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Why Is the Crypto Market Rising Today?

On June 11, the crypto asset market rebounded again. With this rally, the market managed to break a three-day downtrend as the total market cap increased by 1.74% to US$2.13 trillion, adding about US$36.3 billion.

Bitcoin
BTCUSD
rose nearly 2% in the last 24 hours, although still below the main resistance. Monero (XMR) became one of the top gainer altcoins, surging nearly 10% as privacy coins remained solid amid a major sell-off in the market. The entire category gained 3.5% today.

Latest Crypto News:

Trump said he likes inflation after May CPI hit a 3-year high of 4.2%, while CME FedWatch shows over a 70% chance of the Fed raising interest rates until the end of 2026, a scenario that could pressure Bitcoin.
Senator Elizabeth Warren asked the SEC to delay the SpaceX IPO due to investor risks, but the offering remains scheduled for Thursday and will start trading on Nasdaq on Friday under the ticker SPCX.
Audiera (BEAT) hit an all-time high at US$6.11 after a 378% rally in a week, and is now being compared to RaveDAO and LAB schemes that previously experienced sharp declines.
Crypto Market Gains as Capital Rotation Overcomes Inflation Concerns

Global crypto market cap increased by 1.74% to US$2.13 trillion, rebounding from a US$2.02 trillion base after three consecutive days of decline. The main driver is capital rotation.

May CPI was recorded at 4.2% year-on-year on Wednesday, reaching the highest in three years, and the S&P 500 fell 1.62% as stock investors anticipated a more hawkish Fed policy.

The crypto market can absorb this data much better because core CPI only rose 2.9%, with most of the main increase coming from a 3.9% jump in energy due to the Iran war. This condition caused some capital to flow out of stocks and into crypto.

This market structure still needs improvement. The US$2.19 trillion level, lost since June 4, remains an important threshold to break. If successful, the next targets are US$2.29 trillion and US$2.37 trillion.

If the market fails to break through, profit-taking actions will occur, and a retest lower is likely, with US$2.02 trillion as the last support. Below that level, the market has almost no support.

Bitcoin Rises but Still Trapped Below Strong EMA

Bitcoin traded at US$62,623 in the last 24 hours, up nearly 2%, but this movement has not yet broken the downtrend that started around US$78,000 at the end of May. Capital rotation boosting the market also benefits BTC, but inflation remains a barrier.

The chance of a Fed rate hike exceeding 70% by year-end makes the US dollar and US Treasury yields stronger, leading to capital outflows from non-yielding assets like Bitcoin.

The 8-hour chart illustrates this resistance situation. BTC needs to break US$64,181 to regain strength, which is also above the 20-day exponential moving average at US$63,152—an indicator that measures the average price and has repeatedly held back Bitcoin’s rise since mid-May.

A breakout above this level could trigger a strong push. If BTC fails to take over this zone, then US$59,740 will be the first support area, followed by US$56,992 and US$54,771.

Closing above US$64,181 could open further upward price opportunities. If not, BTC will test US$59,740.

Monero (XMR) Surges Nearly 10% as Privacy Coins Hold Steady Amid Pressure

Monero is trading at US$343.45, up nearly 10% in the last 24 hours, making it one of today’s top gainers. While the broader rebound stems from rotation, XMR’s strength appears sharper because privacy crypto assets remain fundamentally strong, even during recent major corrections.

Adding to this fundamental strength, the Monero team released a P2Pool announcement just in time. P2Pool is Monero’s decentralized peer-to-peer mining pool; the announcement ensures no exploits occurred. A patch is likely to be released in the coming days.

The XMR token found support at the lower trend line of its falling channel in mid-June. Since then, its price has gradually risen toward the middle line, indicating sustained demand even as the broader market weakens.

The chart shows ongoing momentum. Buying volume has also increased since June 7, supporting this price movement.

From here, if the price closes above US$347, the next targets are US$364 and US$382. A bigger test is at US$406. If a breakout occurs above this level, the falling channel will be broken, and the price structure will shift from neutral to bullish. But if the price drops below US$326 with increased selling volume, the price could head toward US$291.

US$406 becomes the boundary between the breakout channel and the potential return to the lower trend line.