Why Is the Crypto Market Up Today?

The Total Crypto Market Cap (TOTALCAP) and the Bitcoin (BTC) price could both be in wave four. Render Token (RNDR) is trading in a horizontal range.

In the news, Coinbase is preparing for a fight with the Securities and Exchange Commission (SEC) crackdown over crypto staking. The latter has warned Paxos that it is violating securities laws over Binance USD stablecoin listing.

Finally, even though the IMF published a negative statement about El Salvador Bitcoin bonds, tourism in the country has spiked by 30%.

TOTALCAP Approaches Fib Support

The crypto market cap (TOTALCAP) has fallen since reaching a high of $1.06 trillion on Feb. 2. The downward movement led to a low of $950 billion on Feb. 10.

The price has reached the 0.382 Fib retracement support level which could initiate a bounce.

The TOTALCAP is likely in wave four of a five-wave upward movement. While it is not clear if wave four will make a lower low or consolidate in a sideways pattern, another upward movement toward at least $1.15 trillion is expected afterward.

On the other hand, if the TOTALCAP decreases below the 0.382 Fib retracement support level at $941 billion, it could fall to the 0.5 Fib retracement support level at $904 billion.

TOTALCAP/USDT Weekly Chart. Source: TradingView

Bitcoin Breaks Down From Channel

Similar to the crypto market the Bitcoin price could be in wave four of a five-wave upward movement. The move was confirmed with a breakdown from an ascending parallel channel and its validation as resistance (red icon).

The most likely level for the correction to end would be at $20,920, the 0.382 Fib retracement support level. Afterward, the increase could continue toward $25,300. A breakdown below the $20,920 area could take the BTC price to the next support at $19,890.

BTC/USD Daily Chart. Source: TradingView

Render Token Regains Momentum

The RNDR price has fallen since it was rejected by the $2.15 resistance area on Feb. 7 (red icon). The decrease led to a low of $1.27 the next day. The RNDR price bounced at the 0.5 Fib retracement support level and has been increasing since.

If the increase continues, the Render Token price could move to the $2.15 resistance area again. On the other hand, a breakdown below the 0.5 Fib retracement support level could lead to a drop toward $1.05.

RNDR/USDT Daily Chart. Source: TradingView

For BeInCrypto’s latest crypto market analysis, click here.


BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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