Why Is the Crypto Market Down Today?
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Why Is the Crypto Market Down Today?

The total crypto market cap (TOTAL) fell over the last 24 hours as Bitcoin (BTC) failed to breach a crucial resistance level. Bittensor (TAO) also took a hit, as it did not react to the bearish cues as much as it did to a recent hack.

The Market Bullishness Is Still Intact

The total crypto market cap declined by over $36 billion to $2.21 trillion over the last 24 hours. While a breach of the $2.30 trillion barrier was expected, the opposite happened, as TOTAL dropped to the support floor of $2.20 trillion.

While a further decline is not expected, considering the market’s volatility, it cannot be ruled out. A drop below $2.20 trillion would mean a decline to $2.11 trillion.

A bounce back, on the other hand, would rejuvenate the potential of TOTAL reclaiming $2.30 trillion as support.

Bitcoin’s Price Drops

Bitcoin’s price potentially triggered the broader market decline as the crypto asset failed to breach a breach. At the time of writing, BTC fell back to trade at $61,169 after failing an attempt to break past $63,000.

While the intra-day highs crossed this barrier, they could not close above it, resulting in the drawdown over the last 24 hours.

The likely outcome is a drop to $60,000 and recovery from this point since the crypto market is not extremely bearish at present.


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