Why is the crypto market up today?

The crypto market is up today, continuing gains from the Friday due to a mix of technical and essential factors.Oversold bounce throughout top crypto market assetsOn June 17, the crypto markets capitalization grew by over 2% to $1.05 trillion, up almost 7.5% from the $975.25 billion low seen 2 days ago.TOTAL everyday performance chart. Source: TradingViewBitcoin (BTC), which now makes up nearly 50% of the crypto market, rebounded 8.5% from June 15 lows of $24,750. The second-largest cryptocurrency Ether (ETH), is up over 9% in the previous 2 days. Last weeks worst performers, Solana (SOL), Cardano (ADA), and Polygon (MATIC), also recovered 8-15% in the exact same period.Top 15 cryptocurrencies are up sharply in the last 24 hours. Source: MessariInterestingly, the crypto market cap started recuperating a day after its day-to-day relative strength indexs (RSI) reading fell practically to 30, suggesting its almost “oversold.”From a technical viewpoint, an oversold RSI prompts a rate recovery or consolidation, as revealed below.TOTAL daily market efficiency. Source: TradingViewBlackrocks Bitcoin ETF buzzIn addition to the technical bounce, growing speculations around the first Bitcoin ETF approval in the U.S. assisted the crypto market bounce.Notably, BlackRock, an investment company handling $9.5 trillion in assets, used to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin ETF on July 16. Throughout its history, the business has applied for 576 ETFs, facing just one rejection.The crypto market has actually increased 4.5% because the BlackRock application, with market expert Lark Davis predicting a SEC approval could have the property supervisor purchase every Bitcoin readily available across crypto exchanges.Excerpts from Daviss statement:”Only about 10% of all Bitcoin [worth $50 billion] is sitting on exchanges. 0.5% of BlackRock cash movings to BTC would buy every coin readily available.”Related: Bitcoin price eyes $26K velocity zone as Binance fears fadeNonetheless, the SEC has actually turned down all Bitcoin ETF applications, including those from property managers like VanEck, Ark Invest, and Bitwise.Crypto market outlook for H2 2023From a technical viewpoint, the crypto market has varied inside what seems a bull flag pattern since April 2023, which raises its potential customers of continuing its recovery trend toward $1.37 trillion into the 2nd half of 2023– up 35% from existing valuations.TOTAL weekly performance chart. Source: TradingViewConversely, bears will try to press the market cap listed below the bull flags lower trendline, running the risk of revoking the bullish setup entirely. In this bearish scenario, the crypto market would drop toward the next significant assistance at $875.50 billion, a crucial level from the June-November 2022 and March 2023 sessions.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move includes danger, and you need to conduct your own research study when making a decision.