Why Is the Market Up Today?

6 months ago 7

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The total crypto market cap (TOTAL) along with Bitcoin (BTC) are noting barely any growth over the past day. However, among the altcoins, FLOKI noted an 8% rise to place itself among the top crypto assets.

In the news today:-

The State of Wisconsin Investment Board (SWIB) purchased $99 million worth of BlackRock’s iShares Bitcoin Trust (IBIT) ETF.
Sonne Finance, a decentralized liquidity market protocol, and BlockTower Capital, a crypto investment firm, were attacked. The hackers managed to steal over $20 million worth of funds.

TOTAL Awaits a Breakout

The total market cap has been stuck within a symmetrical triangle for the past four weeks and is currently around the $2.2 trillion mark. A symmetrical triangle is a chart pattern formed by two converging trendlines that connect a series of peaks and troughs, indicating indecision in the market before a breakout.

Should this breakout occur, TOTAL could breach through $2.3 trillion to potentially initiate further recovery.

However, if the total market cap breaks down, it could slip to $2.11 trillion, as this level is the next crucial support floor.

Bitcoin’s Price Continues to Rise

Bitcoin’s price trading at $61,900 at the time of writing, has been in a macro uptrend since the beginning of the month. It has been struggling to close above the crucial support of $62,000. Reclaiming this is important as this would enable a rise to $63,000 and beyond.

If the uptrend continues and investors remain optimistic, a bullish outcome for BTC is likely. Breaching past the resistance at $63,700 will also lead to a rise to $65,000.

On the other hand, if $62,000 is not secured as support, a drawdown could occur. This could result in BTC losing the uptrend, resulting in a potential decline to $61,000.

FLOKI Is Among the Top Gainers

FLOKI’s price rallying is both a surprise as well as a predicted scenario. This is because the recent market conditions have been signalling a potential return of the meme coin frezy. However, FLOKI has not been the focus of investors amidst meme tokens like PEPE, BOME, WIF, etc.

The altcoin rose by more than 7.5% in the past day, bringing the price to $0.000203. FLOKI already closed above the support of $0.000185. Any further rally could push it towards the resistance at $0.000218, as the price is already at a two-month high.

Read More: What Are Meme Coins?

However, a dip down to $0.000185 and losing it as support could send it to $0.000167. This support has been tested on multiple occasions in the past, and FLOKI will likely land here.

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