Why is the Crypto Market Up Today?

The total crypto market cap (TOTAL) exploded over the last 24 hours, rising by $142 billion as US President Trump announced ceasefire between Israel and Iran, following the latter’s failed attack. This was followed by Bitcoin BTC) climbing back to $105,000 today. Sei (SEI) took the top spot among altcoins as it shot up by 35% marking a monthly high.

In the news today:-

• Méliuz, a Brazilian company, became the largest corporate Bitcoin holder in Latin America after purchasing $28.6 million in BTC. While its investment has already grown, concerns rise over businesses shifting entirely to crypto, as the volatility of the market presents significant risks despite potential benefits.
• Veer Chetal pleaded guilty to fraud and money laundering charges after stealing $245 million in Bitcoin. He faces 19 to 24 years in prison and the potential deportation of his parents, as his actions following the scam worsened his situation despite initially running a successful scheme.

The Crypto Market Bounces Back

The total crypto market cap has seen a substantial increase of $142 billion within the last 24 hours, now standing at $3.20 trillion. The market is currently just under the $3.21 trillion resistance level after nearly breaching it, signaling the potential for further upward movement if the momentum continues.

The recent explosion in market sentiment occurred after US President Trump announced a ceasefire between Israel and Iran. This positive development followed Iran’s failed attack on a US base in Qatar, which helped trigger a surge in bullishness across the crypto market, benefiting the total market cap.

Total Crypto Market Cap Analysis. Source: TradingView

However, if the conflict escalates again, with Iran not yet confirming the ceasefire, the market could experience a downturn. In this case, the total market cap could fall back through the $3.16 trillion support and reach $3.09 trillion, weakening the bullish outlook and causing market instability.

Bitcoin Recovers Its Losses

Bitcoin led the market today with a 4% rise, pushing the crypto king back above $105,000. This recovery has helped BTC holders regain their losses from the previous week, restoring confidence in the market. The price action signals a potential shift towards continued upward momentum for Bitcoin.

Securing $105,000 as support is now crucial for Bitcoin’s next move. Holding this level will allow the price to break past $105,622, paving the way for a rise to $108,000. This would confirm the continuation of Bitcoin’s bullish trend and attract more buying activity in the market.

Bitcoin Price Analysis. Source: TradingView

On the other hand, if short-term holders begin selling their positions to secure profits, Bitcoin could face downward pressure. A failure to hold the $105,000 level would likely send Bitcoin back below this support, potentially falling to $102,734. This would invalidate the current bullish outlook and signal a reversal in market sentiment.

Sei Investors Are Likely Celebrating

SEI price surged by 35% in the past 24 hours, currently trading at $0.271. This impressive surge has made the altcoin the best performer of the day, drawing attention from traders and investors. The price movement suggests strong momentum and a potential for further gains if the trend continues.

The altcoin has reached a monthly high today and is targeting the $0.278 resistance. Breaching this level would pave the way for a further rise to $0.309, signaling continued bullish momentum. A successful break above $0.278 would confirm a sustained upward trend, attracting additional buying interest.

SEI Price Analysis. Source: TradingView

However, if SEI fails to break through the $0.278 resistance, it may face consolidation above $0.244. This would suggest a short-term stall in momentum and invalidate the bullish outlook. The price could remain in a tight range, with traders awaiting clearer direction before making further moves.