Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) caught investors’ attention over the last 24 hours. As the crypto king crossed the $105,000 mark, it imbued hope among investors, but it very likely also triggered profit taking. Nevertheless, altcoins like Virtuals Protocol (VIRTUAL) are still seemingly thriving, as noted in their 14% rise.

In the news today:-

• An Australian man in Queensland forfeited 25 Bitcoin, a mansion, and a Mercedes-Benz after the Australian Federal Police linked them to crime proceeds. The seized assets, worth $2.88 million, were part of a broader operation by the Criminal Assets Confiscation Taskforce.
• The “2025 Stablecoin Status Report” by Fireblocks reveals that stablecoins are turning into essential financial infrastructure, with 90% of financial executives actively testing or using them. Key benefits include faster transactions, reduced regulatory barriers, and strong customer demand, with Fireblocks handling 15% of global stablecoin transactions.

The Crypto Market Rises And Falls

The total crypto market cap rose by $25.9 billion in the last 24 hours, with the intraday rise peaking at $118 billion. Reaching $3.31 trillion before retreating to $3.25 trillion, the market showed strong fluctuations. While bullish momentum continues, profit-taking from investors is weighing on the overall growth.

The market faces a battle between bullish cues and profit-taking from investors. Bitcoin’s gains have contributed to this upward momentum. For further growth, the total market cap needs to secure $3.28 trillion as support. This would be a strong signal for continued bullish movement, confirmed by the Parabolic SAR indicator.

Total Crypto Market Cap Analysis. Source: TradingView

If the market fails to breach $3.28 trillion, the next support level at $3.16 trillion could see a drop in the crypto market cap, which would invalidate the bullish outlook. This decline would erase part of the recent gains, creating uncertainty for investors.

Bitcoin Makes It Past $105,000, For A While

Bitcoin’s price stands at $104,613, after crossing the $105,000 mark in the last 24 hours. It also breached the critical resistance at $106,265, signaling bullish strength.

Despite Bitcoin’s progress, it failed to hold the intraday high of $107,108. However, the price is still within striking distance of its all-time high (ATH) of $109,588, being just 4.77% away. Bitcoin could continue its ascent if profit-taking remains subdued and demand for the coin stays strong.

Bitcoin Price Analysis. Source: TradingView

If selling pressure intensifies among investors, Bitcoin’s price could experience a pullback to $102,734. This drop would invalidate the current bullish outlook, erasing the recent gains. A decline to this support level could trigger further caution in the market and delay Bitcoin’s progress toward its ATH.

Virtuals Protocol Misses Flipping $2 Into Support

VIRTUAL’s price surged nearly 14% in the last 24 hours, making it the best-performing altcoin of the day. At $1.92, the coin is facing resistance at $2.00, failing to secure it as support. Despite this, the recent rise reflects strong investor interest and the potential for further gains.

VIRTUAL still has the opportunity for a rally if it can reclaim $2.00 as support. Should this happen, the altcoin could push toward the $2.26 barrier. The Golden Cross formed in the EMAs 10 days ago further reinforces the possibility of bullish momentum continuing, supporting investor optimism.

VIRTUAL Price Analysis. Source: TradingView

However, if the market turns unfavorable or selling pressure increases, VIRTUAL could decline. A drop to the $1.59 support level would challenge the current bullish outlook. Such a move would test the coin’s resilience and potentially delay any further price increases.