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Why Is the Crypto Market Rising Today?

The crypto asset market started the week with a 1% increase, approaching US$2.18 trillion, due to buying activity when prices dipped over the weekend. Bitcoin
BTCUSD
rose about 1% to US$63,882 but was held back at the resistance area. Worldcoin
WLDUSD
led the market, jumping more than 4% in a single day.

Nevertheless, concerns about a massive stock sell-off and US-Iran negotiation issues are now dominating crypto news and making the rally vulnerable.

Crypto News Today:-

Taiko lost around US$1.7 million on Monday after an attacker exploited their chain verification. This adds to over 20 crypto asset hacking cases in June.
Senator Cynthia Lummis stated that the CLARITY Act will stop prosecution of crypto developers who only write code. Senate voting is still pending.
JPMorgan warned that portfolio rebalancing at the end of the quarter could trigger US$165 billion in stock sales. Hedge fund leverage is currently approaching multi-year highs.
Crypto Market Capitalization Rises, but Confidence Remains Weak

Total crypto market capitalization is now around US$2.18 trillion, up 1.08% in a day. This increase occurred due to weekend buying activity, while stock markets were closed and crypto markets continued trading. The market remains resilient despite reports that US-Iran negotiations failed in Switzerland, raising fears of a heavy opening on Monday. So far, crypto assets have not declined as negotiations are still ongoing.

However, this movement is precisely below resistance. The market rally appears more technical than driven by new demand. Prices are testing the Fibonacci zone 0.236, a light correction level from the previous decline, at US$2.19 trillion.

Last week, the market lost this level, so reclaiming this zone is the first major challenge. Currently, the short-term high level around US$2.72 trillion is still far. If TOTAL can reclaim US$2.19 trillion, the next targets open at US$2.22 trillion and then US$2.29 trillion. But if it drops below the US$2.12 trillion floor, US$2.02 trillion becomes a concern again.

Bitcoin Rises Toward Resistance Amid Volume Decline

Bitcoin is trading around US$63,882, up 1.02% in a day. This movement follows weekend buying activity that also lifted the overall market. However, BTC now resembles tech stocks more than a safe haven asset, due to its increasing correlation with the S&P 500.

Therefore, if there is a major sell-off in the stock market, Bitcoin is likely to fall along with it, not escape correction.

Unpredictable Iran factors add to this risk and are now a main focus of Bitcoin news this week. When Israel attacked Iran this month, over US$1 billion in leveraged positions were liquidated in one day. Currently, BTC still holds but is held back at the resistance area of US$64,704, which is the Fibonacci 0.236 level.

The real issue lies in volume. Buying volume has been declining since June 19, making price movements easily stalled at resistance. Without new volume support, that resistance is likely to hold. Above this resistance, the next targets are at US$68,180 and US$70,992.

Below, support levels are at US$62,180 and US$59,084. If the daily close is above US$64,704, the chance for prices to rise remains open. But if it closes below US$62,180, US$59,084 could become the next correction zone.

Worldcoin
WLDUSD
Leads Rebound But Volume Still Weak

Worldcoin is trading around US$0.63, up 4.4% in a day, making it one of the top gainers among major tokens. Weekend buying activity indeed boosted WLD, but the momentum of this token’s price is also quite strong. Over the past month, WLD has risen about 131% within an upward channel pattern since late May. This increase brought WLD back above US$0.61, which is the Fibonacci 0.236 level that must be reclaimed.

However, this rebound shares the same weakness as the overall market, as buying volume continues to decline. The 8-hour volume has been thinning since June 15, so each upward push loses momentum. On June 17, the highest price of US$0.72 was immediately rejected due to weak volume, clarifying the issue. A truly strong price increase likely requires a clear breakout above US$0.72.

If the price moves higher, the next target is at the upper part of the channel. If WLD drops below US$0.61, support levels are at US$0.55 and then US$0.49. Falling below US$0.49 would break the channel and turn the trend bearish. So, US$0.72 is the key divider between a potential breakout upward or a return to decline toward US$0.55.