$BTC Analysis : Why Is The Crypto Market Up Today?
Crypto Market Bounces Off Key Support
The total crypto market cap has risen by $69 billion in the past 24 hours, reaching $3.08 trillion. TOTAL bounced off the $3.00 trillion support, a critical floor anchoring broader market stability. If this psychological level holds, TOTAL could push higher toward $3.09 trillion, targeting $3.16 trillion and potentially $3.21 trillion as momentum builds across major assets.
However, if bullish sentiment falters and TOTAL loses the $3.00 trillion floor, the market may retrace toward $2.93 trillion, invalidating the bullish thesis.
Bitcoin Continues to Struggle
Bitcoin (BTC) has seen a slight uptick in the last 24 hours, trading around $91,596, but remains under the downtrend active since late October. Momentum shifts will require stronger buyer support. If buyers defend $91,521, BTC could advance toward $95,000, signaling potential recovery. Conversely, a break below $86,822 would invalidate bullish expectations and expose BTC to deeper downside.
Zcash Shows Early Signs of Recovery
ZEC has gained 5% in the past 24 hours, trading at $359 above the $340 support. The altcoin is attempting to recover after steep losses, with the Ichimoku Cloud indicating bullish momentum. To extend gains, ZEC must flip $403 into support and target $442.
If support weakens, however, ZEC could fall below $340 and $300, with a break under $300 exposing the coin to a deeper decline toward $260.
Traders should monitor key support and resistance levels, as market sentiment remains a decisive factor in short-term crypto performance.
