Why is the crypto market rising? Bitcoin breaks through $110,000 leading the rise, with a market capitalization increase of over $60 billion in a single day.

As the week begins, the crypto market has returned to the green. After receiving support at the key support level of $3.59 trillion, the total market capitalization of Crypto Assets (TOTAL) has climbed to $3.69 trillion, increasing by more than $60 billion within 24 hours. Bitcoin (BTC) leads the way, rising nearly 3% and breaking through $110,000, confirming a bullish divergence signal, indicating that bullish sentiment may be returning after two weeks of correction. Synthetix (SNX) performed strongly, breaking through a bullish flag pattern with a daily rise of nearly 16%.

Market sentiment optimistic rebound: total market capitalization holds key support level

With all top ten Crypto Assets recording positive trades, the overall market sentiment has significantly improved, indicating that investor confidence is recovering.

Total market capitalization solidifies 3.59 trillion USD support

· Strong rebound: The total market capitalization of Crypto Assets (TOTAL) has rebounded strongly, rising by 1.67% in the last 24 hours, currently reaching $3.69 trillion. This recovery comes after several days of weakness following the correction on October 13 last week.

· Key support: Importantly, TOTAL has held the support level of $3.59 trillion—this level has repeatedly acted as a bottom during multiple pullbacks.

· Upside target: If a sustained rebound can occur here, the market is expected to push towards the key resistance level of 3.76 trillion USD. Breaking above this level will confirm a broader upward trend, with the next major target approaching 3.94 trillion USD. Failing to hold the 3.59 trillion USD level could drag valuations back to 3.45 trillion USD.

Altcoin market is relatively lagging

· TOTAL2 Performance: The total market capitalization excluding Bitcoin (TOTAL2) has also slightly improved, currently at $1.49 trillion, with a rise of 1.28% in the last 24 hours (lower than the increase of TOTAL). This indicates that although altcoins are recovering, Bitcoin remains the main driving force of market momentum.

·Altcoin breakout signal: TOTAL2 must break through the key resistance zone of 1.62 trillion USD to send a real bullish signal.

Bitcoin Confirms Bullish Divergence: Testing Higher Resistance

Bitcoin has crossed the $110,000 mark, continuing the recovery after finding support around $103,539 earlier this month.

confirmation of bullish divergence

· Momentum Reversal: Between September 23 and October 10, the price of Bitcoin reached lower lows, while the Relative Strength Index (RSI), a momentum indicator, made higher lows. This structure is known as a bullish divergence and typically indicates that the downtrend is losing strength.

· Reversal Launch: After hitting the bottom at 103,539 USD, Bitcoin's reversal has finally begun.

key target level and risk

· Conditions for sustained rise: To maintain the upward trend, Bitcoin must close above $114,936 (about 4.1% higher than the current level), which will open the way for further upward movement to $117,626 and $121,455.

· Downside risk: If the daily closing price falls below $108,918, it will weaken this bullish structure and may push the price back towards $105,000.

· Short-term outlook: Currently, with three consecutive green candles and an improvement in RSI, Bitcoin appears to be ready to test higher levels, but only a firm close above $114,936 can confirm a sustained trend reversal.

Synthetix (SNX) Breaks Out of Flag Pattern: Strong Technicals

Synthetix (SNX) is one of the strongest recovering altcoins after the market crash on October 10, rebounding strongly after a week of correction.

break bullish flag

· Price performance: The token has risen nearly 16% in the last 24 hours, with the current trading price close to $1.69.

· Technical Signal: The recent trend is accompanied by SNX breaking out of a bullish flag pattern, indicating new upward potential. The pole projection (the distance of the initial rise) suggests that Synthetix may be aiming for significant long-term gains, although the extension target of $6.40 may take time.

recent target level and support

· Short-term goal: Traders are focusing on $2.59 as the first major upward target, which represents a 53% rise from the current price and aligns with the 1.0 Fibonacci retracement level.

· Resistance Guidance: If momentum continues, the intermediate resistance levels are at $1.94 and $2.31, these levels will guide the price further upward.

· Risk Control: However, failing to hold above $1.30 will weaken the flag structure and may bring short-term pullback risks before the next rise.

Conclusion

In the context of Bitcoin strongly leading the rise and confirming a technical bullish divergence, the total market capitalization of the crypto market has successfully held the key support level, and overall sentiment has turned optimistic. The technical breakthroughs of altcoins such as Synthetix further confirm the market's resilience in emerging from the recent correction. As Bitcoin begins to test the key resistance of 114,936 USD, the market trend in the coming days is crucial, as it will determine whether this rebound can turn into a sustained bullish trend.

Disclaimer: This article is for informational purposes only and does not constitute any investment advice. The cryptocurrency market is highly volatile, and investors should make decisions cautiously.