward $115,000. Such a move would signal renewed confidence and potentially mark the beginning of a broader recovery phase.

Ethena Attempts Recovery

Ethena is the day’s top-performing altcoin, climbing 15% in the past 24 hours to trade at $0.746. The token is holding above the critical $0.732 support level, showing resilience despite recent volatility.

A bounce from $0.732 support could strengthen Ethena’s outlook further. If investor confidence continues, ENA has the potential to rise toward $0.794. Securing this level would allow the token to recover its August losses.

ENA Price Analysis. Source: TradingView

However, profit-taking could change the trajectory quickly. If ENA slips below $0.732, bearish pressure may push the altcoin to $0.676 or even $0.628. Such a drop would invalidate the bullish thesis, erasing recent gains.