The total crypto market cap (TOTAL) and Bitcoin (BTC) rebounded after the bearishness in the market likely exhausted. Altcoins noted a slight surge as well, led by Morpho’s (MORPHO) 12% rise.
In the news today:-
- Stripe is reportedly in early talks to acquire all or parts of PayPal, though no deal has been finalized, according to Bloomberg. The potential move comes as Stripe’s valuation jumps to $159 billion and PayPal faces growing competition from Google Pay and Apple Pay.
- The Blockchain Association shared its proposed crypto tax framework with Congress, advocating for stablecoins to be treated as cash and a de minimis exemption for small transactions. The group also supports applying wash sale rules to digital assets as lawmakers debate future crypto tax policy.
The Crypto Market Is In Green
The total crypto market cap has risen by $32 billion in the past 24 hours, reaching $2.24 trillion at the time of writing. Improving market conditions suggest signs of bearish exhaustion. Stabilizing sentiment across Bitcoin and major altcoins has supported short-term recovery in overall crypto market valuation.
The next critical level stands at $2.30 trillion, where TOTAL has repeatedly stalled in recent sessions. A decisive move above this resistance would signal renewed bullish momentum. Sustained strength beyond that threshold is essential to recover weekly losses and reinforce broader market confidence.
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However, downside risk remains if bearish pressure has only paused. Renewed selling could quickly reverse recent gains. In that scenario, TOTAL may retreat toward the key $2.13 trillion support. Losing that level would weaken recovery prospects and reintroduce volatility across the crypto market.
Bitcoin Climbs Above $65,000 Again.
Bitcoin price is trading at $65,604 at the time of writing, reclaiming the $65,000 level after recent volatility. BTC has remained rangebound between $65,000 and $70,000 for nearly three weeks. This consolidation reflects balanced supply and demand within the broader crypto market.
Although Bitcoin briefly broke the established range over the past 48 hours, it has moved back above support. This rebound signals a temporary improvement in bullish sentiment. Favorable macroeconomic cues could strengthen momentum and push the BTC price toward the next resistance near $67,674.
However, the bounce may prove short-lived if bearish pressure persists. Continued selling could drag Bitcoin back toward $62,893 support. A decisive breakdown below that level would weaken the structure significantly and increase the probability of a deeper correction toward $60,860.
Morpho Strikes a Rise
MORPHO emerged as the best-performing altcoin of the day, posting a modest 12% gain. The token is trading at $1.76 at the time of writing. Despite broader crypto market caution, MORPHO price has shown relative strength compared with other digital assets.
The rally reflects a consistent two-week uptrend supported by steady capital inflows. The Chaikin Money Flow indicator has risen sharply, signaling sustained buying interest. Continued inflows could push MORPHO above $1.84 resistance. A confirmed breakout may open the path toward $2.05 in the short term.
However, the bullish outlook depends on sustained demand. Profit-taking pressure could trigger a pullback toward $1.50 support. Losing that level would weaken the technical structure. A deeper decline toward $1.29 would invalidate the recovery thesis and shift short-term momentum bearish.
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