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The total crypto market cap (TOTAL) and Bitcoin noted a slight drop over the last 24 hours as the market began cooling down. Joining this decline was Peanut the Squirrel (PNUT), which fell by 6.37% during the same period.
In the news today:-
- Hackers compromised Cardano Foundation’s X account, spreading false claims about an SEC lawsuit and promoting a scam token on Solana. The fraudulent posts, including one about halting ADA support, have since been deleted.
- Amazon shareholders urge the company to add Bitcoin to its balance sheet as an inflation hedge, following trends set by Tesla and MicroStrategy. The move aims to safeguard funds and enhance shareholder returns.
The Crypto Market Slides
The total crypto market cap experienced a significant decline, dropping by $84 billion in the past 24 hours to $3.53 trillion. This downturn highlights increased selling pressure and a lack of sustained momentum across the market. Investors are closely monitoring the next moves to assess recovery potential.
For TOTAL to recover, maintaining support at $3.49 trillion is essential. If this level holds, the market cap could rise toward the resistance at $3.64 trillion. Reclaiming this level would signal renewed bullish sentiment and pave the way for a stronger market rebound.
However, if momentum remains weak, TOTAL may face prolonged consolidation below $3.64 trillion. A further drop below the critical $3.49 trillion support could lead to a sharper decline, raising concerns of extended bearish pressure.
Bitcoin Fails to Gain Key Support
Bitcoin’s price has failed to establish $100,000 as a support level, dropping to $99,162 at the time of writing. This slip below the key psychological threshold reflects mounting bearish pressure, raising concerns among investors about Bitcoin’s ability to sustain its recent rally and maintain bullish momentum.
Market expectations remain optimistic for consistent growth through the rest of the month. To meet these expectations, Bitcoin must reclaim $100,000 and turn it into a strong support level. Doing so could pave the way for BTC to target $105,000, potentially reigniting investor confidence and driving further gains.
However, if the bearish momentum continues, the risks of Bitcoin will decline further. A drop toward $95,000 or lower could invalidate the bullish outlook, leading to increased caution among traders.
PNUT Falls on the Charts
PNUT’s price dropped by 6.37% in the last 24 hours, bringing it down to $1.35. The decline in momentum has hindered the altcoin’s ability to sustain its previous uptrend. This downward shift reflects growing market uncertainty and highlights the challenges PNUT faces in reclaiming its bullish trajectory.
For PNUT to regain positive momentum, the altcoin needs to breach and flip the $1.69 resistance into support. Achieving this level will likely require strong bullish signals from the broader market. Successfully crossing this threshold could reignite investor interest, positioning PNUT for further gains in the short term.
If the current lack of momentum persists, PNUT could remain stuck below $1.69 while holding above the $1.06 support level. This consolidation phase would indicate indecisiveness among traders, delaying any significant price movements.