Why is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) are climbing on the back of a stable market, with the latter crossing $108,000 over the weekend. Arbitrum (ARB) made its mark among the altcoins, rising by 14% owing to the speculation of a partnership with Robinhood.

In the news today:-

• Iranian crypto exchange Nobitex has begun restoring services after a $90 million attack allegedly by a pro-Israel group. The exchange migrated users’ wallets and invalidated deposits to existing ones as part of the recovery process.
• Metaplanet will issue 30 billion JPY in 0% Ordinary Bonds to acquire more Bitcoin. This announcement follows Metaplanet surpassing Tesla as the 7th largest corporate Bitcoin holder, with 12,345 BTC valued at $1.33 billion.

The Crypto Market Keeps Rising

The total crypto market cap has risen by $37 billion over the last 24 hours, hovering just under the resistance of $3.31 trillion. This level has been tested multiple times before, yet it remains a crucial point for the market to break through in order to secure further gains.

At this moment, investor uncertainty seems unlikely since no major bearish macroeconomic cues have emerged. With the market holding steady, TOTAL could push forward, securing $3.31 trillion as support. If successful, the crypto market could target the next level, potentially reaching $3.43 trillion in the near future.

Total Crypto Market Cap Analysis. Source: TradingView

However, an unexpected bearish development in global financial markets could quickly reverse the trend. If such a development occurs, it could impact the crypto market as well, pulling TOTAL down to the support of $3.21 trillion or even lower, which would invalidate the current bullish thesis.

Bitcoin Is Pushing Higher

Bitcoin’s price is currently at $108,428, continuing its upward movement as it attempts to secure $110,000 as support. If successful, BTC could push towards a new all-time high (ATH) beyond $111,980. The current bullish momentum suggests a positive outlook for the crypto king in the near term.

BTC’s immediate challenge is to breach the $109,476 resistance and flip $110,000 into support. With the RSI remaining in the bullish zone, this seems plausible. However, the RSI is still far from the overbought threshold, leaving room for further upward movement without triggering an immediate reversal.

Bitcoin Price Analysis. Source: TradingView

Market uncertainty remains a potential risk for Bitcoin’s price. Should the market conditions shift negatively, BTC could drop below $108,000, heading towards $105,622. If support at this level fails, Bitcoin might see further declines, potentially falling below $105,000 and invalidating the current bullish outlook.

Arbitrum Is Enjoying The Speculation

ARB’s price jumped nearly 15% over the last 24 hours, driven by speculation that there would be a partnership between Arbitrum and Robinhood. This speculation followed a post by an Ethereum developer claiming “Robinhood chose Arbitrum,” referencing an upcoming fireside chat featuring key figures like Vitalik Buterin and the CSO of Occhain Labs.

Currently, ARB is trading at $0.35, with this level acting as a strong support floor. If the price bounces off this support, ARB could rise towards and potentially surpass $0.38. The positive momentum suggests that the altcoin could see further gains in the short term.

ARB Price Analysis. Source: TradingView

However, if investors decide to take profits from the recent surge, ARB could experience a pullback. A drop below the $0.35 support level may bring the price back to $0.30, invalidating the bullish outlook and erasing some of the gains made over the past 24 hours.