Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) continues to grow, as observed over the last few days. This is followed by Bitcoin (BTC), which is currently above $65,000, inching closer to $67,000. On the altcoin front, Worldcoin (WLD) could be seen leading the brigade owing to a rather seemingly bearish announcement.

In the news today:-

• BlackRock’s spot Bitcoin ETF iShares Bitcoin Trust (IBIT) has crossed $20 billion in terms of BTC under management. The asset management firm reached this AUM milestone in merely six months since the launch.
• Tuesday registered the highest single-day inflows over a month, hitting $422.5 million. While some ETFs noted some to no inflows, no ETF observed outflows.

The Crypto Market Is Recovering

The total crypto market cap is continuing its uptrend, aiming to breach the resistance at $2.39 trillion. Flipping it would open TOTAL to a potential run up to $2.50 trillion, a crucial psychological resistance level. 

The steady rise of cryptocurrency is fueling the growth, which is expected to continue. Next week, spot Ethereum ETFs could be launched, boosting institutional inflows.

Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

Total Crypto Market Cap Analysis. Source: TradingView

However, if the market were to cool down, the resistance at $2.39 trillion would remain unbreached. As a result, TOTAL could end up being consolidated.

Bitcoin’s Price Reaches a New High

Bitcoin’s price is keeping its investors happy with the green candlesticks. The broader market’s sustained bullish cues have pushed BTC above $65,000, and it is trading close to $66,000.

Bitcoin’s next major resistance is currently at $67,100, and flipping it is possibly BTC’s next move. This would enable a rise to $70,000, the breakout point for BTC’s broadening wedge pattern.

Read More: Bitcoin Halving History: Everything You Need To Know

Bitcoin Price Analysis. Source: TradingView

However, seeing how $67,100 has held strongly as a resistance level in the past, BTC might struggle to breach it. A failed breach could push it down to $63,174 again, as could profit booking.

Worldcoin’s Unexpected Growth 

Worldcoin’s price has surged massively since the beginning of this week owing to a rather interesting development. The team behind the token announced that starting July 24, the WLD held among investors and team members of Tools for Humanity (TFH) will begin unlocking.

A schedule of unlocking 2 million WLD every day for the next four years has been set. Token unlocks are generally a bearish event as they flood the market with tokens, diminishing demand.

Read More: How to Buy Worldcoin (WLD) and Everything You Need to Know

Worldcoin Price Analysis. Source: TradingView

Worldcoin’s price, however, noted the opposite, shooting up by 24% in the last 24 hours and by 52% this week. Trading at $2.7, WLD is close to breaching the resistance at $3.0. Flipping it into support would further the bullishness.