Why is the crypto market bullish today?

The total market capitalization of crypto has increased by 170 billion dollars, currently at the highest level in 6 months. The rise of Bitcoin has set a new all-time high (ATH) of 118,386 dollars on the morning of July 11. Meanwhile, Pudgy Penguins (PENGU) leads the altcoin group with an increase of nearly 15% today.

Notable news:

– Jonathan Gould, former executive of BitFury, has been confirmed as the next Chairman of the Office of the Comptroller of the Currency (OCC). This appointment decision could make national banking policy more friendly towards cryptocurrency. However, it also carries the risk of centralizing control over the crypto market, leading to unpredictable consequences.

– Elon Musk's Grok AI has sparked controversy with a series of posts related to Nazism, contributing to millions of dollars in memecoin trading. BYTE, the memecoin created by Grok, saw a 20% increase before collapsing, raising ethical concerns in the memecoin space and the growing influence of the AI industry.

The cryptocurrency market continues to grow

The total market capitalization of crypto has surged by 185 billion dollars in the past 24 hours, reaching a level of 3.74 trillion dollars. This is the highest level in the past 6 months, as the TOTAL index surpassed the resistance level of 3.73 trillion dollars, indicating that the growth momentum of the crypto market will continue.

Turning the resistance level of 3.73 trillion dollars into support is a key factor in maintaining the current upward momentum. If this level is held, the market may attract more investor interest and drive bullish momentum across the crypto market.

Analysis of total market capitalization of crypto | Source: TradingViewHowever, if the crypto market faces selling pressure in the coming days, the market may decline. Falling below the support level of 3.49 trillion dollars is a signal that investor sentiment is weakening, leading to a loss in value of tokens.

Bitcoin sets a new historical peak

The price of Bitcoin has increased by 6% in the past 24 hours, currently trading at $117,958. During the trading session, BTC reached a new all-time high (ATH) at $118,386. This upward trend indicates that Bitcoin continues to grow, supported by macroeconomic factors in the market.

President Donald Trump's trade agreements are receiving positive responses from both the stock market and the crypto market. This optimistic sentiment may continue to drive Bitcoin to higher levels. If market conditions remain stable, the king of coins could target the $120,000 mark.

Bitcoin Price Analysis | Source: TradingViewIf investors decide to take profits, the price will be affected. Falling below the support level of 115,000 dollars will push Bitcoin down to 110,000 dollars, signaling a change in market sentiment.

Pudgy Penguins (PENGU) skyrockets

Pudgy Penguins (PENGU) increased by 15% in the last 24 hours, currently trading at $0.0208, just below the important resistance level of $0.0225. As the leading altcoin in terms of growth today, PENGU is attracting the attention of investors, indicating strong momentum that could push the price to higher levels in the near future.

PENGU has reached a 5.5-month high and the next target is to turn $0.0225 into a solid support level. If this memecoin holds above that level, it could pave the way for the next rally, with the next target being $0.025. Maintaining support at $0.0225 is a key factor to sustain the current upward momentum.

Price analysis of PENGU | Source: TradingViewHowever, if PENGU holders decide to sell and take profits, the price may drop. Sliding below the support level of $0.018 will trigger a drop to $0.0145, potentially invalidating the current bullish outlook. Such a price adjustment indicates a weakening market sentiment and may hinder further upward momentum.

Minh Anh