Why is the cryptocurrency market rising today?

The total cryptocurrency market cap (TOTAL) has seen a steady recovery over the past few days, currently breaking through a key barrier. Bitcoin (BTC) price is following the same path, approaching $59,000. Among altcoins, SUI has emerged as the leader, up 11.56%.

In the news today:

• The CFTC has partnered with federal agencies and financial industry groups to combat cryptocurrency scams and educate consumers. Key collaborators include the American Bankers Association Foundation and other regulators.
• House Republicans have accused SEC Chairman Gary Gensler of potentially hiring staff based on their political affiliation, which could violate federal law. The concerns center around Gensler’s appointment of Dr. Haoxiang Zhu, who is allegedly influenced by political bias. This potential bias is worrisome for the cryptocurrency market, given that the digital asset space continues to be a key focus point for the SEC.

The cryptocurrency market is doing well

The total cryptocurrency market cap has broken above the critical resistance of $2 trillion, demonstrating strong market resilience. TOTAL’s breakout comes despite a decline of nearly $70 billion during intraday trading on Wednesday. The breakout is a promising sign for crypto investors, indicating renewed market strength.

A continued rally from this level would likely push the total market cap towards the next resistance at $2.11 trillion. Historically, this area has been difficult to break, often leading to consolidation between $2.00 trillion and $2.11 trillion. If this pattern repeats, the market could see some sideways action, which could dampen bullish sentiments in the short term.

Read more: 11 cryptos to add to your portfolio before altcoin season

On the other hand, failure to sustain a breakout of the $2 trillion mark could lead to a market correction. A decline could bring the total cryptocurrency market cap back to the $1.93 trillion support zone.

Bitcoin price is in the green

Bitcoin price defies bearish expectations after gaining 6.2% last week. The right-angled descending broadening wedge pattern predicted a downturn, but BTC has shown resilience. This move has encouraged bullish sentiment across the market, increasing interest in Bitcoin as a key market driver.

Currently trading at $58,320, Bitcoin is aiming to push $58,986 to a support level. This would open the door for further gains, with $59,000 being the next potential support level. A successful test of $58,986 could strengthen the price momentum in the near term.

Read more: Bitcoin Halving History: Everything You Need to Know

If Bitcoin breaks above $59,000, the market’s bullish trend could intensify. This move would likely boost investor confidence, increasing the possibility of a rally towards $60,000. As Bitcoin’s price continues to rise, other cryptocurrencies could follow suit, signaling a longer bull run in the market.

SUI is a leader

SUI price has surged 11.56% in the past 24 hours, now trading at $1.02, with the critical resistance level at $1.05 in sight. Despite the optimism, some are concerned that SUI may fail to break above the $1.05 resistance again.

This price level has acted as a formidable barrier over the past five weeks, with multiple failed attempts to break through it. Historically, such large gains have seen SUI attempt to break through the barrier but ultimately retreat. This trend is prompting traders to be cautious as volatility remains elevated.

Read more: Everything you need to know about the Sui blockchain

If SUI repeats its past performance and fails to break above $1.05, a drop to $0.90 could ensue. However, a successful breakout could invalidate the bearish outlook, allowing SUI to rise towards $1.10 and beyond.