Why Is The Crypto Market Down Today?
The total crypto market cap (TOTAL) and Bitcoin (BTC) are still noting residual bearishness from the last 48 hours. With the weekend approaching, the decline is slowing down, with the likes of Zcash (ZEC) falling by 7.5% in the last 24 hours.
In the news today:-
- Polymarket faced backlash after refusing to pay out about $10.5 million in bets tied to Nicolás Maduro’s capture by U.S. forces. The platform ruled the operation was not an “invasion,” classifying it as a snatch-and-extract mission under its contract terms.
- Cyvers Alerts reported a suspected Truebit incident after detecting a suspicious transaction linked to an estimated $26 million loss. TRU’s on-chain price briefly collapsed by 99.95%, suggesting a liquidity failure or faulty price feed rather than normal selling.
The total crypto market cap dropped by $14 billion in the past 24 hours, though it rebounded from Thursday’s sharp intra-day decline that erased nearly $80 billion. The recovery suggests buyers stepped in at lower levels, preventing deeper losses across major assets.
TOTAL currently sits at $3.08 trillion after losing the $3.09 trillion support. It is holding above $3.05 trillion for now, but deteriorating conditions could push the market toward $3.00 trillion. Such a move would signal broader weakness and rising risk-off behavior among investors.
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TOTAL Price Analysis. Source: TradingView
If market sentiment improves heading into the weekend and volatility increases, TOTAL could reclaim $3.09 trillion as support. A sustained move above this level may open the door for a climb toward $3.16 trillion, helping restore short-term bullish structure.
Bitcoin Is Holding Around $91,300Bitcoin’s price briefly dipped below $90,000 during the last 24 hours but recovered to trade at $91,063 at press time. The swift rebound shows buyers are still active at lower levels, preventing a deeper breakdown and preserving short-term structure near key psychological support.
The RSI indicates fading bullish momentum, driven by saturation and recent liquidations. Even so, Bitcoin is likely to remain above $90,000 or the stronger $89,241 support. These levels have historically attracted demand, reducing the probability of an extended decline unless market conditions worsen materially.
Bitcoin Price Analysis. Source: TradingView
If bullish momentum strengthens over the weekend, Bitcoin could reclaim $91,511 and aim for $93,471. Securing this level would position BTC to approach $95,000, restoring confidence and reestablishing upward momentum after the latest volatility-driven setback.
Zcash Falls But StabilizesZEC continued to face strong bearish pressure driven by the controversy surrounding its developers’ exit. However, reassurance from ECC CEO Josh Swihart that the team remains committed to the Zcash protocol and is building a new wallet has eased some investor concerns and slowed the decline.
This helped ZEC post a brief 3% rebound, though the altcoin still fell 7.45% in the last 24 hours to trade at $434. The broader trend remains weak, with the ascending wedge pattern intact and projecting a potential 27% drop toward $363 if a bearish breakout confirms.
ZEC Price Analysis. Source: TradingView
Zcash can attempt recovery if it reclaims $442 as support, allowing momentum to build toward the $500 mark. Securing this level would invalidate both the bearish thesis and the wedge pattern, giving ZEC a stronger foundation for trend reversal.
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