beincrypto.com
The total crypto market cap (TOTAL) and Bitcoin (BTC) are seemingly finally cooling down after noting a stupefying rally these last few days. Joining them in this cooldown is the Artificial Superintelligence Alliance (FET), which is emerging as the worst-performing asset today, falling by 18%.
In the news today:
- The US government is aiming to seize a crypto account linked to Sam Bankman-Fried, allegedly used to bribe Chinese officials before FTX’s 2022 collapse. Currently valued at $18.5 million, the account’s worth has risen by nearly $10 million amid this year’s bull market.
- Canary Capital has proposed a first-of-its-kind Hedera HBAR spot ETF to the SEC, intending to hold HBAR directly without derivatives. Shareholders will receive cash proceeds, simplifying transactions, following the firm’s recent launch of an HBAR Trust for accredited investors.
The Crypto Market Relaxes
The total cryptocurrency market cap saw a $70 billion decline in the past 24 hours as recent bullish momentum began to cool. This pullback followed significant growth over recent days, with TOTAL unable to breach the critical $3.00 trillion resistance level.
The downturn could continue, as this uptrend appears to have reached a market top. If profit-taking ensues, the crypto market cap may fall further, potentially dropping to $2.75 trillion, reinforcing a short-term bearish outlook across the sector.
However, if bullish sentiment returns, TOTAL may rebound above $2.90 trillion, with the potential to test the $3.00 trillion level once again. Such a recovery would renew investor confidence, pushing the market back toward new highs.
Bitcoin Sees Red
Bitcoin’s price has paused its week-long streak of setting new all-time highs, now trading at $87,615, slightly below its recent peak of $89,922. This temporary pullback signals a potential stabilization as BTC consolidates near its ATH.
If the drawdown persists, Bitcoin may drop to $85,000, a level at which further declines could prompt investors to take profit. This selling pressure could lead to a short-term correction, affecting BTC’s upward momentum.
However, should bullish macroeconomic cues continue, Bitcoin might regain strength, positioning itself to breach the $89,922 ATH. A successful rally could push BTC to the coveted $90,000 milestone, renewing investor optimism.
FET Loses Gains
FET’s price declined by 18% in the past 24 hours, breaking through its $1.40 support and now trading at $1.29. The next key support level for FET is $1.04, which could provide temporary stability if selling pressure continues.
Despite this sharp drop, a sustained drawdown appears unlikely. FET may attempt a recovery, striving to reclaim the $1.40 support. Successfully doing so would restore investor confidence and help the altcoin recover losses from the past day.
A strong rebound could drive FET up to $1.71, a critical resistance it couldn’t break in September. Reaching this level would mark a solid comeback and set the stage for further gains.