BTC Delivers Market Support

The crypto market had a positive Monday session, with market risk appetite returning at the start of the week.

The crypto top ten found solid support throughout the morning session, putting a stop to a nine-week losing skid for bitcoin (BTC).

Bitcoin hit a day high of $31,740 before dropping down, with the NASDAQ 100 showing a strong link in the US session.

With headwinds constantly present, a return from day highs was unavoidable, mirroring gains from Monday, May 30.

Increased legislative discussion on the need for further regulatory oversight is still a possibility. Investors should also consider the pending SEC v Ripple litigation, albeit it may take some time for the matter to be resolved.

From a broader viewpoint of market risk sentiment, the Federal Reserve's monetary policy remains a headwind. Any adjustment in the regulatory environment will be influenced by the Fed's next monetary policy decision and forward guidance.

For the First Time in 4 Sessions, the Crypto Market Cap Stays Over $1200 Billion

The overall crypto market value increased by $63 billion to $1,277 billion on Monday before dropping.

For the first time in four sessions, the whole market managed to avoid a drop below $1200 billion.

The key to any broad-based recovery is a hold above the current year low of $1,082 billion set on May 12th.

BTC gained 4.84 percent on Monday. Strong market support was given by a move through $31,500.

SOL led the way with a 10.01 percent gain. SOL had risen 16 percent in a strong morning, reaching a day high of $44.65, before falling down.

BTC was joined in positive territory by ADA (+7.34%), DOGE (-1.82%), ETH (+2.97%), and XRP (+1.98%) in the top 10.

BNB, on the other hand, defied the trend and fell 1.34 percent. The news that the Securities and Exchange Commission was looking into whether Binance Coin was offered as a securities in 2017 weighed heavily.

Total Liquidations in Cryptocurrencies Indicate Low Selling Pressure

In comparison to the previous week, market circumstances were favorable. According to Coinglass, the total value of 24-hour liquidations was $165.5 million. While higher over the weekend, liquidations remained significantly below the $500 million mark reached in the middle of last week.

The bullish session was aided by 1-hour and 4-hour liquidations, which indicated a reduction in selling pressure.

Total liquidations in one hour were $1.19 million at the time of writing.

Liquidations will likely continue to be monitored by the markets, with each increase acting as a test of support.