The total crypto market cap (TOTAL) and Bitcoin (BTC) showed minimal growth over the weekend, remaining at the same levels as a few days ago. However, the lack of bullish momentum is impacting altcoins, with Jupiter (JUP) experiencing a 9% decline in the last 24 hours.
In the news today:-
- India’s Directorate of Enforcement (ED) seized cryptocurrencies worth $190 million linked to the Bitconnect fraud, which operated between 2016 and 2018. The scam involved a fraudulent “Lending Program” that attracted global investors with false promises of high returns, with promoters receiving commissions for recruitment.
- Argentine lawyers have filed charges against President Javier Milei for promoting the Libra (LIBRA) token, which saw a brief surge to $4.56 billion before crashing 94%. The incident led to accusations of a pump-and-dump scheme after Milei deleted his post about the token.
The Crypto Market Goes Back To Square One
The total crypto market cap has fallen by $43 billion in the last 24 hours, slipping below the critical support level of $3.16 trillion. This decline reflects broader market uncertainty, with many assets facing downward pressure.
Currently standing at $3.14 trillion, the total crypto market cap is vulnerable to additional declines. A potential drop to $3.09 trillion is on the horizon, though this has proven to be a strong support level this month. It’s likely that TOTAL will hold above this level for now.
If the market can manage to flip the $3.16 trillion level into a support floor, a recovery is possible. Such a move would pave the way for a rise to $3.28 trillion, signaling a potential reversal in sentiment and providing some optimism for investors amid ongoing volatility.
Bitcoin Slides Back To Support
Bitcoin’s price is currently at $96,079, holding above the critical support of $95,869. This support level has remained unbroken for nearly a month, signaling stability. However, Bitcoin’s price is still at risk of further downside pressure if market conditions shift negatively, with volatility affecting the broader crypto market.
Bitcoin’s resilience in maintaining the $95,869 support level suggests optimism from investors, anticipating a recovery. However, if the support level fails, BTC holders could face significant losses, with a potential drop to $93,625. Such a decline would reinforce bearish sentiment and trigger a broader market sell-off.
If Bitcoin manages to bounce back from the $95,869 support level and rise toward $98,212, it could invalidate the current bearish outlook. A sustained rise above this level would signal strength and recovery, offering hope for further gains and a possible return to bullish momentum for Bitcoin.
Jupiter Notes Losses
Jupiter emerged as the worst-performing altcoin of the day, falling over 9.7% in the last 24 hours. Trading at $0.84, the altcoin has struggled to gain momentum, reflecting broader market pressures and investor sentiment. JUP faces significant hurdles in its attempts to recover from recent declines.
JUP’s recent drawdown occurred after the altcoin failed to breach the $0.96 barrier. If the downward trend continues, JUP could see a decline to $0.77. Losing this support level would likely send the altcoin further down to $0.72, signaling continued weakness and extending the current bearish outlook.
A recovery above the $0.96 resistance could signal a shift in sentiment for Jupiter. If JUP successfully flips this level into support, it could set the stage for further recovery, with the potential for a rise to $1.12. Such a move would invalidate the bearish thesis and offer hope for sustained gains.
The post Why Is the Crypto Market Down Today? appeared first on BeInCrypto.
from BeInCrypto https://ift.tt/TR0H2ig
0 Comments