Why is today's Cryptocurrency market bullish? BTC (BTC) is rising to 106,000, and SEI hits a new high for several months.

Gate News, according to TapChiBitcoin, the total Market Cap of Cryptocurrency has 'turned green' on the daily candlestick chart, showing a positive recovery trend, which has played an important role in helping BTC (BTC) maintain stability above the $105,000 mark. In sync with this rise, SEI (SEI) surged by 34.8%, reaching a new high in the past 5 months.

Crypto Assets market gains support

The total Market Cap of Crypto Assets surged by $36 billion in just 24 hours, reaching $3.24 trillion. This development not only highlights the strong momentum of market recovery but also solidifies the $3.21 trillion as a key support level.

(Source: Trading View)

In the short term, the next target for the total Market Cap is to break through the $3.31 trillion mark, establishing it as a new support level to maintain the current rising trend. The positive news of a possible ceasefire agreement between Iran and Israel has also boosted investor sentiment.

However, if there is an unexpected fluctuation, there is still potential risk in the market. In a negative scenario, if Dowdal falls below the support of $3.21 trillion, the pullback momentum may push the market back to the $3.16 trillion area, or even $3.09 trillion.

BTC price keeps rising

Currently, the price of BTC is fluctuating around $106,480, slightly below the key resistance level of $106,842. Breaking through this resistance is considered a decisive factor for BTC to maintain its upward momentum, with the potential to surpass the target price range of $107,724. Market sentiment remains optimistic, with traders holding high expectations for the sustained rise of the world's largest cryptocurrency.

The Relative Strength Index (RSI) also supports this view, as the RSI remains above the neutral 50 level - indicating that buying pressure is under control. With this momentum, BTC is likely to pump, testing the next resistance level at $108,962. Since the RSI is still in the pump zone, the short-term pump prospects remain solid.

However, the possibility of a pullback cannot be ruled out. If the BTC price falls below the support level of $104,643, it may lead to more selling pressure. In a more pessimistic scenario, if the price falls to $103,074, the entire upward rise trend will be invalidated, indicating a significant weakening in the bullish momentum.

(Source: Trading View)

SEI hits a multi-month high

SEI performed strongly, becoming the altcoin with the largest pump of the day, surging by 34.8%, with the current trading price at around 0.32 US dollars. This pump clearly reflects the market's eager expectations for SEI, also helping it reach a new high in 5 months.

Currently, SEI is working hard to consolidate the $0.30 area as an important support level. If this level holds, the coin may continue to pump until the next resistance level of $0.35 - which will be an important milestone to confirm a sustainable upward trend.

However, if investors start to take profits after a strong rebound, the risk of a pullback still exists. In a negative scenario, breaking the support at $0.30 may push the price back to the support at $0.27, or even further down to $0.24. Such a pullback may not only reverse the current pump outlook, but also turn market sentiment to a bearish view.

(Source: Trading View)