Why is the Crypto Market Up Today?
- topcryptonews
- Jun 25
- 2 min read
The total crypto market cap (TOTAL) is painting green on the daily chart, which is crucial for Bitcoin (BTC) sustaining above $105,000. Following these bullish cues, Sei (SEI) noted a 34.8% rise to hit a 5-month high.
The Crypto Market Finds Support
The total crypto market cap has risen by $36 billion over the past 24 hours, now standing at $3.24 trillion. This increase has helped secure $3.21 trillion as a critical support level.
The next target for TOTAL is to break through $3.31 trillion and flip it into support, continuing the upward momentum. Positive reports regarding the ceasefire between Iran and Israel are fueling optimism.
However, if unforeseen circumstances lead to a bearish turn, TOTAL could experience a decline. A fall below the $3.21 trillion support could push the crypto market back to $3.16 trillion, potentially reaching $3.09 trillion.
Bitcoin Continues Its Rise
Bitcoin’s price is currently stabilizing around $106,480, just below the resistance at $106,842. Successfully breaching this resistance level is crucial for Bitcoin to continue its upward movement, paving the way for a push toward $107,724. The market sentiment remains positive, with traders anticipating further gains.
The Relative Strength Index (RSI) for Bitcoin indicates strengthening bullish momentum, holding above the neutral 50.0 mark. This suggests increasing buying pressure, which could propel BTC towards $108,962. As the RSI remains in positive territory, it reinforces the expectation of continued upward movement and potential price increases.
At the same time, if Bitcoin faces a correction, it could dip below the support level of $104,643, signaling potential bearish pressure. A drop to $103,074 would invalidate the current bullish outlook, signaling that the upward momentum has weakened.
Sei Forms Multi-Month High
SEI has emerged as the best-performing altcoin of the day, with a significant 34.8% price rise, currently trading at $0.32. This impressive surge highlights SEI’s strong performance in the market, driven by positive sentiment.
The altcoin has reached a 5-month high, surging today and aiming to secure $0.30 as a support level. If successful, this support would enable SEI to target the next resistance level at $0.35.
However, if SEI holders decide to cash out after the recent price increase, the altcoin could face downward pressure. A drop below $0.30 could push SEI through the $0.27 support, potentially falling to $0.24. This would invalidate the current bullish outlook and reflect a shift towards bearish sentiment.
