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Why Is the Crypto Market Down Today?

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Why Is the Crypto Market Down Today?

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In Brief

  • The crypto market cap dropped by $125 billion, now at $3.16 trillion, as macroeconomic challenges keep sentiment weak.
  • Bitcoin struggles below $100,000; a drop below $95,668 could push it further down, while reclaiming $100,000 may trigger recovery.
  • Lido DAO’s 9% drop invalidated a bullish pattern, leaving it vulnerable to further losses unless it reclaims support at $1.82.

The total crypto market cap fell by $125 billion over the last 24 hours, and Bitcoin (BTC) also lost $100,000 support as the macro-financial conditions remained bearish. Among the altcoins, Lido DAO (LDO) emerged as the worst performer of the day, falling by 9% today.

In the news today:-

  • Coinbase’s Chief Legal Officer, Paul Grewal, will testify at a congressional inquiry into Operation Choke Point 2.0, a controversial initiative aimed at restricting crypto businesses. His testimony is part of a broader effort to strengthen relations between the crypto community and the US federal government.
  • SEC Commissioner Hester Peirce emphasized that while the Commission is adapting its approach to crypto regulation, it remains focused on preventing fraud. Despite the creation of a new Crypto Task Force, Peirce highlighted that policy rebuilding will take time and that regulatory clarity does not equate to endorsement.

The Crypto Market Did Not Sustain Its Recovery

The total crypto market cap dropped by $125 billion over the last 24 hours, now standing at $3.16 trillion. The lack of recovery in broader financial markets is preventing the crypto market from bouncing back. As macroeconomic conditions remain unfavorable, this has kept market sentiment weak.

Currently, the total crypto market cap is holding above the support of $3.16 trillion, aided by the 100-day EMA. If the market continues its decline, however, it could break through these support levels. Such a scenario could push TOTAL lower, potentially testing the $3.10 trillion level in the coming days.

Total Crypto Market Cap Analysis.
Total Crypto Market Cap Analysis. Source: TradingView

Reclaiming the $3.28 trillion support level would negate the current bearish outlook, providing a pathway for recovery. If this support is established, TOTAL could erase recent losses and position itself for further upward movement. A reversal above this threshold would restore positive sentiment in the market.

 

 

 

 

 

 

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Bitcoin Continues to Struggle

Bitcoin’s price fell by 3.15%, trading at $98,148. The leading cryptocurrency has struggled to maintain the $100,000 support level. This ongoing issue may signal further price consolidation.

Despite recent struggles, Bitcoin still holds above $95,668, offering some support for potential recovery. However, if Bitcoin falls below this critical level, it could see a sharper decline, testing lower support levels such as $93,625. This would reinforce a bearish outlook for the immediate future.

Bitcoin Price Analysis
Bitcoin Price Analysis. Source: TradingView

For Bitcoin to reclaim bullish momentum, securing the $100,000 support level is essential. If this happens, Bitcoin could target $105,000 or higher. A move above this key threshold would likely invalidate the current bearish sentiment and put Bitcoin on a trajectory toward its all-time high.

Lido DAO Invalidates a Bullish Pattern

LDO’s price fell by 9% in the last 24 hours, trading at $1.69 and losing the crucial support level of $1.82. This marked the altcoin’s decline, highlighting a challenging short-term trend and making it one of the worst-performing tokens for the day.

The drop in LDO’s price invalidated a bullish ascending triangle pattern. The failure to break out of this pattern now leaves the altcoin vulnerable, with the next support level expected to be around $1.56. Continued bearish momentum could drive the price even lower, creating further pressure.

LDO Price Analysis.
LDO Price Analysis. Source: TradingView

Reclaiming the support of $1.82 would provide LDO a chance to recover recent losses. This would invalidate the current bearish outlook, setting the altcoin on a potential recovery path toward $2.20, bringing renewed optimism to holders and traders alike.

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