Markets
Why is the crypto market down today?
The total crypto market cap (TOTAL) and Bitcoin (BTC) price took a short break over the weekend from the ongoing rally. Although the intraday candlestick is green, the downtrend of the last two days has also extended to today, keeping the overall growth at a minimum level.
This has impacted Pyth Network (PYTH), which is currently experiencing a decline in the daily chart.
In the news today: –
- Genesis wins court approval to distribute $3 billion to its creditors, allowing users affected by the bankruptcy to receive 77% of their claims.
- Mark Greenberg, Kraken’s Global Head of Growth and Asset Management, reassured that they have no plans to delist Tether (USDT) in Europe.
Total Market Cap Faces Resistance
The total market cap currently stands at $2.36 trillion, just below resistance at $2.40 trillion. This resistance has been tested twice in the past and TOTAL has failed to overcome it.
This is the current situation, and TOTAL may also struggle to remedy it again. The decline observed over the weekend did not harm recent growth. However, the green candlestick in intraday trading has also not initiated a recovery, keeping TOTAL at the same level as two days ago.
Learn more: Why are Hong Kong Spot Crypto ETFs important?
Total crypto market analysis. Source: Trading View
Prolonged bearish signals will only bring TOTAL back to $2.29 trillion, which has been a key support floor in the past.
Bitcoin Price Rise Stops
Bitcoin price is above $67,100 at the time of writing. The cryptocurrency saw a slight decline over the past two days, leading to a short pause in the ongoing rise. The 1.26% growth seen today has recouped most of the decline, but Bitcoin is still performing only slightly better than yesterday.
The chances of BTC price action in the future are consolidation between $68,500 and $64,800. This will continue until one of the levels is crossed or lower.
Learn more: Bitcoin Halving History: Everything You Need to Know
However, a fall below $64,800 will invalidate any chance of a bullish outcome. Instead. this could further extend the decline to $63,700.
Pyth network hits four-month low
The price of Pyth Network has been falling consistently over the past two months. Following cues from BTC and the rest of the market, PYTH fell 13% on Sunday. As a result, the altcoin is trading at $0.38, which is above the key support of $0.35.
Learn more: Cryptocurrency Coins and Tokens: What is the Difference?
If this support disappears, the decline will continue. On the other hand, if PYTH rebounds from this support, a recovery to $0.46 is possible. Failure to respect this would invalidate the bearish thesis.
Disclaimer
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