Why is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) posted decent gains for the first time in nearly three weeks. Among the altcoins, Pump.fun (PUMP) emerged as the leader as the crypto token shot up by more than 23%.

In the news today:-

• Belarusian President Alexander Lukashenko is urging banks to adopt digital assets to counter Western sanctions and strengthen financial independence. He highlighted tokenization as a way to cut intermediaries, enable smart contract automation, and improve user control over assets.
• The Black Mirror Experience (MIRROR) token surged over 100% on launch day before slipping into a correction. Analysts warn of high volatility and governance risks, citing past failures like the Squid Game token.

The Crypto Market Rises

The total crypto market cap has surged by $73 billion in the past 24 hours, reaching $3.89 trillion. Despite this rise, TOTAL has yet to breach and secure this threshold as a confirmed support level. Until then, investors remain cautious about whether bullish sentiment can hold.

Recent consolidation is beginning to reward investors, with momentum shifting positively across major cryptocurrencies. TOTAL could test $3.89 trillion and push toward $3.94 trillion if inflows persist. The real challenge lies in sustaining the higher range, as sharp profit-taking could undermine upward strength in the coming sessions.

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Total Crypto Market Cap Analysis. Source: TradingView

If broader market conditions weaken, TOTAL may struggle to secure its current footing above $3.89 trillion. A bearish shift could trigger renewed selling, pushing the crypto market cap back to $3.81 trillion. Such a retracement would erase recent gains.

Bitcoin Notes Gains

Bitcoin is trading at $113,845 after breaking through the $112,500 resistance in the last 24 hours. The cryptocurrency is now approaching the $115,000 barrier, which stands as the next crucial level.

If Bitcoin reaches $115,000, it would mark a three-week high and boost investor confidence. Such a milestone could encourage additional inflows, reinforcing bullish sentiment across the market. Strong buying interest may provide the push needed for BTC to extend gains further, with $117,261 emerging as the next target level.

Bitcoin Price Analysis. Source: TradingView

However, the possibility of profit-taking remains a significant risk. If selling pressure intensifies, Bitcoin may fall back to $112,500, testing support again. A decisive breakdown below this threshold would expose the cryptocurrency to further weakness, with a potential slide toward $110,000 and renewed volatility for investors.

Pump.fun Is Pumping

PUMP price has surged 23% in the past 24 hours, reaching $0.0058 while holding above the $0.0056 support. This rally has secured PUMP the position of the day’s best-performing token.

If investor sentiment remains optimistic, PUMP could continue climbing in the short term. The Parabolic SAR indicator currently sits below the candlesticks, signaling an active uptrend. This technical setup suggests bullish momentum is intact.

PUMP Price Analysis. Source: TradingView

However, downside risks remain if profit-taking begins. A drop through the $0.0056 support could trigger a sharper decline toward $0.0048. Such a breakdown would invalidate the current bullish outlook.