Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) have not had an extremely bullish day but managed to close in green. However, the altcoins had a different story as they posted gains, led by SPX6900 with an 11% rise.

In the news today:-

• Two crypto hacks were reported on Monday, targeting Nervos Network’s Force Bridge and Taiwan’s BitoPro exchange. The estimated losses are $3.7 million from Force Bridge and $11.5 million from BitoPro, with a suspicious address gaining control of the Force Bridge and the exchange facing a separate security breach.
• Binance US will soon list Hyperliquid’s HYPE token, leading to a 6% price increase in the last 24 hours. While details about the listing remain unclear, this announcement is considered a bullish development for HYPE.

The Crypto Market Is Green

The total crypto market cap has seen a significant increase, rising by nearly $14 billion in the past 24 hours. At $3.27 trillion, the market is continuing its upward momentum. This suggests a potential continuation of positive market conditions, with the broader market reflecting a sense of optimism.

The immediate target for the market is to breach the resistance at $3.31 trillion. The 50-day EMA, which provides support, further strengthens this possibility. However, despite the overall upward trend, an intra-day dip saw a $63 billion decline, showing that bearish sentiment still exists, which could impact the market.

Total Crypto Market Cap Analysis. Source: TradingView

If bearish sentiment prevails, the total crypto market cap could see a decline, possibly dropping back to the support levels of $3.21 trillion or even as low as $3.16 trillion. Such a drop would be a significant reversal of the recent bullish movement.

Bitcoin Needs To Find A Way Up

Bitcoin’s price is currently trading at $105,604, just below the key resistance level of $106,265. The cryptocurrency has managed to hold above the crucial $105,000 support, but a strong push is needed to break through resistance and push toward higher levels. Investor confidence will play a key role in this movement.

In order for Bitcoin to continue its upward trend, it needs a catalyst from the broader market. A successful breach of $106,265 would pave the way for Bitcoin to approach the $110,000 mark. However, this is contingent on sustained market optimism and investor participation.

Bitcoin Price Analysis. Source: TradingView

If Bitcoin fails to breach $106,265 and encounters selling pressure, it could experience a downturn. A fall below the $105,000 support level could be followed by a deeper decline, potentially reaching $102,734. The Parabolic SAR indicates a bearish signal, and without a bullish rally, Bitcoin may struggle to maintain its current price levels.

SPX6900 Shines Bright Today

SPX price has surged by 11% in the last 24 hours, currently trading at $1.13. The meme coin is holding just under the key resistance of $1.23. Given the current market momentum, SPX is likely to continue its upward trajectory in the coming days, provided it can maintain its position above key support levels.

The main target for SPX is to breach the $1.23 resistance and convert it into support. If this occurs, it could propel the altcoin above $1.40, with a potential rise towards $1.55. Such a move would solidify the bullish trend and attract further buying pressure.

SPX Price Analysis. Source: TradingView

However, the Relative Strength Index (RSI) is nearing the overbought zone, which indicates that SPX may soon experience a short-term correction. If the RSI breaches the overbought area, it could trigger a pullback, bringing SPX down to $1.00, potentially invalidating the bullish outlook.