The total crypto market cap (TOTAL) and Bitcoin (BTC) are noting slight increases over the last 24 hours. Among the altcoins, Memecore (M) stood out owing to its 25% rise.
In the news today:-
- James Howells plans to tokenize his lost Bitcoin wallet containing 8,000 BTC into Ceiniog Coin (INI) tokens, aiming for a 1:1 match with Bitcoin’s value. Despite previous attempts to engage with Newport City Council, Howells will proceed without permission, with the launch expected in 2025.
- Jaggedsoft, creator of the Binance API, plans to sue Matt Furie and NFT platform ChainSaw over a $1 million hack. The lawsuit alleges mismanagement and negligence, accusing the firm of failing to recover investor losses and invoking consumer protection laws in a fraud case.
The Crypto Market Faces Resistance
The total crypto market cap has risen by $42 billion over the last 24 hours, reaching $3.70 trillion. Despite this positive move, the market has faced resistance at $3.73 trillion, preventing further gains. This level remains critical for continued upward momentum in the crypto market.
The broader market sentiment is currently mixed as the market awaits the U.S. announcement regarding tariffs for several countries on August 7. Such regulatory news has historically led to corrections in both traditional and crypto markets.
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However, if the market remains optimistic and favorable economic conditions prevail, the total crypto market cap could break through the $3.73 trillion resistance. A successful push past this level could lead to a rise toward $3.81 trillion, shifting the market sentiment toward a more bullish outlook.
Bitcoin Price Under $115,000
Bitcoin’s price has failed to break through the $115,000 level, leaving investors unimpressed. Despite recent efforts to surpass this barrier, the cryptocurrency has struggled to gain momentum.
The RSI approached the positive zone but failed to trigger the necessary bullish momentum for Bitcoin’s price to break higher. Despite the lack of immediate price action, broader market cues suggest that Bitcoin may experience a recovery, pushing the price toward $117,261 or possibly higher in the coming days.
Should the market sentiment shift toward bearishness, Bitcoin could face further declines. A drop below $115,000 would bring the next support level at $111,187 into play, potentially leading to a fall to $109,476. This scenario would invalidate the current bullish outlook.
Memecore Jumps Today
Memecore surged 25% in the last 24 hours, reaching $0.547. Despite failing to breach the $0.583 resistance, the altcoin remains bullish. Its strong performance today has kept investor confidence high, with the cryptocurrency showing potential for further gains.
The Parabolic SAR, which sits below the candlesticks, indicates that the active trend remains bullish. This suggests that Memecore could flip the $0.583 resistance into support. If successful, the altcoin could push towards the $1.010 all-time high, building on its current momentum and signaling a potential price rally.
However, if market conditions shift negatively, Memecore could face downward pressure. A drop below $0.440 support would bring the altcoin closer to $0.298, reversing the bullish outlook. Such a decline would invalidate the positive price prediction and suggest further consolidation or losses.
The post Why is the Crypto Market Up Today? appeared first on BeInCrypto.
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Aaryamann Shrivastava
https://beincrypto.com/why-is-the-crypto-market-up-today/
2025-08-05 05:46:46
