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The total crypto market cap (TOTAL) and Bitcoin (BTC) noted slight recoveries on Wednesday but not enough to recover the losses from the last 24 hours. Joining them in these bearish conditions is Fartcoin (FARTCOIN), which has been down by 15% over the past day.
In the news today:-
- The SEC has seemingly dropped its lawsuit against Ripple, quietly removing references to the case from its website while keeping other crypto lawsuits visible. However, some attorneys note the suit still appears on official channels, leaving uncertainty about its status.
- Coinbase secured a Virtual Asset Services Provider license in Argentina following Binance’s approval last October. The exchange is expected to prioritize community outreach and local business integration over broader Latin American expansion.
The Crypto Market Is Still In Red
The total crypto market cap has dropped by $16 billion in the past 24 hours despite recording a $36 billion gain on Wednesday. This volatility highlights ongoing uncertainty in the market as traders react to shifting sentiment and broader macroeconomic conditions.
Currently standing at $3.41 trillion, TOTAL requires strong buying momentum to avoid further declines. Without a significant push, the market cap could continue its downward trend, potentially slipping to the $3.28 trillion support level. Holding above this mark is crucial to preventing deeper losses.
However, if bullish momentum returns, the total crypto market cap could recover and climb toward $3.49 trillion. Such a move would erase recent losses and restore confidence in the market, signaling renewed strength across digital assets.
Bitcoin Is Holding Strong
Bitcoin maintained its position above the critical $100,000 support level despite briefly dipping to $100,277 during intraday lows. Currently trading at $102,144, BTC has shown resilience amid recent market fluctuations.
With $100,000 acting as strong support, Bitcoin is likely to remain above this level even if further corrections occur. The key psychological threshold continues to provide stability, preventing deeper losses. Holding above this mark reinforces confidence among investors looking for signs of renewed bullish momentum.
If broader market conditions improve, Bitcoin could reclaim $105,000, effectively invalidating the bearish outlook. A move past this resistance would signal renewed strength, potentially paving the way for further gains.
Fartcoin Is Noting Losses
FARTCOIN has dropped 15% in the last 24 hours, now trading at $0.848. The meme coin lost its $1.000 support level after a week-long decline. This continued bearish momentum has left the cryptocurrency struggling to find stability as traders assess its next possible move.
If the downtrend persists, FARTCOIN could fall further to $0.693, a support level recently tested. Holding this level is crucial to preventing a deeper decline toward $0.600. Investors remain cautious, watching for signs of stabilization before making new market entries.
For the bearish outlook to be invalidated, FARTCOIN must reclaim $1.000 as a support level. A successful recovery could drive the meme coin back toward $1.549, restoring investor confidence and paving the way for potential upside movement in the near term.