Why Is the Crypto Market Up Today?

2 weeks ago 27

The total crypto market cap (TOTAL) and Bitcoin (BTC) have not noted much of a growth over the past day, however, this is a good sign. Declining volatility will allow for eventual bullish cues to thrive. PancakeSwap (CAKE) following this lead noted a 40% rise, becoming the best performing asset of the day.

In the news today:-

Bitcoin ATMs are facing increasing regulatory scrutiny globally due to their use in scams and illegal activities. New Zealand law enforcement has raised concerns, with the country’s National Risk Assessment citing their involvement in fraud, money laundering, and other crimes, following a similar crackdown in Australia.

Canary Capital submitted the necessary paperwork with the SEC to launch the “Canary Sui ETF” after registering it in Delaware on March 7, 2025. The move signals the company’s intent to file an S-1 with the US SEC, potentially bringing Sui ETFs to the traditional market for the first time.

The Crypto Market Is Improving

The total crypto market cap recently rose by about $50 billion over the last 24 hours, but it now stands at $2.67 trillion. Despite the persistence of bearish sentiment, bullish cues are becoming stronger.

Given the current lack of market volatility, it seems likely that the total crypto market cap will remain consolidated between $2.75 trillion and $2.63 trillion. As bullish cues grow stronger, there’s a possibility that the market could push past this resistance and trigger further positive price action.

However, if bearish sentiment prevails, the total crypto market cap could fall below the $2.63 trillion support level. This would signal further declines, potentially bringing the market down to $2.58 trillion or lower, resulting in additional losses for investors in the short term.

Bitcoin Continues Its Uptrend

Bitcoin’s price is currently in an uptrend, trading at $83,166, just below the $85,000 resistance. Given the current market momentum, BTC is likely to breach this level and continue its upward trajectory. If this occurs, Bitcoin could see further gains in the coming days.

The target for Bitcoin is to reclaim $85,000 as support, with the potential to make its way to $89,800. If accumulation improves, BTC could gain the strength needed to push past this resistance. Stronger investor confidence will be crucial for sustained upward movement toward the next target.

On the other hand, if bearish market cues prevail, Bitcoin could fall to the support of $80,301. A drop below this level would delay any potential recovery and invalidate the current bullish outlook, shifting market sentiment toward a more cautious tone.

PancakeSwap Skyrockets 41%

CAKE has experienced a 41% rise over the last 24 hours, making it the best-performing asset of the day. Trading at $2.52, the altcoin surged sharply due to an increase in weekly revenue. This boost suggests strong momentum, potentially positioning CAKE for further price growth in the near future.

Currently, CAKE faces the critical barrier of $2.65. If it manages to breach and flip this level into support, the altcoin could rise to $3.13. This movement would allow investors to recover recent losses and continue benefiting from the positive momentum observed in the past 24 hours.

However, if CAKE fails to break through $2.65, it risks falling back to support at $2.25 or lower. Such a failure would invalidate the bullish thesis and could result in further losses for investors, stalling the altcoin’s progress.

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