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While the market continues to generate positive macro financial cues, the total crypto market value (TOTAL) performed well over the past day. Bitcoin also benefited from this rise, almost reaching the $65,000 level but failing to hold it. However, PEPE gained attention with a 37% increase in one day.
What’s Happening in the Crypto Market?
As reported today, spot Ethereum ETF funds will be launched on July 23. Bloomberg ETF analyst Eric Balchunas recently commented that the SEC is in renewed discussions with issuers and is targeting a launch next Tuesday.
Donald Trump appointed Senator J.D. Vance as Vice President for the upcoming elections. Vance is known for his positive stance on crypto, given his past statements against SEC practices. These developments have supported a recovery in the total crypto market value over the past few days. The recent attack on Donald Trump and increasing ETF inflows raised the total to $2.30 trillion.
In the last 24 hours, more than $136 billion in inflows were recorded. This resulted in the complete breaking of the $2.29 trillion resistance, which could help further recovery. If this support is lost due to market cooling or profit-taking, a drop back to $2.20 trillion is possible.
Bitcoin Chart Analysis
With the crypto asset surpassing multiple resistance levels, Bitcoin price performed well, rising from $60,800 to $65,000 during intraday highs. However, Bitcoin failed to secure $63.740 as a support base during the day, which could increase the possibility of a sell-off.
Bitcoin is currently moving within an expanding wedge, and a breakout could push Bitcoin’s price above the all-time high of $73,800. However, for this to happen, $67,000 needs to be turned into support. Failure to do so could trap the crypto asset within this pattern, turning $70,000 into a significant barrier.
PEPE Chart Analysis
While Bitcoin and altcoins had a significant 24 hours, memecoin projects led by PEPE gained the most profit. Yesterday, PEPE’s price increased by almost 37%, causing the memecoin price to change hands at $0.00001207.
If PEPE manages to sustain this rise, it could break the $0.00001369 resistance and continue its uptrend recorded since mid-April. Failure to do so could lead to the consolidation of the mentioned support and resistance levels, as tested in the past.
