Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) managed to bounce back slightly as the broader market cues turned bullish. Bitcoin (BTC) led the short-term rise, nearly rising past the $85,000 barrier. Among the altcoins, EOS took the top, increasing by 30% in the last 24 hours.

In the news today:-

• Circle, the leading stablecoin issuer, has officially launched its IPO after nearly a year of preparation. This move opens up opportunities for financial benefits and deeper integration with financial infrastructure and regulatory frameworks.
• UPCX suffered a major hack today, with 18.4 million UPC tokens, worth around $70 million, stolen from its management accounts. The hackers have yet to offload the stolen assets, and the incident has caused a significant drop in UPC’s price.

The Crypto Market Notes Gains

The total crypto market cap rose by $50 billion in the last 24 hours, currently standing at $2.68 trillion. This bounce from the $2.61 trillion support level signals some potential for short-term recovery. The market is showing signs of strength but is still fragile, with further challenges ahead.

Although the market conditions haven’t fully turned bullish, they have improved from the previous week. If the upward momentum continues, TOTAL could rise to $2.74 trillion, potentially breaching that level.

Total Crypto Market Cap Analysis. Source: TradingView

However, if selling pressure increases unexpectedly, the current short-term bullish trend could reverse. In that case, the total crypto market cap could fall back to $2.61 trillion or even dip lower. Any major drop would undermine the recent recovery and add to market uncertainty.

Bitcoin Attempts Breaching Key Barrier

Bitcoin’s price is currently at $84,581, just below the $85,000 level. Despite failing to breach this key resistance, BTC is expected to make another attempt. A successful flip of this level into support could signal the start of a potential bullish rally for the crypto asset.

The absence of a Death Cross on the EMAs is a positive sign for Bitcoin’s potential growth. With no immediate bearish crossovers, Bitcoin’s price could move past the $85,000 barrier. If this occurs, the next target could be $89,800, signaling a strong recovery and growth trajectory for the cryptocurrency.

Bitcoin Price Analysis. Source: TradingView

On the other hand, the bullish outlook could be invalidated if Bitcoin fails to maintain $85,000 as support. In that case, BTC could see a decline toward the $80,301 level. If this happens, the momentum will shift, and the price could experience further downward pressure, disrupting any recovery.

EOS Hits A Multi-Week High

EOS has surged 30% over the past 24 hours, making it the top-performing altcoin of the day. The uptick is attributed to improved market conditions and the anticipation surrounding the upcoming rebranding of EOS to Vaulta. This positive sentiment has driven significant buying pressure.

The price surge has allowed EOS to break past the Ichimoku Cloud, with candlesticks now above it, signaling the weakening of bearish momentum. Currently trading at $0.80, EOS is targeting $0.84. If the altcoin continues to ride this momentum, it could see further gains and approach the next resistance levels.

EOS Price Analysis. Source: TradingView

However, if EOS fails to break through $0.84, it may retreat to the $0.76 support level. A drop below this level could lead to further declines, potentially reaching $0.66. This would invalidate the current bullish outlook, pushing EOS back into consolidation.