What’s Driving Today’s Surge in the Cryptocurrency Market?

The total crypto market capitalization and Bitcoin are inching upward as they establish stable support. Notably, altcoins are showing stronger bullish trends, with Pepe emerging as the standout performer of the day, climbing 14.5%.

Here's what's happening:

• On-chain data indicates that Alameda Research has moved $23 million in unstaked SOL to 38 FTX-related addresses. Despite this transaction, SOL's price remains largely unaffected due to the overwhelming bearish market climate overshadowing an earlier $1.57 billion SOL unlock.
• The Bank of Russia is gearing up to launch a cryptocurrency trading experiment aimed at “highly qualified” investors, inviting participation based on particular investment or income thresholds. The trial will run for a three-year period with stringent regulations.

The Crypto Market Is Recovering

The total crypto market cap increased by $23 billion, reaching $2.66 trillion. To sustain this growth, the market must fortify the $2.63 trillion support level, positioning itself for a possible rise to $2.75 trillion, signaling a robust recovery phase.

If this $2.75 trillion level is successfully breached and converted into support, it could bolster recovery momentum, potentially propelling the total market cap toward $2.93 trillion and beyond, showing a clear display of investor confidence.

However, should the market fail to surpass the $2.75 trillion threshold, it might settle between this and the $2.63 trillion marks, delaying a significant recovery and exposing the market to possible corrections. A failure to maintain the $2.63 trillion support could lead to further declines.

Bitcoin Aims At Reclaiming Crucial Support

Currently, Bitcoin is trading around $83,537, focusing on recovering from recent losses. The primary aim for BTC is to break through the $85,000 resistance. Achieving this would suggest potential upward movement.

Despite recent fluctuations, establishing $85,000 as support could drive Bitcoin toward $87,041 or even higher. A breakthrough at this level would signify a bullish reversal and regain Bitcoin's previous momentum.

However, if Bitcoin cannot breach the $85,000 level, it risks dropping below the $82,761 support. Such a dip would impede recovery efforts, confining BTC within a limited range. A failure to hold the $82,761 support could lead to further losses.

Pepe Trumps Top Altcoins

The price of PEPE is currently at $0.00000723, striving to maintain the $0.00000718 support level. Holding above this threshold would affirm its 14.5% increase over the last 24 hours and open the door for a potential rise to $0.00000839, which is critical for sustained bullish movement.

The significant resistance level for PEPE stands at $0.00000839. A breach of this barrier would validate the recent gains and heighten the chances of further increases, boosting investor confidence and resulting in additional buying pressure.

If PEPE fails to solidify its position at $0.00000718, the price could drop to $0.00000632, nullifying the bullish outlook and erasing recent gains, potentially leading to bearish pressure.