Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) are green despite barely moving on the daily chart. Among the altcoins Virtuals Protocol (VIRTUAL) is emerging as the best performing token, rising by 40% today.

In the news today:-

• Arizona’s State Legislature passed Bitcoin reserve bills SB1025 and SB1373, which are now awaiting Governor Katie Hobbs’ approval to become law. The bills, which passed comfortably, could secure the future of the Reserve if signed into law, following the end of Hobbs’ veto stance over a funding dispute.
• Rice Robotics is partnering with Floki to launch a Floki-themed AI-powered minibot and its RICE token, which will be airdropped to FLOKI holders. The minibot will assist users with tasks, and interactions will reward users with RICE tokens, helping train the company’s AI models.

The Crypto Market Prepares For Breakout

The total crypto market cap has gained $21 billion in the last 24 hours, currently standing at $2.92 trillion. The broader market is showing stability, with most cryptocurrencies holding steady. This positive movement suggests confidence among investors, supporting the idea of continued growth for the overall market in the short term.

TOTAL is approaching the $2.93 trillion resistance, and breaching this level could propel the market cap toward $3.00 trillion. For this to happen, the market needs to maintain its stability and investor confidence. A successful break above $2.93 trillion would signal further bullish momentum for the broader crypto market.

Total Crypto Market Cap Analysis. Source: TradingView

If the resistance at $2.93 trillion holds, the crypto market cap could face a decline. Falling below the $2.87 trillion support would indicate potential weakness, possibly sending TOTAL to $2.80 trillion or lower.

Bitcoin Retests Support

Bitcoin’s price has risen by less than 1% in the last 24 hours, still attempting to breach the critical $95,761 resistance. This level is crucial for confirming the next phase of its bullish momentum. A successful break above this resistance could set Bitcoin on track for further gains.

The recent demand in the broader market, especially driven by Michael Saylor’s Strategy, has supported Bitcoin’s upward movement. Saylor’s purchase of 15,355 BTC, worth over $1.42 billion, is fueling optimism. This buying pressure could push Bitcoin past the $95,761 barrier and eventually move toward the $100,000 mark.

Bitcoin Price Analysis. Source: TradingView

However, if Bitcoin loses support at $93,625, a significant decline could follow. A drop below this level might lead to further losses, potentially bringing the price to $91,521 or even $89,800. Such a move would completely invalidate the current bullish outlook for Bitcoin, signaling a possible reversal.

Virtuals Protocol Wins Today

VIRTUAL has surged nearly 40% in the last 24 hours, trading at $1.48. The altcoin is now testing the crucial $1.59 resistance level. A successful breach of this level could signal the continuation of its bullish trend, potentially driving VIRTUAL toward higher price targets in the coming days.

For VIRTUAL, breaching $1.59 is essential, as it could pave the way for a move toward $2.27. This breakthrough would mark the end of a three-month-long consolidation period, potentially allowing the altcoin to build stronger momentum. 

VIRTUAL Price Analysis. Source: TradingView

However, if investors decide to lock in profits early, VIRTUAL could experience a significant pullback. A drop below $1.25 could trigger a further decline toward $0.95, invalidating the current bullish outlook. Monitoring investor behavior will be critical to understanding VIRTUAL’s potential for continued growth.