The cryptocurrency market is rising today as renewed escalation between the US and Iran attracts buyers again after a red weekend.
The total market capitalization of cryptocurrencies is approximately $2.05 trillion, up about 0.7%, after falling to $1.99 trillion on June 25. Bitcoin is trading at around $59,900, up about 0.7%, but still below the key recovery level. Avalanche is leading the majors, up about 3.2% inside a narrow ascending channel.
In today’s news:-
- The United States and Iran agreed to stop strikes and meet in Qatar this week. – Reducing the war risk premium That pressured the markets late last week
- Bitmain, led by Tom Lee, Bet an additional 86,847 ETHexpanding its aggressive accumulation of ether
- Cryptocurrency donations are pouring in For relief efforts after a series of earthquakes that struck Venezuela
Cryptocurrency market capitalization rises as risk appetite returns
The total cryptocurrency market capitalization closed near $2.05 trillion, up about 0.7%, as the announced US-Iran agreement to halt strikes and reopen talks pulled capital back into risk assets following the weekend sell-off.
The rebound comes after a decline to $1.99 trillion on June 25, the low that remains above the $1.95 trillion support level marked by the 1.618 Fibonacci extension, a level that shows how far the price can move beyond the previous range.
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This minimum is important because a clear break below it opens the way to $1.78 trillion.
For now, de-escalation gives the market room to stabilize rather than extend losses. Reclaiming $2.05 trillion in support would represent the first sign of strength, while pushing through $2.12 trillion, a move worth about 3.4%, would give the bulls a steadier position.
If the $1.95 trillion price holds, the market is building a base for a recovery. If renewed tensions erupt, $1.78 trillion becomes the next bearish attraction.
Bitcoin heads green but remains capped below resistance
Bitcoin is trading near $59,900, up about 0.7% today, yet the risk signal remains patchy. The same alleviation of war fears is what lifted war The broader market pushed BTC higherHowever, the move lacks conviction because the price fell below the $59,987 level and failed to recover it since June 26. This repeated rejection keeps the trend fragile despite the green candle.
A daily close above $59,987 would shift momentum, opening the way towards $62,769 and then $67,266. Until that happens, Bitcoin remains vulnerable to any new escalation in the Middle East.
A renewed rally could send the price to $57,739 as support, and a break there exposes $55,491 and $52,290. A close above $59,987 targets the upside range, while a close below $57,739 reopens the deeper downside.
Avalanche (AVAX) rises within the channel as majors recover
Avalanche Trading (AVAX). Near $6.60, up about 3.2% on the day, as the broader market rebound lifted the token off its June 19 low of $5.68 and kept it inside an up channel. It is the same return of risk appetite that stabilized overall market cap that has sent AVAX higher. However, the first real test is at $6.82, which is the 0.236 Fibonacci level, a move worth about 3.4% from here.
A daily close above $6.82 could lead to a roughly 12% upside towards $7.52 and a $7.72 forecast, with a trade of $8.09 if momentum continues.
However, weak volume since June 15 is exacerbating the situation, increasing the risk of AVAX reaching $6.82 and being rejected. The $6.82 level separates a confirmed channel breakout from another stop within the range.
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