Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) are in the green today, but they haven’t noted any considerable growth. Nevertheless, this did manage to push altcoins upwards, with Fartcoin (FARTCOIN) emerging as the best-performing token today.

In the news today:-

• KiloEx, a new perpetual trading platform backed by YZi Labs, experienced a cross-chain exploit, losing around $7 million. The attack, which began on April 14, is still ongoing and has affected BNB Smart Chain, Base, and Taiko networks.
• Despite the fears of recession, public companies Strategy and Metaplanet are increasing their Bitcoin purchases, with Strategy buying $285 million and Metaplanet $26.3 million. Metaplanet’s investment is especially notable as it contrasts with Japan’s rising 30-year treasury yields and the traditional move to pull back from the dollar.

The Crypto Market Posts Growth

The total crypto market cap surged by $40 billion, reaching $2.66 trillion, though macro-financial conditions remain weak. While market conditions are still unstable, the market has shown signs of resilience.

The current support for the total crypto market cap stands at $2.61 trillion. To confirm a bullish trend, the market cap needs to breach the $2.74 trillion resistance level. Success in crossing this resistance could lead to further growth, driving the market cap higher and attracting more investor interest.

TOTAL Price Analysis. Source: TradingView

If the market cap fails to hold above $2.61 trillion, it could experience a significant pullback. In this scenario, the total crypto market cap may decline to $2.50 trillion, resulting in losses. A failure to breach the resistance level would signal continued uncertainty and a potential market correction.

Bitcoin Finds Its Way Past $85,000

Bitcoin’s price at $85,285 shows positive momentum, with $85,000 acting as a significant psychological and technical support level. If Bitcoin can maintain this level, it strengthens the possibility of further gains. The next resistance to watch is $86,848, which will be crucial for sustaining upward momentum.

Breaking through $86,848 is essential for Bitcoin to avoid the formation of a potential Death Cross. A rise above this level would mark a decisive move toward recovery, pushing the price towards $89,800. This would solidify the bullish outlook and prevent bearish trends from taking hold.

BTC Price Analysis. Source: TradingView

On the other hand, if Bitcoin loses support at $85,000, it could fall to $82,619. A dip below this level would invalidate the bullish scenario and potentially confirm the onset of a Death Cross. This would signal further downside risk and delay any recovery rally.

FARTCOIN Takes The Top Spot

FARTCOIN has been one of the best-performing tokens today, rising by 14% in the last 24 hours. At $0.91, the meme coin is approaching the crucial $1.00 resistance level. This price action could set the stage for further upside if it successfully breaches this barrier.

Flipping the $1.00 resistance into support is essential for FARTCOIN to confirm a recovery rally. Successfully holding above $1.00 will solidify bullish momentum and also prevent any sharp declines in the near term. This could push the meme coin towards $1.20, signaling a stronger uptrend.

FARTCOIN Price Analysis. Source: TradingView

If FARTCOIN fails to hold above key support levels of $0.80 and $0.69, it risks a significant decline. A drop below these levels could send the meme coin down to $0.60, invalidating the current bullish outlook and halting the ongoing recovery.