Why did the crypto market become bullish on July 14?

The total cryptocurrency market capitalization (TOTAL) and Bitcoin continue their upward trend over the weekend and into the new week, with BTC setting a new all-time high. Meanwhile, Hedera (HBAR) is the strongest rising altcoin today, leading with a 20% increase in the past 24 hours.

Today's headlines:

– SharpLink Gaming has purchased an additional 16,374 Ethereum (ETH) on Sunday, worth approximately $48.85 million, bringing the total amount of ETH held to around 270,000 ETH. According to Arkham Intelligence, this purchase has significantly expanded the company's crypto portfolio.

• The Governor of the Bank of England, Andrew Bailey, warned against allowing large banks to issue their own stablecoins, as it could pose risks to financial stability and increase the risk of money laundering. This view contrasts with that of the US, where stablecoins are seen as an important part of Trump's plan to make the US a global crypto hub.

The crypto market continues to rise

The total market capitalization of crypto currently stands at $3.75 trillion, an increase of $27 billion in the past 24 hours. This upward trend occurs despite the recent tax announcement by President Donald Trump, indicating that the market is still maintaining strong momentum and high stability.

The strong rise of Bitcoin continues to lead the entire market, helping altcoins take advantage of the optimistic sentiment. If the total market capitalization maintains the level of $3.73 trillion as a key support, the market will continue to rise to the sky.

Total cryptocurrency market capitalization | Source: TradingviewIf a broader market correction occurs, TOTAL may not hold the support level of $3.73 trillion. In that case, the market will retreat to the $3.64 trillion level and even $3.49 trillion, wiping out all recent gains. This is likely to trigger further declines unless new capital flows in to stabilize prices.

Bitcoin reaches a new peak

The dream rise of Bitcoin continues, with a new all-time high of 122,540 dollars just established at (ATH). The king of cryptocurrencies is currently trading around 122,248 dollars and shows FOMO activity (fear of missing out) in the market. Therefore, it is highly likely that the price will continue to push higher.

Bitcoin Price Chart | Source: TradingViewHowever, despite the positive outlook, the Relative Strength Index (RSI) indicates that Bitcoin is currently in the overbought territory. If investors start to take profits, selling pressure will lead to a short-term price correction. In that scenario, the price of BTC could slide back to around $120,000, temporarily invalidating the bullish argument and allowing the market to "cool down."

HBAR reaches its highest peak in 4 months

The price of Hedera ( HBAR ) has risen to the sky by 27.6% in the past 24 hours, currently trading at $0.252. This notable increase comes after the Hedera Foundation joined Project Acacia, led by the Reserve Bank of Australia. The new partnership has sparked increasing interest, further fueling the rise in price.

Currently, HBAR is trying to establish the $0.25 mark as a support area, which is very important to maintain the recent upward momentum. If successfully held, the price of HBAR could move up to the $0.267 area, reinforcing the increase from the 4-month peak and paving the way for the next uptrend.

HBAR price chart | Source: TradingViewHowever, if HBAR cannot turn the $0.25 mark into strong support, the price may retreat to $0.22 or lower. This will erase recent gains and invalidate bullish prospects, signaling a risk of a bearish reversal for this altcoin.

Minh Anh