Why Is The Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) are performing well this weekend, with the crypto king sitting at $91,500. The bullishness extended to the altcoins as well, with the likes of Bonk (BONK) rallying by 22% in the last 24 hours.

In the news today:-

• US Rep. Ritchie Torres plans to introduce legislation banning government officials from trading prediction market contracts using nonpublic information. The proposal follows scrutiny of a profitable wager tied to the capture of Venezuela’s President Nicolás Maduro.
• Scam Sniffer reported a sharp decline in wallet-draining phishing losses across Ethereum-compatible chains in 2025. Total stolen funds fell to about $84 million, with affected wallets dropping to roughly 106,000 despite ongoing threat evolution.

The Crypto Market Benefits From Macro Support

The total crypto market cap added $48 billion in the past 24 hours, reaching $3.08 trillion. TOTAL remains just below the $3.09 trillion resistance. Momentum suggests the market could continue rising into the week, supported by improving risk appetite and broad-based altcoin participation.

Near-term direction depends on global market reaction to the US attack on Venezuela over the weekend. A positive response could support risk assets. In that case, TOTAL may break above $3.09 trillion and extend gains toward the $3.16 trillion level.

TOTAL Price Analysis. Source: TradingView

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A negative global reaction would pressure risk sentiment. Crypto markets could face spillover effects as ETFs record outflows. Such conditions may drag TOTAL below $3.05 trillion, exposing the market to a deeper pullback toward the $3.00 trillion support zone.

Bitcoin Breaks Out Of Bullish Pattern

Bitcoin price trades near $91,500 after breaking above the $90,000 resistance over the past 24 hours. Strong support has come from spot Bitcoin ETFs, which recorded $471 million in inflows on the first trading day of 2026, reinforcing institutional demand.

Bitcoin also confirmed a breakout from a descending wedge formed over the past six weeks. Price now faces local resistance at $92,031. Securing this level of support would validate the breakout structure and likely open a path toward the $95,000 target.

Bitcoin Price Analysis. Source: TradingView

If bullish momentum weakens, downside risk remains. Bitcoin could slip below the $90,979 support and retest $90,000. A sustained move under this level would invalidate the bullish thesis and suggest a return to short-term consolidation.

Bonk Surprises Investors With Sharp Rally

BONK price led the market today, trading near $0.00001140 at the time of writing. The meme coin closed firmly above the $0.00001103 support, confirming short-term strength. Sustained buying interest and elevated volume suggest traders remain engaged following the recent breakout.

The broader meme coin sector is benefiting from improving market conditions. Post-holiday liquidity and Bitcoin’s continued rise are boosting investor risk appetite. If this environment persists, BONK could extend gains and challenge the $0.00001216 resistance in the near term.

BONK Price Analysis. Source: TradingView

Momentum risks are increasing as indicators heat up. The Relative Strength Index sits above the 70.0 overbought threshold. This condition raises the likelihood of profit-taking, which could drag BONK toward $0.00001009 or lower, invalidating the bullish outlook.