Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) is testing $2.40 as support, with Bitcoin’s price sitting at $67,618 after it failed to breach a key resistance. Among the altcoins, Arweave (AR) emerged as the biggest loser, which was expected in a few trading sessions regardless.

In the news today:-

• Joe Biden-inspired meme coins took a hit over the past day as the President of the US withdrew from the 2024 elections. As the Democratic party endorsed Kamala Harris as their candidate, Harris-themed meme coins rallied.
• Ethereum’s price is holding under $3,500 as the spot ETH ETF applications are less than 24 hours away from launching.

The Crypto Market is Readying Itself

The total crypto market cap above $2.40 trillion exhibits resilience as the market prepares to launch spot ETH ETFs. The Chicago Board Options Exchange (CBOE) confirmed the launch date as July 23, which is less than 24 hours away.

TOTAL is currently at $2.40 trillion, a key support level for the market. A bounce off the line will enable a rise towards $2.50 trillion, a critical barrier.

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

Total Crypto Market Cap Analysis. Source: TradingView

A decline below $2.40 trillion is unlikely, but a drawdown to $2.30 trillion is possible if bearishness dominates the market.

Bitcoin’s Price Reaches $68,000

During the weekend’s intra-day rise, Bitcoin’s price hit a high of $68,500, attempting to breach the barrier. While this attempt failed, the bullishness anticipated from the broader market this week could drive BTC beyond this resistance. 

The target price for Bitcoin is currently $70,000; however, reclaiming it as support and sustaining the rise could be slightly difficult

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

Bitcoin Price Analysis. Source: TradingView

On the other hand, if BTC does not breach this resistance, it could slip to $66,000, which could send it to $64,800.

Arweave Faces Consolidation

Arweave’s price took the biggest hit today as the altcoin dropped by 5.6% to trade at $32. The drawdown was anticipated anyway, as the Relative Strength Index (RSI) shows the crypto asset was close to the overbought zone.

This would have resulted in a market cooldown followed by corrections, potentially sending AR to $28, which is the likely outcome right now. Consequently, a bounce-off would have resulted in consolidation.

Read More: The Economics of Decentralized Storage Protocols

AR Price Analysis. Source: TradingView

However, if the altcoin manages to recover and head on upwards to breach the resistance at $37, the bearish-neutral thesis could be invalidated.