Why Is Crypto Market Climbing Today? Key Insights

Key Factors Behind Today's Crypto Market Surge

The total crypto market cap is slowly recovering, showing a bullish pattern similar to Bitcoin (BTC). It recently added $100 billion in 24 hours, reaching $1.97 trillion and approaching the $2 trillion resistance level. TOTAL is moving within a bullish descending broadening wedge, indicating a potential rally. 

However, to breach the upper trend line at $2.33 trillion, it must secure $2.30 trillion as support. Overcoming multiple resistances, especially at $2.20 trillion, is crucial for a sustained recovery.

The market specialists have pointed out that the recent strength of Bitcoin is due to the better sentiment. Crypto market is on the rise again, Bitcoin had another green day and broke through the $57,000 mark. This improvement in market sentiment is also seen in the Crypto Fear and Greed Index that has moved up from extreme fear levels.

Bitcoin Bounces Back After Major Selloff - Will it Reach 70K?

Bitcoin (BTC) has been on a rather wild swing in the last few days, with a massive sell-off. Nevertheless, it was able to experience a major sell off but later on, it was able to bounce back, which may suggest a change in trend.

The chart reveals a clear downtrend over the past month, with Bitcoin breaking below crucial support levels and testing the key level around 55,000. However, the recent rebound suggests a potential shift in momentum.

At the time of writing BTC was trading at 57,043 with a 1.78% of intraday spike. Currently it has a market cap of 1.13 Trillion with a 24 hour trading volume of 46.68 Billion. 

Bitcoin's price is currently navigating a broadening descending wedge, a pattern it has been confined to since the early months of the year. BTC recently tested the lower trend line and is now striving to re-establish $60,000 level.

Achieving $70,000 will demand sustained bullish momentum from investors, and while BTC could potentially reach this target by month's end, the journey may be hindered by resistance around the $60,000 and $65,000 levels. Any short-term selling pressure could further delay this recovery.

Conclusion

The crypto market is rebounding and the total market cap has risen to $1.97T and BTC recovering after a large sell-off. The Crypto Fear and Greed Index shows that the market sentiment has been improving in the recent past, and this has boosted Bitcoin’s strength. Bitcoin wants to reclaim $60,000 as support and possibly reach $70K by the end of the month, but there is resistance at $60K to $65K, which may hinder its rally.

Also Read: Metaplanet’s Bitcoin Holding Reached 245.992; What Next?