Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) have seen slight growth over the past day, though they are encountering resistance. Despite this, altcoins remain unaffected by bearish pressure, with JasmyCoin (JASMY) standing out as the best-performing altcoin.

In the news today:-

• Grayscale has filed a 19b-4 application for an XRP ETF, adding to its recent push for new crypto investment products. However, the SEC appears cautious, with delays possibly linked to its short-staffed status and the pending confirmation of Trump’s nominee for Chair.
  
• Kraken has reinstated crypto staking for US clients in 39 states, marking a shift in regulatory policy. The move comes nearly two years after SEC enforcement halted its services, with Donald Trump’s presidency signaling a departure from previous regulatory crackdowns.

The Crypto Market Is In Green

The total crypto market cap has increased by $48 billion in the last 24 hours despite experiencing an $18 billion drop during intraday trading. Currently standing at $3.48 trillion, the market remains in a recovery phase, aiming to sustain its recent gains and push higher.

TOTAL is attempting to secure $3.49 trillion as a support level, a critical threshold for further upside. Successfully flipping this level into support could pave the way for a rally toward $3.64 trillion, helping to recover recent losses and restore investor confidence.

Total Crypto Market Cap Analysis. Source: TradingView

However, failure to breach $3.49 trillion could leave the total crypto market cap vulnerable to a decline. If selling pressure increases, TOTAL may drop toward $3.28 trillion, reversing its recent progress and signaling potential market weakness.

Bitcoin Is Stuck Under Resistance

Bitcoin’s price is hovering just below the $105,000 resistance level, and it is struggling to flip it into support. Despite this, BTC remains stable above the key $100,000 support level, preventing a deeper correction. Investors are closely monitoring whether Bitcoin can sustain its momentum and break through this critical barrier.

A successful flip of $105,000 into support could provide the necessary push for Bitcoin to rally toward its all-time high (ATH) of $109,699. This move would signal strong bullish momentum and encourage further investor confidence in BTC’s upward trajectory.

Bitcoin Price Analysis. Source: TradingView

However, another failed attempt to breach $105,000 could keep Bitcoin consolidated above $100,000. If selling pressure increases, BTC risks losing this support, potentially leading to a deeper decline and extended losses in the near term.

JasmyCoin Is Recovering

JASMY surged 31% in the past 24 hours and is now trading at $0.0324. The altcoin is holding above the critical support level of $0.0313, which remains key to maintaining its bullish momentum. 

This rally was significant for JASMY, as the altcoin had been in a persistent downtrend for over a month and a half. Successfully flipping $0.0313 into a support level could strengthen its position, potentially pushing the price toward $0.0395 in the coming sessions.

JASMY Price Analysis. Source: TradingView

However, failure to maintain support at $0.0313 could reverse JASMY’s recent gains. A drop below this level might send the altcoin down to $0.0270 or lower, invalidating the bullish outlook and delaying any further recovery.

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