Why is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) are posting a green candle, albeit noting minimal gains. However, this did bring a bullish impact on altcoins with OKB leading them with a 25% rise in the last 24 hours.

In the news today:-

• Kraken has temporarily suspended Monero (XMR) deposits following a suspected 51% attack on the network. The incident stems from Qubic, an AI-focused blockchain and mining pool, claiming control of the majority of the hashrate and reorganizing six blocks — a claim disputed by the Monero community.
• Grayscale has applied to the SEC to convert its existing Dogecoin Trust into a spot Dogecoin ETF, which would trade under the ticker GDOG on NYSE Arca. The Trust currently manages around $2.5 million in assets, signaling a step toward bringing Dogecoin into mainstream investment products.

The Crypto Market Finds Support

The total crypto market cap added $16.25 billion in the past 24 hours, bouncing back from the $3.89 trillion support level. While modest given the market’s scale, the move highlights continued resilience in digital assets despite broader uncertainty, signaling cautious optimism among traders and investors.

TOTAL remains capped under the $3.94 trillion mark, limiting upward momentum. A decisive breach of this barrier is required for the market to build strength and potentially push toward $4.01 trillion.

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Total Crypto Market Cap Analysis. Source: TradingView

If bearish pressure returns, the total crypto market cap could test $3.89 trillion support again. A breakdown below this threshold risks a decline to $3.81 trillion, erasing recent gains.

Bitcoin Aims To Bounce Back

Bitcoin price is holding above the support level of $117,261, showing signs of resilience despite limited upward momentum. For the cryptocurrency to maintain this position, investor participation will be crucial. 

The next major resistance for Bitcoin stands at $120,000, a psychological barrier that will test investor conviction. To approach this level, the asset must successfully bounce from the $117,261 support.

Bitcoin Price Analysis. Source: TradingView

However, if investor confidence falters, Bitcoin could lose momentum and slip below its current support. Such a downturn may extend losses toward $115,000, reinforcing bearish sentiment in the market.

OKB Continues Its Rise

OKB price emerged as the top-performing altcoin of the day, soaring 25% within 24 hours and surpassing the $105 resistance. This sharp rally highlights renewed investor interest, supported by rising trading volumes. 

At press time, OKB is trading at $116, edging closer to the $143 resistance. A decisive move above this level would return the altcoin to its previous all-time high, while any rise beyond could establish a new record. 

OKB Price Analysis. Source: TradingView

However, if OKB holders decide to secure profits, the price may fall back below the $105 support. A breakdown from this zone could extend losses toward $77, signaling weakened confidence. This would invalidate the bullish outlook.