These 4 Bitcoin News Explain Why Crypto Market Is Up Today?

Why Crypto Market Is Up Today? Bitcoin Price Rebound and Prediction

The global crypto market made a strong comeback today, lifting overall sentiment. After a weekend dip, the market cap jumped 1.45% to $3.12 trillion, and Bitcoin price increased by nearly 2%, currently standing at $102,043.41.

Wondering why the crypto market is up today? Let’s break it down.

Trump’s Oil Statement Triggers BTC Price Rebound

The biggest boost came from U.S. President Donald Trump, who gave a strong message to the Department of Energy, as per The Kobeissi Letter latest X post:

“Drill, baby, drill. And I mean now.”

Source: The Kobeissi Letter X

This created fresh optimism in the energy and financial markets, calming fears caused earlier by Iran’s attempt to close the Strait of Hormuz, a vital oil route. That geopolitical news had dragged it down to $98,200 just a day before.

The market saw this as a green signal, triggering a quick question: Why Bitcoin price rise so much? So this was the reason behind BTC price rebound, reducing the panic across exchanges.

Texas Bitcoin Reserve Law SB 21

One of the most notable crypto news today came from Texas. Governor Greg Abbott signed SB 21 into law on June 21, officially creating a state-run Bitcoin reserve.

Key Points:

• Texas is now the third U.S. state to establish a BTC reserve, after Arizona and New Hampshire.

• Only digital assets with $500B+ market cap can be included — practically focusing on this cryptocurrency only.

This move positions Texas as a crypto-forward state and sends a positive signal about long-term adoption.

US Jobless Claims & PCE Inflation Ahead

Two upcoming economic indicators are influencing industry sentiment:

• US jobless claims fell to 245,000 last week. A small rise to 247,000 is expected this week.

• PCE Inflation Index (due June 27) is forecasted to climb from 2.1% to 2.3%.

If inflation goes higher, the Federal Reserve may delay rate cuts, which could weaken this currency's momentum. These indicators remain key short-term triggers.

Polymarket Price Prediction June 2025 : Will It Fall to $95K?

The Polymarket BTC forecast is currently showing cautious trader sentiment:

• 25% believe BTC will hit $95K before July 1

• 75% believe it won’t

This aligns with the current mood of volatility and uncertainty — especially after last week’s sudden crash.

Cryptocurrency Fear & Greed Index Reflects Shifting Sentiment

The Index is at 47, which indicates a neutral sentiment in the industry. Only yesterday, the index was at 42, and firmly in the fear zone.

Source: Crypto Fear and Greed Index

However, a week ago it was 61, and was situated in the greed category. The recent shift from the last week's Greed to Neutrality implies market sentiment and uncertainty for investors has been heightened.

Conclusion: What Happened in Crypto Today and What’s Next?

Today’s cryptocurrency marketplace saw a strong rebound as $BTC rose to $102K after Trump’s oil push and Texas passed the Bitcoin reserve law SB 21. The Fear & Greed Index shifted to neutral, showing caution. 

Upcoming US jobless claims and PCE inflation data could impact price trends. Polymarket gives a 25% chance of Bitcoin dropping to $95K before June ends. For now, today’s gains explain why Bitcoin rise so much, but uncertainty still surrounds the crypto news today.