Why Is The Crypto Market Up Today?

The total crypto market cap (TOTAL) is nearing the crucial resistance of $2.4 trillion, while Bitcoin is holding above $65,500. While the market has cooled down from the recent rally, it still exhibits bullish signs. Making the most of this is Chainlink, which has registered a 21% rise in the last few days.

In the news today:-

• The US Senate overturned the Security and Exchange Commission’s (SEC) controversial Staff Accounting Bulletin No.121 (SAB 121) following a 60-38 vote reflecting bipartisan support against SEC’s crypto policies.
• Solana meme coin Pump.fun drained of $2 million after an insider attack executed by disrupting token listings by manipulating bonding curves.

The Total Market Cap Stays Strong

Following the recent rally, the total market cap is cooling down but keeping above the reclaimed support of $2.3 trillion. However, the target for the crypto market remains at $2.4 trillion, a barrier that has not been breached for nearly a month.

In the past, this level has proven to be crucial support, and a flip of it would enable TOTAL to bounce back and observe further growth.

Read More: Top Crypto Bankruptcies: What You Need To Know

Total Market Cap Analysis. Source: TradingView

On the other hand, a fall through $2.3 trillion would bring TOTAL back to around the $2.2 trillion mark.

Bitcoin Price Shows Resilience

Bitcoin’s price shot up to $66,000 this week in accordance with the broader market cues. Following a minor correction, BTC is currently trading at $65,500 and will likely continue to stay above the crucial psychological support of $65,000.

This will keep the optimism among the investors alive regarding potential growth in the next few trading sessions.

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Bitcoin Price Analysis. Source: TradingView

Should Bitcoin price witness selling or profit-taking, the crypto asset could note a drawdown towards $63,000 and lower.

Chainlink Takes the Lead

Chainlink’s price noted an uptick, making LINK the best-performing asset in the past 24 hours. However, the altcoin rally has been going on for the past few days. Capitalizing on the broader market bullish cues, LINK observed a 21% rise in the last three days, bringing Chainlink to $15.

Currently, the altcoin is above the resistance of $15.6, trading at $15.7, inching closer to $16.

Read More: Chainlink (LINK) Price Prediction 2024/2025/2030

Chainlink Price Analysis. Source: TradingView

If LINK holds above this support it could note further gains, however, a slip below the support of $15.6 could result in a drop to $14.4. This would erase over half of the growth observed in the last day.