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A slight drop in market activity has resulted in a decline in the total crypto market cap (TOTAL) and Bitcoin’s (BTC) value over the past 24 hours. SUI, the native token of Layer-1 (L1) blockchain Sui, leads the market with the most losses over the past 24 hours.
In the news today:
- Riot Platforms has settled its unsolicited bid to acquire Bitfarms Ltd. It has withdrawn its request for a shareholder meeting and agreed to board-level changes.
- Bitcoin and Ethereum slightly declined after the People’s Bank of China announced aggressive stimulus measures.
TOTAL Slips Below Resistance
The total crypto market capitalization has dropped by $10 billion over the past 24 hours. TOTAL currently stands at $2.17 billion, below the resistance of $2.20 trillion, which it briefly traded above during Monday’s intraday trading session.
The former support floor was flipped into a resistance level in early August, and TOTAL has since failed to rally past it successfully. These failed attempts signal that selling pressure is high at that level.
TOTAL’s negative Balance of Power (BoP) confirms this outlook. This indicator, which measures the strength of buyers versus sellers in a given market over a specific period, is below zero at -0.17 at press time. When an asset’s BoP is negative, it suggests that sellers have more control over the market.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
If selling activity gains, TOTAL may fall to $2.08 trillion. If this level fails to hold, it may fall toward support at $1.91 trillion.
Bitcoin Poised for More Losses as Selling Spikes
Bitcoin trades at $63,155, noting a 1% price decline over the past 24 hours. During that period, its trading volume spiked by 2%, confirming the heightened selling pressure in the market.
When an asset’s price drops while its trading volume rises, it suggests that more traders are actively selling the asset, possibly due to negative sentiment, fear, or reaction to the news.
Read more: Bitcoin Halving History: Everything You Need To Know
If selling pressure gains momentum, the leading coin will retest the resistance level at $61,325, which it recently broke above. A failed retest of this critical level may lead to a further decline in BTC’s value, confirming the downtrend. Should this happen, BTC may trade at $58,416.
SUI Holders Count Their Losses
SUI’s price has dropped 7% in the past 24 hours to rank as the altcoin with the most losses during that period. This price decline is driven by a slight uptick in selling pressure as market participants take profits following the altcoin’s recent highs. Currently trading at $1.51, SUI is at its highest price level in five months.
Read more: Everything You Need to Know About the Sui Blockchain
If new demand fails to enter the market and token distribution gains momentum, SUI could continue its decline, potentially dropping toward the $1.11 support level, marking a 26% decrease from its current price.