Why is the crypto market bullish today?

The crypto market capitalization is 'turning green' on the daily chart, showing a positive bounce back momentum and playing an important role in helping Bitcoin (BTC) maintain stability at the $105,000 level. Following this rise, SEI (SEI) has risen to the sky by 34.8%, establishing the highest peak in the last 5 months.

Notable points of the day:

The crypto market finds a support area

The total market capitalization of the crypto market has reached a rise to the sky of 36 billion USD in just 24 hours, lifting the total value to 3.24 trillion USD. This movement not only shows the strength of the bounce back of the market but also consolidates the 3.21 trillion USD level as a key support zone.

Daily TOTAL chart | Source: TradingViewIn the short term, the next target for TOTAL is to rise to the sky at 3.31 trillion USD and establish it as a new support area, thereby maintaining the current price momentum. Investor sentiment is also boosted by positive news surrounding the possibility of a ceasefire agreement between Iran and Israel.

However, the market still carries risks if there are unexpected fluctuations. In a negative scenario, if TOTAL loses the support level of 3.21 trillion USD, the adjustment momentum could push the market back to the 3.16 trillion USD area, even 3.09 trillion USD.

Bitcoin continues to rise in price

Currently, the price of Bitcoin is oscillating around the $106,480 level, just a slight distance from the key resistance level of $106,842. Breaking through this barrier is seen as a decisive factor for BTC to maintain its upward momentum, opening up the opportunity to conquer the target price zone of $107,724. Market sentiment continues to lean towards the positive side, with traders placing high expectations on the continued rise of the world's largest cryptocurrency.

BTC/USDT daily chart | Source: TradingViewThe (RSI) indicator also reinforces this argument, as the RSI holds steady above the neutral 50 level - a signal that buying pressure is prevailing. With this momentum, BTC could completely move up to test the next resistance area at $108,962. As the RSI remains in the optimistic zone, the short-term price increase prospects continue to be firmly maintained.

However, a correction scenario cannot be ruled out. If Bitcoin turns lower and breaks through the $104,643 support area, it could trigger stronger selling pressure. In a more negative scenario, if the price falls to $103,074, the entire current uptrend will be negated, showing a significant weakening of the upward momentum.

SEI reaches multi-month peak

SEI made a strong impression as the most impressive growth altcoin of the day, with a breakthrough of up to 34.8%, currently trading around $0.32. This increase clearly reflects the high expectations from the market for SEI, while helping it set a new peak in 5 months.

SEI/USDT daily chart | Source: TradingViewCurrently, SEI is striving to consolidate the $0.30 area as a key support level. If this level is maintained, the coin may continue to rise, aiming for the next resistance zone at $0.35 - a crucial milestone to confirm a sustainable uptrend.

However, the risk of correction still exists if investors start taking profits after the hot rise. In a negative scenario, losing the $0.30 level could push the price back to support at $0.27, even deeper to $0.24. Such a correction would not only reverse the current price outlook but also could shift market sentiment to a pessimistic state.

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