Markets
Why is the crypto market bearish today?
Total market capitalization (TOTAL) is trying to secure the $2.3 trillion mark as support. At the same time, Bitcoin (BTC) price is also fighting bearish signals to avoid a decline below $60,000.
Amid this decline is Bittensor (TAO), which lost the most last week, falling to a three-month low as a result.
In today’s news:-
- Bitcoin staking platform BounceBit is set to launch its mainnet today. Along with this, the airdrop and trading of the token on Binance will take place.
- China’s CBDC, the digital yuan, is seeing sales in the hands of its users. Participants in the state-backed digital asset program are raising concerns about holding digital currency.
TOTAL can see some advantages
The total market capitalization is currently in a symmetrical triangle, testing the lower boundary as support at $2.17 billion. The upper limit was attempted to be violated three times but failed. This shows that a breakout would require considerable optimism on the part of investors.
If this optimism is not warranted, a collapse to $2.11 trillion will likely mark a two-week low. The loss of this support would result in a sharp drop to $2 billion, marking a two-month low.
See more information: Why are Hong Kong Spot Crypto ETFs important?
Full analysis of crypto market value. Source: Trading View
On the other hand, if the low narrows and a breakout occurs, the likely rise could see TOTAL break the multi-week resistance of $2.3 trillion.
Bitcoin price is still safe
Bitcoin price is around $61,000, which has been an important support level for many days. Despite the slight decline observed in the last 24 hours, BTC still has a chance of recovery, as long as the crypto asset breaks out of the downtrend and secures $63,700 as support.
This would result in a potential upward trend, which is critical for investors to recover the losses they witnessed during the drawdown over the past two months.
See more information: Bitcoin Halving History: Everything You Need to Know
However, losing this support would cause a drop to $59,119, invalidating all hopes of a recovery and sending BTC to $58,000.
Bittensor fix continues
Over the past week, TAO price has seen a 22% drop, taking the altcoin to $352. $350 acts as a crucial psychological support level, and a drop below it would send TAO to $304, extending the correction.
As it stands, the altcoin is at its lowest level in three months, and decreasing volume is supporting the bearish thesis.
See more information: Cryptocurrencies vs Tokens: What’s the Difference?
However, if changing signals from the broader market result in a rebound, TAO price could reclaim $377 as support. This would result in a recovery above $400, allowing for a recovery from recent losses.
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.