Why did the crypto market bullish on July 23?

The total market capitalization of crypto (TOTAL) is currently in the green due to widespread optimistic sentiment across all tokens. Bitcoin has surpassed the $120,000 mark in day trading before slightly falling back to $119,000. Among altcoins, Pudgy Penguins (PENGU) is leading with an increase of 19.5%, approaching the all-time high (ATH).

Notable news today:

– President Donald Trump announced a historic trade deal with Japan, including a $550 billion investment in the U.S. and expanding market access for U.S. goods. This agreement is expected to positively impact crypto prices, continuing the trend of successful trade agreements with major economies that have previously driven market growth.

– Jack Dorsey's Square has started implementing support for merchants to accept payments in Bitcoin through POS systems, using the Lightning Network to process transactions. This is seen as an important step in integrating Bitcoin into the retail industry.

The crypto market approaches the 4 trillion dollar mark

The total market capitalization of crypto has increased by 40 billion dollars in the last 24 hours, bringing the total value to 3.96 trillion dollars at the time of writing. With strong momentum from altcoins, the market is approaching the establishment of the 3.9 trillion dollar mark as the new support zone.

This growth is mainly due to positive macroeconomic developments, particularly the recent trade agreement between the United States and Japan, which significantly contributes to the upward price trend. With a value of up to 550 billion dollars, this agreement is expected to further strengthen investor confidence, which could lead to the total market capitalization reaching the milestone of 4 trillion dollars in the near future.

Total market capitalization of crypto | Source: TradingViewHowever, if investors begin to take profits from recent rallies, the upward momentum may reverse. This selling pressure will lead to a correction, causing the total market capitalization (TOTAL) to drop to $3.8 trillion – temporarily invalidating the bullish scenario.

Bitcoin attempts to recover

The price of Bitcoin is currently at $118,564, after just surpassing the resistance level of $120,000. Although BTC has not been able to establish this level as strong support, the move has still sparked optimism among investors, indicating the potential for continued price increases in the near future. This surge hints at a potential breakout, igniting hope for those waiting for Bitcoin to soar back.

Currently, BTC has been consolidating below the $120,000 mark for the past 10 days. The king of coin still has the potential to break out once again, with the next target traders are aiming for being $122,000. As market conditions gradually stabilize, Bitcoin may reclaim this level and continue its upward momentum in the coming days.

Bitcoin price analysis | Source: TradingViewOn the other hand, if selling pressure increases, Bitcoin may face a correction. If the price slips below 115,000 dollars, this will invalidate the bullish scenario and signal the potential for the market to enter a downtrend.

PENGU is getting closer to ATH

The price of PENGU skyrocketed by 19.5% in the past 24 hours, leading the altcoin group today. This memecoin is currently trading near its ATH of $0.0469, showing very strong upward momentum. Investors are closely monitoring as PENGU continues to climb, with the potential to break the old peak and set a new high in sight.

The Parabolic SAR technical indicator positioned below the price candles indicates that the uptrend of PENGU is likely to continue. This indicator confirms that the price action is still in an upward trend, reinforcing the possibility that PENGU will surpass its previous all-time high. As the momentum strengthens, this memecoin may reach or exceed the old peak, generating further excitement among investors.

PENGU Price Analysis | Source: TradingViewIf PENGU holders decide to take profits, this altcoin may face a correction. A drop below the current support level of $0.04 could signal a trend reversal, leading to a deeper fall. If this happens, PENGU's bullish outlook will be invalidated and face additional pressure from selling forces.

Minh Anh