Markets
Why is the crypto market bearish today?
The crypto market is cooling off after the recent rally, even as the total market cap (TOTAL) and price of Bitcoin (BTC) are showing long-term upside. Among altcoins, dogwifhat (WIF) is seeing the biggest decline.
In today’s news:
Total Market Capitalization Breaks Out of Bullish Pattern
The total crypto market capitalization is currently in the process of securing a breakout from the descending triangle reversal pattern. This pattern forms with a flat support line and lower highs, signaling a potential bullish reversal when the price breaks above the upper trendline on increasing volume.
At $2.24 trillion, the total crypto market capitalization could see a small decline to $2.20 trillion or lower to test the falling trendline as support.
See more information: 11 Cryptocurrencies to Add to Your Portfolio Ahead of Altcoin Season
Market capitalization total price analysis. Source: Trading View
However, if the total crypto market capitalization sees a reversal and successfully breaks the $2.3 trillion resistance, it could continue its recovery.
Bitcoin Fails in Another Potential Breakout
Bitcoin (BTC) price is currently stuck inside a flag pattern after failing to break the flag’s upper trendline. A flag pattern appears as a brief consolidation after a strong price movement, presenting a continuation signal when the price breaks in the direction of the initial trend.
At the time of writing, the cryptocurrency was above the $61,846 support level, which is likely to be tested. But if this support is lost, BTC could end up testing the flag’s lower trendline.
See more information: Bitcoin Halving History: Everything You Need to Know
On the other hand, if Bitcoin price recovers from $61,846, a possible breakout of the pattern could be observed. This would put BTC on the path to recovering $68,500.
Dogwifet drops below $3 again
Dogwifhat (WIF) price, over the last 24 hours, fell below the $3.18 support level, seeing a 12% decline. This is due to the decrease in the market’s rally from the previous day. This could send the meme coin towards the $2.72 support.
See more information: Dogwifhat (WIF) Price Prediction 2024/2025/2030
If WIF recovers from this support, a rally to $3 and beyond could occur. This would be essential to invalidate the bearish outlook.
Disclaimer
In line with the Confidence Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyIt is Disclaimers have been updated.