Why Is the Crypto Market Down Today?
In Brief
- The total crypto market cap dropped to $3.15 trillion, testing $3.10 trillion support; further losses could follow if this level breaks.
- Bitcoin holds above $95,668 but risks dropping to $93,625; reclaiming $100,000 could restore bullish momentum.
- Pudgy Penguins (PENGU) fell 11% to $0.0117, nearing an all-time low; breaking $0.0147 resistance could signal recovery.
The total crypto market cap (TOTAL) has remained down over the last 24 hours, while Bitcoin (BTC) is trading above $97,300, far from the next resistance. Pudgy Penguins (PENGU) was pulled into bearish conditions, falling by 10% to emerge as the worst-performing asset of the day.
The Crypto Market Is Falling
The total crypto market cap fell slightly over the last 24 hours, currently standing at $3.15 trillion. After slipping below the support of $3.16 trillion, TOTAL tested the support of $3.10 trillion as it fell during the intra-day lows.
However, TOTAL is holding above the downtrend line that has been active since December 2024. This support line has been tested by the total crypto market cap multiple times this year. However, losing it and falling through the support of $3.10 trillion could cause further losses.
On the other hand, reclaiming the support of $3.16 trillion could push the total crypto market cap to $3.28 trillion. Reclaiming this support level could push the total crypto market cap further upwards, invalidating the bearish thesis.
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Bitcoin Needs Stronger Momentum
Bitcoin’s price is holding above the critical support level of $95,668, signaling potential recovery after recent losses. Maintaining this support is crucial for avoiding further declines. If the downtrend persists, BTC could breach this level, leading to increased selling pressure and extended losses in the short term.
Currently trading at $97,338, Bitcoin faces the risk of dropping to $93,625 if bearish momentum intensifies. The Relative Strength Index (RSI) indicates a strong bearish sentiment, making recovery challenging.
Reclaiming the $100,000 support level could reignite investor confidence and bullish momentum. Such a move would help offset recent losses and potentially attract renewed buying interest. Market participants remain cautious but optimistic, as breaking this psychological barrier could pave the way for sustained upward movement in Bitcoin’s price trajectory.
Pudgy Penguins Suffer
PENGU has dropped by 11% in the past 24 hours, now trading at $0.0117. The altcoin is nearing its all-time low of $0.0094, raising concerns among investors. Market volatility and bearish sentiment are contributing to the decline.
If PENGU falls to its all-time low and bearish pressure persists, it could break this level, setting a new record low. Such a move would likely trigger increased selling activity, exacerbating losses.
Breaching the $0.0147 resistance level and converting it into support could invalidate the bearish outlook. This would signal a potential recovery, helping PENGU regain lost ground. Achieving this milestone could restore investor confidence and pave the way for upward momentum, offering a chance to recover recent losses.
