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Why has the cryptocurrency market increased today?

I witnessed Total market value (collective) with Bitcoin Price (BTC) A rebound in the last 24 hours after a few bearish days. At the same time, Toncoin (TON) price also increased by 16%, negating crucial resistance.

In today's news: -

The total market capitalization of the cryptocurrency market is recovering

The total value of all cryptocurrencies was at risk of falling below the $2.2 trillion support. However, the changing winds in the market led to an overall rebound of 2.85%, adding over $114 billion in one day.

Currently, the total market cap is $2.26 trillion, which shows the possibility of turning $2.3 trillion and $2.4 trillion resistance into support during the month.

Read more: Best stablecoins in 2024

Total market value analysis.
Total market value analysis. Source: Commercial view

However, given that $2.3 trillion has been strong resistance in the past, Total will likely experience a failed breakout. This would keep the total market capitalization in the $2.2 trillion range.

Bitcoin approaches $63,000

Bitcoin price saw significant growth in a single day, which is somewhat necessary after the cryptocurrency almost fell below $61,000. At the time of writing, BTC is trading at $62,880, closing in on resistance at $63,720.

Its move to a support level will also break out of the bull flag pattern and trigger a rally to $65,000 and beyond.

Read more: What happened in the last Bitcoin halving? Forecast for 2024

Bitcoin price analysis.
Bitcoin price analysis. Source: Commercial view

However, if the breach fails, Bitcoin will remain stuck in the flag, potentially falling to $61,000 or lower.

Toncoin posts a green candle

Toncoin price action increased with broader market signals, with the altcoin seeing 16.61% growth in 24 hours. In doing so, TON also broke the crucial resistance identified at $6.5 to currently trade at $6.7.

If the rally continues, Toncoin will be able to turn resistance at $7 into support, provided it consolidates $6.5 as a support floor.

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Toncoin price analysis.
Toncoin price analysis. Source: Commercial view

But if these conditions fail and TON falls back below $6.5, the altcoin could fall to $6. This would invalidate the bullish thesis.

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