Why Is the Crypto Market Up Today?

The crypto market has maintained its upward trajectory today.  The total crypto market capitalization (TOTAL) has increased, indicating a positive trend across the board.

The leading coin, Bitcoin, has recorded a price uptick during the period in review. BGB, the native token of the cryptocurrency exchange Bitget, has emerged as the top gainer in the market

In the news today:-

• Grayscale has opened its Horizen Trust (HZEN) to accredited investors, marking its first availability for OTC trading. While Horizen recently completed its final halving and benefited from the broader crypto bull market, its token value remains significantly below its 2021 peak, making a full recovery uncertain.
• Riot Platforms has acquired 667 BTC for $69 million at an average price of $101,135 per Bitcoin, according to SEC filings. This brings the company’s total holdings to 17,429 BTC, valued at around $2 billion.

Trading Activity Strengthens 

TOTAL has risen by 1% over the past 24 hours as trading activity continues in the crypto market. It currently stands at $3.65 trillion, just below the resistance formed at its new all-time high of $3.73 trillion. 

The rise in TOTAL’s Chaikin Money Flow (CMF) confirms that liquidity continues to flow into this market. This indicator, which tracks how money flows into and out of an asset, is above the zero line at 0.18 as of this writing. 

When the CMF indicator is positive, buying pressure is greater than selling pressure, suggesting asset accumulation. This signals bullish momentum, as buyers are pushing the price higher over the observed period.

Should buying pressure intensify, TOTAL will break above the $3.73 trillion resistance level and flip it into a support floor. A successful breach of this critical level will propel it to new all-time highs. 

Total Crypto Market Cap Analysis. Source: TradingView

However, a failed attempt to break above this key level could wipe out most of the recent gains and cause TOTAL to plummet to $3.48 trillion.

Bitcoin Makes New All-Time High

Bitcoin’s price clinched a new all-time high of $107,793 before the close of Monday’s trading session. While it has since declined by a minor 1.28%, the bullish bias toward the king coin persists. As of this writing, BTC trades at $106,488 and is poised to revisit its price peak.

The Golden Cross observed in its Moving Average Convergence Divergence (MACD) supports this bullish outlook. This indicator identifies changes in the strength, direction, and momentum of an asset’s price trend. 

A MACD Golden Cross occurs when the MACD line crosses above the signal line, indicating a potential bullish trend reversal or upward momentum. Traders often view this crossover as a buy signal, suggesting that upward price movement may follow.

Readings from the BTC/USD one-day chart have revealed that this crossover occurred during Monday’s trading session, hinting at the possibility of a sustained rally.

If the bullish momentum is maintained, BTC’s price will reclaim its all-time high and surge past it.

Bitcoin Price Analysis. Source: TradingView

However, this bullish projection could be invalidated if the market witnesses a spike in selloff, which may cause BTC’s price to drop to $95,211.

Bitget Token Leads the Altcoin Market Rally

BGB’s value has climbed by 10% over the past 24 hours, leading market gains. As of this writing, the altcoin trades at $3.59, following a 2% dip from its all-time high of $3.65, which it briefly traded during Tuesday’s early Asian hours.

If the price rally continues, BGB could revisit this all-time high and flip it into a support level, driving it to new highs. 

BGB Price Analysis. Source: TradingView

However, if profit-taking activity intensifies, the token’s price may trickle down to $2.98.