Why Is The Crypto Market Up Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) are steadily rising, attempting recovery, and moving sideways. The altcoins are benefitting from this momentum, with Filecoin (FIL) rising by 71% in the span of 24 hours. In the news today:- Judge Jessica G.L. Clarke declared a mistrial in the US v. Peraire-Bueno case after the jury failed to reach a unanimous verdict. The high-profile crypto-related trial, involving wire fraud and money laundering charges, drew comparisons to the Department of Justice’s Tornado Cash proceedings. Kazakhstan plans to launch a $1 billion crypto reserve fund by early 2026, funded by seized assets and crypto-mining revenues. The initiative aims to channel recovered digital wealth into national investments, marking a major step in the country’s digital finance strategy. The Crypto Market Rises The total crypto market cap increased by $81 billion in the past 24 hours, reaching $3.42 trillion. TOTAL now hovers just below the key $3.43 trillion resistance, reflecting cautious optimism among investors. If this positive sentiment continues, TOTAL could break above the $3.43 trillion barrier and climb toward $3.49 trillion. Sustained inflows and improving macroeconomic conditions could further drive the market toward $3.56 trillion. Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here. Total Crypto Market Cap Analysis. Source: TradingView However, if selling pressure intensifies or global risk appetite weakens, TOTAL may reverse its trajectory and drop to $3.31 trillion. A slip to this level would trap the market in a rangebound phase, delaying recovery and invalidating the short-term bullish outlook for digital assets. Bitcoin Holds The $100,000 Psychological Level Bitcoin’s price is trading at $102,574, holding above the critical support of $101,477 and remaining just over the $100,000 threshold. The crypto king continues to show resilience despite broader market uncertainty. If Bitcoin can build on this momentum, the cryptocurrency could climb toward $105,000 and potentially breach that level. A decisive move above this resistance would strengthen the bullish outlook, signaling renewed investor confidence. Bitcoin Price Analysis. Source: TradingView However, if bullish momentum fades and selling pressure increases, Bitcoin’s price could retreat toward the $100,000 support. A drop below this level would signal weakness and invalidate the bullish thesis. Filecoin Jumps On The Charts Filecoin’s (FIL) price is trading at $3.249, just below the $3.56 resistance, after soaring 71% in the past 24 hours. The altcoin’s impressive rally reflects growing investor confidence, with market indicators suggesting that momentum may continue building. Technical indicators show that FIL is nearing the formation of a Golden Cross, a historically bullish signal. If confirmed, this could drive the altcoin higher, potentially breaking past $3.56 and reaching $4.20. Sustained inflows and positive sentiment would further strengthen the uptrend for Filecoin’s price. FIL Price Analysis. Source: TradingView However, if investors choose to secure profits after the recent surge, FIL’s price could face selling pressure. A decline below $3.00 could expose the token to further losses, pushing it toward $2.63 or lower, which would invalidate the current bullish thesis. The post Why Is The Crypto Market Up Today? appeared first on BeInCrypto.