#BitcoinBouncesBack

Why Is the Crypto Market Rising Today?

The crypto asset market added US$$58 billion in the last 24 hours, pushing the total market capitalization to US$2.53 trillion. Bitcoin has retaken the US$76,000 level, while Toncoin leads the gains among large-cap tokens with a jump of 6.29%.

Traders are watching whether this rebound will last. Fibonacci movements and moving averages will determine the next direction.

Crypto News Today

• Arbitrum has frozen approximately 30,766 ETH related to the KelpDAO exploit. This freeze targets Lazarus Group’s funds after a bridge attack worth US$$292 million.

• Tom Lee says the mini crypto winter has entered its final stage. BitMine has bought another 101,627 ETH, bringing its total holdings to 4.97 million ETH.

Total Crypto Market Capitalization Tests Resistance at US$2.60 Trillion

The total market capitalization of crypto assets (TOTAL) increased by US$$58 billion in the last 24 hours. Currently, it is moving at US$2.53 trillion. Previously, the price failed to break through the 0.5 Fibonacci level at US$2.60 trillion.

A clean breakout above US$2.60 trillion could provide new momentum for a bullish rally. If the price action remains in the range of US$2.60 trillion to US$2.46 trillion, the market overall and altcoins could move volatile.

On the other hand, a decline below the golden zone 0.618 near US$2.46 trillion could end this rally.

Bitcoin Price Ready to Test US$76,662 Level Again

In the last 24 hours, Bitcoin
BTCUSD
rose 2.68%. On April 17, Bitcoin attempted to establish support above the 0.5 Fibonacci level at US$76,662. But this effort failed.

The asset is again preparing to hold support above the 0.5 level. The nearest support zone is around the psychological US$74,000 to US$75,000. The 100-day Simple Moving Average (SMA) is also at US$74,000.

Bulls must defend this zone to keep the chance alive. Otherwise, BTC risks falling to the Fib 0.618 level at US$72,359.

Toncoin Leads Top 100 with 6.29% Breakout Rally

Toncoin (TON) is the best-performing asset among the top 100 cryptocurrencies by market cap today. Its price has increased by more than 6.29% in the last 24 hours. At the time of publication, its price is at US$1.37.

US$1.35 remains an important level to defend. From February to mid-April, TON consolidated in an accumulation zone between US$1.18 and US$1.35. On April 11, TON successfully broke out of this range.

To maintain the breakout, TON must stay above US$1.35. The next target is around US$1.50 to US$1.51. This level is important because US$1.50 is a psychological resistance. Additionally, TON was rejected at US$1.51 on February 14 and April 11.

A simple invalidation: if the price drops back below US$1.35, TON will return to its previous consolidation zone.