Why Is The Crypto Market Down Today?
The total crypto market cap (TOTAL) and Bitcoin (BTC) fell on the daily chart owing to outflows from the ETFs in the past week. This decline extended to the altcoins as well, with SPX6900 (SPX) emerging as the biggest loser of the day.
In the news today:-
- Blockchain investigator ZachXBT claims a scammer impersonating Coinbase support stole over $2 million in crypto from users through social engineering scams. The alleged Canadian suspect was identified via digital traces and reportedly spent the stolen funds on luxury services, rare usernames, and gambling.
- South Korea delayed the submission of its Digital Asset Basic Law due to disputes between regulators and banks over stablecoin rules. The proposed law aims to strengthen investor protection by enforcing full reserve backing and isolating bankruptcy risks for stablecoin issuers.
The total crypto market cap declined by $23 billion in the past 24 hours, pressured by sustained outflows from crypto ETFs. TOTAL currently stands at $2.92 trillion, reflecting cautious investor sentiment. Macro uncertainty and reduced institutional inflows continue to weigh on near-term market momentum across major digital assets.
Despite recent weakness, TOTAL has established a technical support zone near $2.92 trillion. This level may attract dip buyers if selling pressure eases. However, deteriorating macro signals or further ETF outflows could push the crypto market cap lower, with $2.85 trillion emerging as the next critical downside level.
TOTAL Price Analysis. Source: TradingView
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A recovery toward the $3.00 trillion mark depends on clearly positive broader market cues. Improved risk appetite, ETF inflow stabilization, and supportive macroeconomic data would be required. A decisive move above $3.00 trillion could restore investor confidence and signal renewed strength across the cryptocurrency market.
Bitcoin Faces BearishnessBitcoin trades at $87,225, remaining capped below the $88,210 resistance for nearly a week. Despite repeated rejections, the leading cryptocurrency has entered a consolidation phase, signaling market indecision rather than aggressive selling pressure amid subdued volatility and cautious investor positioning.
BTC continues to hold firmly above the $86,247 support level, reinforcing short-term structural strength. Even if broader market conditions weaken, current price behavior suggests Bitcoin is likely to remain range-bound, with consolidation favored over a sharp breakdown as buyers defend key technical levels.
Bitcoin Price Analysis. Source: TradingView
The Relative Strength Index indicates bearish momentum persists, limiting immediate upside potential. However, a shift toward neutral or bullish RSI readings could enable Bitcoin to break $88,210, opening a path toward $90,308 as momentum-driven traders re-enter and sentiment improves.
SPX6900 Is Following The KingSPX declined more than 5.3% over the past 24 hours, ranking among the day’s weaker altcoins. The token trades at $0.474, maintaining support above $0.453. This level remains critical, as sustained holding suggests sellers lack conviction despite broader market pressure and reduced short-term risk appetite.
SPX continues to mirror Bitcoin’s price action, with correlation measured at 0.81. This strong linkage increases downside exposure while BTC struggles to regain momentum. If Bitcoin remains weak, SPX could retest the $0.453 support zone, where buyers previously stepped in to limit further downside.
SPX Price Analysis. Source: TradingView
A shift in investor sentiment could support a rebound toward the $0.516 resistance level. Clearing this barrier would weaken the bearish outlook. A confirmed breakout may allow SPX to extend gains toward $0.548, signaling renewed confidence among traders seeking higher-risk altcoin exposure.
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