Why is the crypto market bullish today?

The total market capitalization of the crypto market (TOTAL) and Bitcoin (BTC) have all seen positive growth after President America Donald Trump announced that the "Big Beautiful Bill" has officially passed the voting round in the House of Representatives. Meanwhile, the meme coin Fartcoin (FARTCOIN) also joined the fray, surging more than 5% in just 24 hours.

Today's highlights:

The crypto market establishes a support level

The total market capitalization of the crypto market has just recorded an impressive increase of 14 billion USD, raising the total value to 3.33 trillion USD. This recovery not only helps the market maintain an important support level at 3.31 trillion USD, but it could also serve as a springboard for the next growth phase if the current positive trend is sustained.

TOTAL Daily Chart | Source: TradingViewAfter an early upward movement, the market is undergoing a slight correction - primarily stemming from the speculative mindset of investors. As buying power and expectations are gradually reshaped, the next target that TOTAL is aiming for is the 3.43 trillion USD range. However, the ability to maintain the upward momentum will largely depend on market confidence and the risk tolerance of investors.

On the contrary, if profit-taking pressure increases causing the market capitalization to fall below the threshold of 3.31 trillion USD, the market may witness a stronger sell-off. In this scenario, TOTAL is at risk of retreating to lower support levels such as 3.26 trillion USD, or even 3.21 trillion USD.

Bitcoin surpasses the $110,000 mark

The price of Bitcoin is currently fluctuating around $109,316, after breaking through the $110,000 threshold in the past 24 hours. Notably, BTC almost established the $110,000 mark as a solid support zone — a sign that demand in the market remains very strong.

BTC/USDT daily chart | Source: TradingViewDespite recording a slight correction, Bitcoin is currently only 2.5% away from its all-time high (ATH) at $111,980. The RSI indicator remains in the positive zone, reflecting that the upward trend is still intact. If market conditions continue to be favorable, the possibility of BTC breaking its peak and setting a new record price is entirely feasible.

However, in the event of a sudden profit-taking pressure, Bitcoin could lose the support level of $108,000. At that point, the price risks falling deep into the $105,585 range, thereby overshadowing short-term growth expectations.

Fartcoin breaks through resistance

FARTCOIN is leading the altcoin market today with an impressive increase of 5.3%, despite the clearly differentiated context across the market. Currently, this meme coin is trading around the $1.20 mark – an important support zone that has been validated in the past. This positive development indicates that FARTCOIN is still maintaining a solid position and has plenty of room for price increase if it can sustain the current momentum.

Daily chart of FARTCOIN/USDT | Source: TradingViewIn the short term, the next target for FARTCOIN is to bounce up from the $1.20 mark to challenge the important resistance zone at $1.42. Although this journey still needs more time and confirmation regarding trading volume, if the upward trend continues, the potential for a breakout is entirely feasible.

On the contrary, if buying pressure weakens and profit-taking pressure increases, FARTCOIN risks losing the crucial support zone at $1.20. At that point, this coin may retreat to the $1.02 region, overshadowing short-term growth prospects.

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