Why Is the Crypto Market Up Today?

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BTCUSD Consolidation Expected

The total market cap remains stable as the crypto market cools down. Bitcoin’s (BTCUSD) price is expected to consolidate over the next few trading sessions. However, Bittensor DAO Token (TAO) continues its rally, nearing the $500 mark.

Positive Regulatory Developments

In today’s news, the US House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21), establishing a framework for regulating the digital asset space. Additionally, VanEck has urged the Securities and Exchange Commission (SEC) to approve spot Ethereum ETF filings on a first-come, first-served basis, highlighting concerns over fairness due to the SEC’s practice of approving all filings simultaneously.

Market Cap at Key Support

The total crypto market capitalization stands at $250 trillion, a crucial support level. Market anticipation suggests a potential bounce off this level, with recent inflows supporting this possibility. The next major resistance is at $261 trillion, though a bullish outcome may only see the market cap reach $255 trillion. Conversely, a slip below $250 trillion could lead to a drawdown to $245 trillion, negating any bullish potential.

Bitcoin Price Outlook

Bitcoin’s price is currently at $69,500, failing to breach the $71,800 barrier. BTC finds crucial support at $68,500, with high chances of a drop to this level. However, it is unlikely to fall below this support. Instead, Bitcoin’s price is expected to remain range-bound between $68,500 and $71,800, enabling another attempt to breach the $71,800 resistance. Losing support at $68,500 could lead to a decline to $66,000 or lower.

Bittensor’s Performance

Bittensor’s native token, TAO, is trading at $468 after a 30% rise in three days. This surge is pushing TAO towards the $500 resistance, which it has failed to surpass three times in the past month. Testing this resistance as support could potentially change TAO’s price trajectory, initiating a recovery. Failure to breach this level could see TAO fall back to $418 or lower, with $351 as a critical support floor.

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