• The total crypto market cap dropped by $45 billion to $2.89 trillion but is attempting to reclaim $2.93 trillion for potential recovery.
• Bitcoin hit a low of $86,000 before rebounding to $89,000; reclaiming $89,800 as support could shift momentum toward $92,005.
• Raydium (RAY) fell 15.8% to $2.52; holding $2.45 support is crucial, while a breakout above $2.71 could push it toward $3.33.

The total crypto market cap (TOTAL) and Bitcoin (BTC) continued their descent over the past day with the latter falling to the lows of $86,000. While some altcoins have noted reversal and bounced back, Raydium (RAY) emerged as the worst performer of the day falling by 15%.

In the news today:-

• The SEC dropped its investigation into Uniswap Labs, briefly boosting UNI’s price amid bearish market conditions. Uniswap had a positive month with the v4 upgrade and Unichain mainnet launch, while CEO Hayden Adams advocates for new crypto-specific regulations as pressure builds for clearer guidelines.
• A report from Taraxa reveals that major blockchain projects like Sonic, Solana, and Aptos have significantly overestimated their throughput. The study highlights a large gap between theoretical transaction speeds and actual performance on their mainnets, indicating a massive overestimation of network efficiency.

The Crypto Market’s Decline Continues

The total crypto market cap dropped by $45 billion in the last 24 hours, settling at $2.89 trillion. This decline followed bearish market conditions on Monday. The market faced significant pressure, but a slight recovery is evident, and the market cap is attempting to reclaim previous levels.

After a steep drop of $175 billion during intra-day lows, the total crypto market cap has managed to bounce back slightly. Currently, at $2.89 trillion, it faces the challenge of surpassing $2.93 trillion. Persistent bearish sentiment could impede further recovery and market strength.

If the total crypto market cap successfully flips $2.93 trillion into support, it could see a recovery towards the $3.00 trillion level. This would allow the market to regain some of the recent losses, but continued market uncertainty may impact the pace of this recovery.

Bitcoin Is Looking For Support

Bitcoin’s price recently fell to its lowest point since November 2024, reaching $86,000 during intra-day lows. The price then managed to recover slightly, currently trading at $89,000. Despite this bounce, Bitcoin faces continued pressure as it struggles to break through key resistance levels.

The next major support for Bitcoin lies at $87,041, which could become relevant if BTC fails to break past the $89,800 resistance. With the 50-day EMA positioned higher at $96,790, the path to recovery appears distant for Bitcoin. Bulls need stronger support to reverse the current bearish momentum.

Bitcoin’s bullish outlook will only be confirmed if it flips $89,800 into a support level, paving the way to test the $92,005 resistance. This move would invalidate the bearish thesis and indicate a potential price rally toward higher levels.

Raydium Falls to 4-Month Low

RAY price has fallen by 15.8% today, currently trading at $2.52 while holding above the critical support level of $2.45. Despite this drop, RAY is still hovering above the support, which could help prevent further price declines. However, the market sentiment remains weak, affecting its recovery prospects.

The altcoin has emerged as the worst-performing crypto token of the day. If the bearish trend persists, RAY may struggle to hold above $2.45 and could fall below this level. The next potential support lies at $1.99, which could extend the current losses and delay any recovery efforts.

However, if RAY successfully breaches the resistance level of $2.71 and flips it into support, the altcoin could experience a strong bounce. A rally towards $3.33 could invalidate the current bearish outlook and help recover some of the recent losses, offering optimism for holders.