Why Is The Crypto Market Up Today?

The crypto market trades at $2.41 trillion on April 10, marginally up from the previous close as a short squeeze across $248 million in positions gave buyers the initial push.

Bitcoin (BTC) rose 1.4%, outperforming the broader market, while Zcash (ZEC) surged 17% after breaking a bearish channel that had held since late January. The privacy coin sector jumped 6.7% alongside ZEC’s move.

In the news today:-

• Trump’s inner circle rallied behind the CLARITY Act on April 9, with former crypto czar David Sacks, CFTC Chair Michael Selig, SEC Chair Paul Atkins, and Treasury Secretary Scott Bessent all calling on the Senate to pass the bill before the Banking Committee reconvenes on April 13. Senator Bernie Moreno warned that if it does not pass by May, digital asset legislation could stall until after the November midterms.
• Morgan Stanley’s Amy Oldenburg, Head of Digital Asset Strategy, told Bloomberg TV that the MSBT spot Bitcoin ETF had the best first day of trading for any of Morgan Stanley’s ETFs. The fund launched on April 8 with a 0.14% expense ratio, the cheapest among all spot BTC products.
• Ethereum’s staking ratio surpassed 30% for the first time, reaching an all-time high with roughly $85 billion worth of staked ETH securing the network. The milestone arrived as the Ethereum Foundation continued its planned 5,000 ETH conversion into stablecoins for grants and R&D.

Crypto Market Holds $2.41 Trillion as Short Squeeze Drives the Push

The total crypto market capitalization sits at $2.41 trillion on April 10 after moving up 0.63% from the previous close. The initial push came via a short squeeze. The force liquidated $247.89 million in short positions over the past 24 hours, accounting for roughly 73% of the $340.10 million in total liquidations across 123,299 traders.

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Liquidation Heatmap: CoinGlass

However, the momentum is showing signs of cooling. Long liquidations have started picking up over the past few hours, and the market gave back part of its intraday gains after being rejected at $2.44 trillion. The two-sided liquidation activity suggests a whipsaw environment where both buyers and sellers are getting caught at the edges.

The $2.39 trillion floor has held as support across the April 8 and 9 sessions, establishing itself as a tested level. On the upside, $2.44 trillion and $2.49 trillion at the 0.618 level need to be cleared. A move above $2.49 trillion would open the path toward $2.56 trillion and $2.65 trillion. If $2.39 trillion fails, $2.33 trillion and $2.23 trillion come into focus.

TOTAL Crypto Market Cap Analysis: TradingView

As long as the market remains trapped between $2.39 trillion and $2.44 trillion, every bounce risks fading and every dip risks getting bought.

Bitcoin Leads Charge as Morgan Stanley’s ETF Sets a Record

Bitcoin is trading at $71,858 on April 10, up 1.4% over the past 24 hours and outperforming the broader market. The move was supported by Morgan Stanley’s MSBT launch, which Amy Oldenburg described on Bloomberg TV as the best first day of trading for any ETF in the firm’s history.

The institutional signal matters. Morgan Stanley’s 16,000 financial advisers and trillions in client assets now have an in-house product to recommend. Plus, the record debut suggests adviser-driven demand was already waiting.

The CLARITY Act push from four senior administration-aligned figures on April 9 adds a regulatory tailwind as well.

On the technical side, Bitcoin needs roughly a 2% move to test $73,249 at the 0.618 Fibonacci level. BTC hasn’t tested this line since April 7. A break above $73,249 targets $75,511 and $78,392. On the downside, losing $71,660 at the 0.5 level would bring $70,072 and $68,106 into play.

Bitcoin Price Analysis: TradingView

A daily close above $73,249 keeps the bullish structure alive. A close below $71,660 opens the door to a retest of $70,072.

Zcash (ZEC) Breaks Free From a 73-Day Bearish Channel

Zcash (ZEC) trades at $367.27 after surging roughly 17% over the past 24 hours. This makes it one of the biggest gainers among top tokens. The broader privacy coin sector rose 6.7% alongside ZEC’s move, suggesting the bid didn’t focus on a single token.

The technical significance goes beyond the daily gain. Since January 27, ZEC had been trading inside a falling channel on the daily chart. Every rally during that period stayed within the channel’s boundaries. The current move is different. ZEC broke above the upper trendline for the first time in 73 days, turning the bearish structure neutral to bullish.

If ZEC holds above $341, the breakout target sits at $433 at the 1.618 Fibonacci extension. A move above $433 would extend the rally toward $583. However, a drop back below $341 could weaken the current momentum. And a drop under $284 could invalidate the existing bullishness.

Zcash Price Analysis: TradingView

At present, $341 separates a confirmed channel breakout targeting $433 from a failed move that might trap buyers back inside the 73-day bearish structure.