Why is the Crypto Market Up Today?

The total crypto market cap (TOTAL) is painting green on the daily chart, which is crucial for Bitcoin (BTC) sustaining above $105,000. Following these bullish cues, Sei (SEI) noted a 34.8% rise to hit a 5-month high.

In the news today:-

• Coinbase is listing four new tokens for Q2 2025: Newton (NEWT), Sonic (S), Subsquid (SQD), and POPCAT, with the latter two available in the EU following the MiCA license. While most listings had unusual effects on token prices, the move aligns with Coinbase’s strategy to diversify its asset portfolio.
• Bitget has partnered with DWF Labs to provide institutional-grade liquidity to World Liberty Financial’s stablecoin, USD1. DWF Labs will supply liquidity, while Bitget offers its platform and capital efficiency, with the partnership aiming to fulfill several of Bitget’s strategic goals.

The Crypto Market Finds Support

The total crypto market cap has risen by $36 billion over the past 24 hours, now standing at $3.24 trillion. This increase has helped secure $3.21 trillion as a critical support level.

The next target for TOTAL is to break through $3.31 trillion and flip it into support, continuing the upward momentum. Positive reports regarding the ceasefire between Iran and Israel are fueling optimism.

Total Crypto Market Cap Analysis. Source: TradingView

However, if unforeseen circumstances lead to a bearish turn, TOTAL could experience a decline. A fall below the $3.21 trillion support could push the crypto market back to $3.16 trillion, potentially reaching $3.09 trillion.

Bitcoin Continues Its Rise

Bitcoin’s price is currently stabilizing around $106,480, just below the resistance at $106,842. Successfully breaching this resistance level is crucial for Bitcoin to continue its upward movement, paving the way for a push toward $107,724. The market sentiment remains positive, with traders anticipating further gains.

The Relative Strength Index (RSI) for Bitcoin indicates strengthening bullish momentum, holding above the neutral 50.0 mark. This suggests increasing buying pressure, which could propel BTC towards $108,962. As the RSI remains in positive territory, it reinforces the expectation of continued upward movement and potential price increases.

Bitcoin Price Analysis. Source: TradingView

At the same time, if Bitcoin faces a correction, it could dip below the support level of $104,643, signaling potential bearish pressure. A drop to $103,074 would invalidate the current bullish outlook, signaling that the upward momentum has weakened.

Sei Forms Multi-Month High

SEI has emerged as the best-performing altcoin of the day, with a significant 34.8% price rise, currently trading at $0.32. This impressive surge highlights SEI’s strong performance in the market, driven by positive sentiment.

The altcoin has reached a 5-month high, surging today and aiming to secure $0.30 as a support level. If successful, this support would enable SEI to target the next resistance level at $0.35.

SEI Price Analysis. Source: TradingView

However, if SEI holders decide to cash out after the recent price increase, the altcoin could face downward pressure. A drop below $0.30 could push SEI through the $0.27 support, potentially falling to $0.24. This would invalidate the current bullish outlook and reflect a shift towards bearish sentiment.