Why Is the Crypto Market Up Today?

The total crypto market cap (TOTAL) is slightly climbing back up after stabilizing market conditions, which saved it from a decline below $2 trillion. Bitcoin’s (BTC) price is acting no differently, observing a mild recovery, but meme coin BONK is standing on the extreme end of this spectrum, noting double-digit gains.

In the news today:-

• All spot Ethereum ETF applicants have submitted updated S-1 forms to the Securities and Exchange Commission. These forms are expected to be approved by July 18.
• The Chicago Board Options Exchange (CBOE) filed form 19b-4s for Solana exchange-traded funds (ETFs) with the SEC. The deadline for a response, however, is until mid-March 2025.

The Crypto Market Finds Solid Ground

The sliding total crypto market cap finally halted at the $2 trillion mark, providing some relief to the market’s bearish concerns. Currently at $2.07 trillion, TOTAL will likely leverage this bullishness to initiate recovery. 

The first barrier in the path is $2.11 trillion, with the next major resistance at $2.20 trillion. Breaching both would mean that a considerable portion of the recent losses have been recouped.

Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

But if the breach fails or if the market fails to show confidence in recovery, expect a drawdown to or below $2 trillion.

Bitcoin’s Price Is Not at Its Best

Trading at $57,600, Bitcoin’s price is close to breaching the resistance at $58,847. Up until now, the potential for BTC to fall to test the support at $55,000 looked strong, but the broader market cues prevented that.

This has also saved Bitcoin’s price from validating the double bottom pattern that suggested $50,900 was the ideal target price. Should BTC secure $58,800 as support, further recovery is possible, which could push the crypto asset to $61,480 and beyond.

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Nevertheless, this could also result in some rapid selling to prevent further losses that might hamper recovery. Failure to breach the resistance would result in consolidation for BTC.

BONK Unleashes Fury

BONK’s price took the crypto market by surprise, as the meme coin charted unexpected gains at the beginning of this week. The altcoin rallied by nearly 27% in the span of a single day, which not only helped BONK bounce back from $0.00002153 but also brought it to $0.00002840.

The rise pushed BONK to a three-week high, invalidating most of the losses observed throughout the latter half of June. To continue the rally, a flip of $0.00002840 is expected out of the meme coin.

Read More: 7 Best Base Chain Meme Coins to Watch in July 2024

Nevertheless, this barrier has rejected attempts of breach from the meme coin in the past. A repeat of this could result in consolidation for BONK within the aforementioned support and resistance.