Why Is The Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) reacted positively on Monday despite the Middle East crisis. Altcoins noted a rise as well, with Near Protocol (NEAR) leading the gains, marking a 23% rise.

In the news today:-

• The White House’s March 1 deadline for resolving the stablecoin standoff has passed without a deal, leaving trillions in institutional capital at risk. Without stablecoin legislation, regulatory uncertainty persists, and crypto innovation continues shifting to more favorable jurisdictions in Europe and Asia.
• Ray Youssef, founder of NoOne, is under investigation by the US DOJ for allegations that his platform, Paxful, operated without proper licensing and failed to implement effective AML controls. The DOJ also claims Paxful facilitated transactions linked to unlawful activities, which Youssef denies, calling it part of the anti-crypto agenda.

The Crypto Market Reclaims Support

The total crypto market cap has seen a significant increase of $61 billion in the last 24 hours, now sitting at $2.31 trillion. Despite geopolitical tensions and market volatility over the weekend, the market has managed to hold steady above the crucial $2.30 trillion support, signaling stability.

The key resistance level for the total crypto market cap is now $2.37 trillion, a barrier that has prevented a breakout for almost a month. If bullish momentum continues and this resistance is breached, it could propel the market cap toward $2.45 trillion, signaling a stronger market recovery and confidence.

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TOTAL Price Analysis. Source: TradingView

However, if the bullish momentum fails, the market could experience a pullback. The total crypto market cap could drop below the $2.30 trillion support, leading to a potential decline back to the $2.22 trillion level. This would indicate a weakening market trend and a possible consolidation phase.

Bitcoin Is Still Under $70,000

Bitcoin’s price is currently at $68,158, sitting just under the $68,830 resistance. The cryptocurrency has been stuck in a range between $70,000 and $65,000 for some time. This consolidation phase signals indecisiveness among investors and highlights the need for a catalyst to push the price beyond these levels.

Despite the recent rise in Bitcoin’s price over the last 24 hours, it remains under the critical $70,000 resistance. This psychological barrier has proven difficult to breach, and further buying pressure will be needed to move past it. If BTC can reclaim the $72,294 resistance as support, it could trigger a strong upward momentum.

Bitcoin Price Analysis. Source: TradingView

If investors continue to panic around the $70,000 level, Bitcoin’s price could remain within its current consolidation range. The nearest supports for Bitcoin lie at $66,224 and $65,000, and if these are breached, it could signal further downside.

Near Protocol Nears $1.50

NEAR price is currently at $1.41, holding above the $1.36 support level. The next major resistance for the altcoin lies at $1.50, which would also breach a psychological barrier. If NEAR manages to break through this level, it could trigger further bullish momentum and price action.

The Chaikin Money Flow (CMF) indicator is sitting in the positive zone above the neutral mark, signaling that inflows are dominating NEAR’s market. This is an encouraging sign for continuing the uptrend and pushing the price towards the next resistance level at $1.62. The momentum remains favorable for NEAR.

NEAR Price Analysis. Source: TradingView

However, if the bullish momentum starts to wane, NEAR price could experience a correction. The critical support for the altcoin is at $1.25, marked by the 61.8% Fibonacci retracement level. If this level is lost, it would invalidate the bullish thesis and potentially drive the price further down to $1.17.