beincrypto.com
The total crypto market cap (TOTAL) dropped by $40 billion over the past day, driven by Bitcoin ($BTC), which almost reached $93,500 during intra-day lows. Among the altcoins, Virtuals Protocol ($VIRTUAL) was the worst performer, declining by 14.7%.
In the news today:-
- The SEC has acknowledged Bitwise’s $XRP ETF filing following last week’s submission by Cboe BZX Exchange. While $XRP’s price remains stable, the quick recognition is seen as a positive step toward potential approval.
- Strategy (formerly MicroStrategy) is offering $2 billion in convertible senior notes to fund Bitcoin purchases. Despite a pause in acquisitions last week, Saylor’s strategy remains consistent with his usual Bitcoin buying playbook.
The Crypto Market Stays Red
The total crypto market cap dropped by $40 billion due to the lack of bullish cues from the broader financial markets. This drawdown has brought TOTAL to $3.09 trillion. Without a shift in sentiment, the market may struggle to regain positive momentum, keeping prices under pressure.
TOTAL is currently trying to hold above the support of $3.09 trillion. If this support fails, the market could fall to the downtrend support line or even lower, potentially testing the critical $3.00 trillion level. A breach of this level would indicate a deeper downturn in the market.
If the support level at $3.09 trillion holds and the total crypto market cap rebounds, it could push past the resistance at $3.16 trillion. This would mark a recovery and possibly allow for further upward movement in the crypto market, leading to more bullish conditions in the near term.
Bitcoin Swings Multi-Week Low
Bitcoin’s price lost a key support level in the last 24 hours, currently trading at $95,605. This marks a decline below the support of $95,761, signaling the potential for further downside if it cannot reclaim this critical level.
On Tuesday, $BTC whiplashed, dropping to $93,500 during the intra-day low, before recovering slightly. This volatility indicates that Bitcoin is vulnerable to a correction toward the next support level of $93,625. A failure to hold this level could lead to further declines, increasing the risk of a bearish trend.
Reclaiming the support of $95,761 is vital for Bitcoin to recover recent losses. If this key level is successfully flipped into support, Bitcoin could start heading back toward $98,212. This recovery would allow $BTC to reestablish its bullish momentum and potentially break previous resistance levels.
Virtuals Protocol Investors’ Losses Extend
$VIRTUAL fell by 14.7% over the last 24 hours, making it the worst-performing altcoin of the day. Currently trading at $0.981, the altcoin is showing signs of further decline. The price action suggests additional downside potential unless key support levels hold in the near term.
The next key support level for $VIRTUAL is at $0.901. If the price drops below this support, it could lead to significant losses for investors. With the altcoin already at a 2.5-month low, failure to hold this level would be a bearish signal, exacerbating the decline.
However, if $VIRTUAL manages to bounce back from $0.901, it could aim for the resistance at $1.30. A successful breach of this level would invalidate the bearish outlook, signaling potential recovery. Reclaiming $1.30 as support would allow $VIRTUAL to recover some of its recent losses.