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<p>Cryptocurrency prices are increasing after a long period of decline. The global crypto market capitalization has also increased by 2%, reaching $2.31 trillion. Let us find out why crypto prices are up today.</p>
<h2 class="wp-block-heading" id="bitcoin-reclaims-key-level">Bitcoin Reclaims Key Level&nbsp;</h2>
<p>Bitcoin has resumed its critical $63,000 level. This move has been seen as a positive indicator by crypto analyst Michaël van de Poppe.&nbsp;However, BTC has now seen a slight pullback.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> followed the path exactly.<br><br>It made a higher low, found support at $60,000, and continued the momentum upwards. <br><br>I think we’ve bottomed out. <a href="https://t.co/s5x8Yynmqj" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/s5x8Yynmqj</a></p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1807685573064167704?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 1, 2024</a>
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<p>Poppe has indicated that the Bitcoin price is indicating optimism. He mentioned that Bitcoin is forming a higher low. Furthermore, he indicated that BTC is receiving support at the $60,000 mark. Van de Poppe argues that this price pattern suggests a possible bottom for the current slump.</p>
<p>Ethereum has also demonstrated indications of recovery. For a brief duration, ETH has risen to $3,500. This revival comes ahead of the anticipated approval of an Ethereum ETF this week.</p>
<p>Van de Poppe has also <a href="https://x.com/CryptoMichNL/status/1807406231876944187" target="_blank" rel="noopener noreferrer nofollow">provided </a>insights into the altcoin market. He points to the Others/BTC chart as a good indicator of altcoin strength relative to Bitcoin.</p>
<p>Despite altcoins being “hammered” for the past six months, the analyst anticipates a rotation back upwards. Van de Poppe describes the weekly chart as “massive” and expects a major pump for altcoins in the near future.</p>
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<h2 class="wp-block-heading" id="historical-context-july-s-potential-for-bitcoin">Historical Context: July’s Potential for Bitcoin</h2>
<p>Adding to the positive sentiment, analyst Ali has <a href="https://x.com/ali_charts/status/1807326177910043012" target="_blank" rel="noopener noreferrer nofollow">shared </a>historical data suggesting that Bitcoin tends to perform well in July, especially following a negative June. According to Ali’s analysis:</p>
<ul>
 <li>Bitcoin has shown an average return of 7.98% in July</li>
 <li>The median return for Bitcoin in July is 9.60%</li>
</ul>
<p>This historical trend provides additional context for the current market recovery.</p>
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   <p lang="en" dir="ltr">Historically, when <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> has had a negative June, it tends to bounce back strongly in July. In fact, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> has shown an average return of 7.98% and a median return of 9.60% during this month. <a href="https://t.co/fJaIwc7Eob" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/fJaIwc7Eob</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1807326177910043012?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">June 30, 2024</a>
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<p>Several factors may be contributing to the current market rebound:</p>
<ol>
 <li><strong>Technical Bounces</strong>: Key support levels holding for major cryptocurrencies</li>
 <li><strong>Positive Sentiment</strong>: Influential analysts expressing optimism about market bottom</li>
 <li><strong>Historical Patterns</strong>: Expectations of a Strong July Performance based on past data</li>
 <li><strong>Ethereum ETF approval anticipation</strong>: Anticipation of Ethereum ETF approval.</li>
</ol>
<p><strong><em>Read more:&nbsp;<a href="https://captainaltcoin.com/heres-why-ethereum-name-service-ens-price-is-pumping/" target="_blank" rel="noopener noreferrer nofollow">Here’s Why Ethereum Name Service (ENS) Price Is Pumping</a></em></strong></p>
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<p>The post <a href="https://captainaltcoin.com/why-is-the-crypto-market-up-today-14/" rel="noopener noreferrer nofollow">Why is the Crypto Market Up Today?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why is the Crypto Market Up Today?

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