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Why has the cryptocurrency market increased today?

The total cryptocurrency market cap (TOTAL) is closing in on the crucial $2.4 trillion resistance, while Bitcoin holds above $65,500. Although the market has calmed down after the recent rally, it is still showing bullish signs. Chainlink is making the most of this, seeing an increase of 21% in recent days.

In today's news: -

  • Cancel US Congress The controversial Staff Accounting Bulletin No. 121 (SAB 121) was released by the Securities and Exchange Commission (SEC) after a 60-38 vote, reflecting bipartisan support against the SEC's crypto policies.

  • Drained room Solana meme of $2 million after an internal attack carried out by deactivating token lists by manipulating correlation curves.

Cryptocurrency market capitalization remains strong

After the recent surge, the cryptocurrency market cap is cooling but maintaining the restored support of $2.3 trillion. However, the crypto market target remains at $2.4 trillion, a barrier that has not been breached in almost a month.

In the past, this level has proven to be crucial support, and a reversal of this level would allow Total to rebound and see further growth.

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

On the other hand, a drop of $2.3 trillion would bring Total down to around $2.2 trillion.

Bitcoin price shows resilience

Bitcoin price reached $66,000 this week based on broader market signals. After a slight correction, the trade is in BTC It currently sits at $65,500 and is expected to continue to stay above the crucial psychological support of $65,000.

This will keep investors optimistic about potential growth in the coming trading sessions.

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

If the price of Bitcoin is sold off or taken in profit, the crypto asset could see a decline to $63,000 or less.

Chainlink takes the lead

Saw price Chain link rose, making LINK the best performing asset in the last 24 hours. However, the altcoin's rally has continued in recent days. Capitalizing on broader bullish market signals, LINK has seen a 21% rise over the past three days, taking Chainlink to $15.

Currently, the altcoin is above the $15.6 resistance, trading at $15.7 and approaching $16.

Learn more: Chainlink (LINK) Price Forecast for 2024, 2025, 2026, 2027

Chain link price analysis.
Chain link price analysis. Source: Commercial view

If LINK holds above this support, further gains could be seen. However, a break below the support at $15.6 could result in a decline to $14.4. That would wipe out more than half of the growth seen over the past day.

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