Why Is The Crypto Market Up Today?

The crypto market is up 0.62% today, with the total market cap holding above $2.49 trillion. Bitcoin (BTC) gained 0.8% before pulling back on possible profit-taking.

Meanwhile, MemeCore (M), ranked 23rd at press time, led the top 100 with a 5.6% daily gain and a 96% rally over the past 30 days as it trades near its all-time high.

In the news today:-

• US Producer Price Index (PPI) for March shocked lower at 4.0% year over year, well below the expected 4.6% forecast, raising Fed rate-cut odds and boosting risk-on sentiment across crypto and equities.
• Kraken confirmed a confidential US IPO filing with Deutsche Börse set to invest $200 million for a roughly 1.5% stake.
• 21Shares updated its Hyperliquid ETF filing with ticker $THYP, moving closer to a US-listed product after SEC feedback.

Crypto Market Holds Above $2.49 Trillion as PPI Shock Fuels Risk-On Flows

The total crypto market cap rose 0.62% to $2.50 trillion, holding steady above the critical 0.618 Fibonacci level at $2.49 trillion. That level has acted as resistance for weeks and is now being tested as support for the first time.

The move followed a surprisingly soft March PPI report. Wholesale prices rose 4.0% year over year, missing the 4.6% forecast by a wide margin. Monthly PPI gained just 0.5%, less than half the expected 1.1%. The softer print eased pressure on the Federal Reserve and boosted rate-cut expectations.

The S&P 500 also closed the April 14 session up 1.18%. Money is flowing into equities and crypto simultaneously. Meanwhile, the fragile US-Iran ceasefire holds despite a US naval blockade on Iranian ports. New negotiations could resume in Islamabad this week.

If $2.49 trillion holds as support, $2.56 trillion and $2.65 trillion become the next targets.

TOTAL Crypto Market Cap Analysis: TradingView

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

However, a loss of $2.49 trillion would expose $2.39 trillion and $2.32 trillion.

Bitcoin Breaks Above $75,000 but Profit-Taking Caps the Move

Bitcoin price rose 0.8% to $74,743, aligning with the broader risk-on shift triggered by the PPI data. BTC briefly broke above $75,511, the 0.786 Fibonacci retracement, before sellers stepped in near $76,117.

The long upper wick on the April 14 candle confirms profit-taking at that level. Despite the rejection, BTC remains above the key $73,249 support at the 0.618 Fibonacci level. That zone held through multiple tests over the past week before BTC finally broke above it.

The PPI-driven tailwind and improving ceasefire sentiment are supporting the bid. However, the selling pressure near $76,117 suggests that a daily close above $75,511 is needed to confirm continuation. Beyond that, $78,392 becomes the next target.

Yet if BTC drops below $73,249, the short-term outlook shifts. In that case, $71,660 and $70,072 come into play as the next support levels.

Bitcoin Price Analysis: TradingView

A daily close above $75,511 targets $78,392. A close below $73,249 exposes $71,660.

MemeCore (M) Leads With 96% Monthly Gain Near All-Time High

MemeCore (M), currently ranked 23rd by market cap, is up 5.6% today. The token has gained roughly 96% over the past 30 days. That makes it one of the strongest performers among top 100 tokens.

The broader crypto market rally gave MemeCore room to extend its run. The improving macro conditions supported risk appetite. As a result, altcoins with momentum benefited the most. The token recently touched an all-time high near $3.03 before pulling back slightly.

On the daily chart, MemeCore is forming a bull flag and pole pattern. The pole measured a 144% rally. A confirmed close above $2.89, aligning with the upper trendline, would expose the $3.03 all-time high. Breaking past that level targets $3.42, $3.96, and eventually $7.05 based on the pole projection. A cross above $4.83 would confirm the long-term measured move.

MemeCore Price Analysis: TradingView

Yet a loss of $2.56 would weaken the flag structure. A drop under $1.59 fully invalidates the pattern. For now, $2.89 separates a push toward new all-time highs from a retreat into the flag’s lower range.