The total crypto market cap (TOTAL) is in the green owing to bullishness across the tokens. Bitcoin (BTC) crossed the $120,000 mark during the intraday high before falling back down to $119,000. Pudgy Penguins (PENGU) is leading the altcoins with a 21% rise, nearing its all-time high (ATH).
In the news today:-
- President Trump announced a historic trade deal with Japan, involving a $550 billion investment in the U.S. and market access for American products. This deal, expected to positively impact crypto prices, follows a pattern where successful trade agreements with major economies have driven market growth in the past.
- Jack Dorsey’s Square has begun onboarding merchants to accept Bitcoin through its point-of-sale terminals, using the Lightning Network for transaction settlements. This move marks a significant step toward Bitcoin integration in the retail industry.
The Crypto Market Nears $4 Trillion
The total crypto market cap rose by $33 billion over the last 24 hours, bringing the total to $3.89 trillion at the time of writing. With the ongoing strength of altcoins, the market is on the verge of securing $3.90 trillion as support.
This growth is mainly attributed to positive macroeconomic developments, including the recent trade deal between the U.S. and Japan, which contributed significantly to the bullish trend. The deal, valued at $550 billion, is expected to further bolster investor sentiment, potentially pushing the market cap towards $4.00 trillion.
However, if investors begin to take profits from recent gains, there could be a shift in momentum. This selling pressure could lead to a pullback, with TOTAL possibly slipping down to $3.80 trillion, which would invalidate the bullish thesis for the time being.
Bitcoin Attempts To Recover
Bitcoin’s price stands at $118,912, having recently breached the $120,000 resistance. While BTC couldn’t secure this level as support, the move raised optimism among investors, suggesting further bullish potential. This rally hints at a potential breakout, giving hope to those waiting for Bitcoin’s price to surge again.
Currently, Bitcoin has been consolidating below the $120,000 mark for the past ten days. The crypto king has the potential to break out once again, with traders eyeing the next major target at $122,000. As market conditions stabilize, Bitcoin could reclaim this level and continue its upward momentum in the coming days.
On the other hand, if selling pressure increases, Bitcoin could face a correction. If the price falls below $115,000, this would invalidate the bullish thesis and signal a potential downturn.
PENGU Inches Closer To A New ATH
PENGU has surged 21.6% over the past 24 hours, leading the altcoins today. Trading near its all-time high of $0.0469, the meme coin is showing strong upward momentum. Investors are eagerly watching as PENGU continues to climb, with a potential breakout to new highs on the horizon.
The Parabolic SAR below the candlesticks suggests that PENGU’s uptrend will likely continue. This technical indicator shows that the price action remains bullish, supporting the likelihood of PENGU pushing past its all-time high. As momentum builds, the meme coin may reach or exceed its previous peak, creating further investor excitement.
If PENGU holders decide to take profits, the altcoin could face a pullback. A drop below the current support of $0.0400 could signal a reversal, causing a further decline. Should this occur, PENGU’s bullish outlook would be invalidated, and the meme coin would face additional pressure from sellers.
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