Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) are both safe from volatility at the moment. However, this lack of fluctuation also keeps them from breaching key barriers. Nevertheless, EOS managed to find some room to grow and emerge as the best-performing asset of the day, rising by 28%.

In the news today:-

• Coinbase introduced Verified Pools to attract institutional clients, offering secure liquidity pools with enhanced efficiency and on-chain infrastructure. The service aims to provide greater security with measures like KYC and sanctions screening, addressing concerns about liquidity pools’ lack of security for large institutions.
• Burwick Law, a New York-based legal firm, filed a class action lawsuit against key parties involved in the LIBRA meme coin scandal, targeting KIP, Meteora, and Kelsier. The lawsuit alleges significant financial misconduct, though it does not include President Javier Milei in the case.

The Crypto Market Is Standing Still

The total crypto market cap rose by $8.79 billion, reaching $2.68 trillion at the time of writing. Despite this increase, the market remains stuck under the critical resistance of $2.75 trillion. The market’s inability to break this barrier is holding back further growth for now.

The lack of volatility in the market has kept the total crypto market cap stable, preventing any sharp declines. However, this same low volatility also restricts growth. TOTAL now relies heavily on broader macroeconomic factors to drive momentum and trigger any significant upward movement in the near future.

Total Crypto Market Cap Analysis. Source: TradingView

As of now, the total crypto market cap is expected to maintain consolidation between the range of $2.75 trillion and $2.61 trillion. This range will likely hold, with the lower support of $2.61 trillion providing a cushion if the market faces any short-term challenges.

Bitcoin Remains Stuck Under $85,000

Bitcoin’s price stands at $82,926, hovering just under the $85,000 barrier after a failed attempt to breach it. The cryptocurrency remains stuck in consolidation, holding above the key support of $80,301. This lack of momentum and volatility is keeping Bitcoin’s price from making a decisive move upward.

The investors’ hesitation to re-enter Bitcoin reflects the uncertainty among investors. For BTC to break above the $85,000 resistance, a return of investor confidence and broader market stability will be crucial in fueling a potential rally.

Bitcoin Price Analysis. Source: TradingView

If the bearish sentiment persists, Bitcoin may struggle to hold the $80,301 support level. A failure to maintain this floor could lead to further losses, pushing Bitcoin’s price lower and invalidating the bullish outlook. With weak demand and market uncertainty, downside risks remain significant.

EOS Makes Way

EOS price surged by 28% over the last 24 hours, reaching $0.6401. Despite the rise, the altcoin struggled to breach the critical $0.6692 resistance level. This indicates that while EOS has gained, it faces significant barriers to further upward movement, with $0.6692 acting as a key hurdle.

The $0.6692 barrier has held strong for more than a month, proving to be a crucial level for EOS. Successfully breaching this resistance would open the door to further gains, with a potential rise to $0.7649. This would allow EOS to maintain its uptrend and attract more investor interest.

EOS Price Analysis. Source: TradingView

If EOS fails to break past $0.6692, the altcoin could experience a sharp pullback. The failure to hold above $0.6692 might result in a drop through the support of $0.6065, possibly sliding to $0.5460. This could invalidate the bullish outlook, erasing much of the recent gains made by EOS.