TL;DR
The total crypto market cap dropped by $40 billion, now at $3.09 trillion, with further downside risk if support fails.
Bitcoin's price fell below key support at $95,761, showing volatility and signaling potential further declines toward $93,625.
The Crypto Market Stays Red
The total crypto market cap dropped by $40 billion due to the lack of bullish cues from the broader financial markets. This drawdown has brought TOTAL to $3.09 trillion. Without a shift in sentiment, the market may struggle to regain positive momentum, keeping prices under pressure.
TOTAL is currently trying to hold above the support of $3.09 trillion. If this support fails, the market could fall to the downtrend support line or even lower, potentially testing the critical $3.00 trillion level. A breach of this level would indicate a deeper downturn in the market.
If the support level at $3.09 trillion holds and the total crypto market cap rebounds, it could push past the resistance at $3.16 trillion. This would mark a recovery and possibly allow for further upward movement in the crypto market, leading to more bullish conditions in the near term.
Bitcoin Swings Multi-Week Low
Bitcoin’s price lost a key support level in the last 24 hours, currently trading at $95,605. This marks a decline below the support of $95,761, signaling the potential for further downside if it cannot reclaim this critical level.
On Tuesday, BTC whiplashed, dropping to $93,500 during the intra-day low, before recovering slightly. This volatility indicates that Bitcoin is vulnerable to a correction toward the next support level of $93,625. A failure to hold this level could lead to further declines, increasing the risk of a bearish trend.
Reclaiming the support of $95,761 is vital for Bitcoin to recover recent losses. If this key level is successfully flipped into support, Bitcoin could start heading back toward $98,212. This recovery would allow BTC to reestablish its bullish momentum and potentially break previous resistance levels.
Virtuals Protocol Investors’ Losses Extend
VIRTUAL fell by 14.7% over the last 24 hours, making it the worst-performing altcoin of the day. Currently trading at $0.981, the altcoin is showing signs of further decline. The price action suggests additional downside potential unless key support levels hold in the near term.
The next key support level for VIRTUAL is at $0.901. If the price drops below this support, it could lead to significant losses for investors. With the altcoin already at a 2.5-month low, failure to hold this level would be a bearish signal, exacerbating the decline.
Disclaimer: This article is for informational purposes only and should not be considered legal, tax, investment, financial, or any other form of professional advice. Always do your own research before making any decisions. This specific price analysis article is for informational purposes only and should not be considered financial or investment advice.
Bình luận