Markets
Why is the crypto market bearish today?
Total crypto market cap (TOTAL) and Bitcoin (BTC) price took a short break over the weekend due to the ongoing rally. Although the intraday candle is green, the low of the last two days has also been extended to today, keeping the overall growth minimal.
This impacted Pyth Network (PYTH), which is currently experiencing a decline on the daily chart.
In today’s news:-
- Genesis secures court approval to distribute $3 billion to its creditors, allowing users affected by the bankruptcy to receive 77% of their credits.
- Crypto exchange Kraken’s global head of growth and asset management, Mark Greenberg, reassured that they have no plans to remove Tether (USDT) in Europe.
Total market capitalization is facing resistance
The total market capitalization is currently $2.36 billion, just below the $2.40 billion resistance. This resistance has been tested twice in the past and TOTAL was unable to break it.
This is the current situation and TOTAL may also observe some difficulties in violating it again. The drop seen over the weekend did not harm recent growth. However, the green intraday trading candle also did not start the recovery, keeping TOTAL at the same mark as two days ago.
See more information: Why are Hong Kong Spot Crypto ETFs important?
Total analysis of the crypto market. Source: Trading View
Extended bearish signals will only bring the TOTAL down to $2.29 trillion, which has been an important floor of support in the past.
Bitcoin Price Rise Halts
Bitcoin price is above $67,100 at the time of writing. The cryptocurrency has witnessed a small dip over the past two days, which has resulted in a brief pause in the continuous rise. The 1.26% growth seen today recovered 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 exceeded or below.
See more information: Bitcoin Halving History: Everything You Need to Know
However, a drop below $64,800 will invalidate any chance of a bullish outcome. Instead of. could further extend the decline to $63,700.
Pyth Network Hits Lowest Level in Four Months
Pyth Network’s price has been falling consistently over the past two months. Following signals 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.
See more information: Cryptocurrencies vs Tokens: What’s the Difference?
If this support is lost, the decline will continue. On the other hand, if PYTH recovers from this support, a recovery to $0.46 is possible. Violating this will invalidate the bearish thesis.
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.