Markets
Why is the crypto market bearish today?
The total cryptocurrency market capitalization (TOTAL) has fallen below the crucial $2.50 trillion support, along with Bitcoin, which is currently trading at $67,300. The mixed signal arose from macro and bullish developments in the crypto market, impacting BTC and altcoins, of which Ordinals took the biggest hit.
In today’s news:-
- Today, the U.S. Securities and Exchange Commission (SEC) approved all eight spot Ethereum (ETH) ETF registrations. However, S-1 registration approval is still pending, so it will be a while before these ETFs can be listed.
- The US House of Representatives voted to pass the CBDC State Anti-Surveillance Act. This amends the Federal Reserve Act of 1913 to prohibit Federal Reserve banks from offering and using CBDCs for monetary purposes.
Total crypto market cap drops
The total crypto market capitalization has fallen below the $2.50 trillion support floor. This is a crucial psychological level and losing it is not a good sign for the market. Given the rather pessimistic macro conditions, the chances of a decline are much higher.
Due to higher real interest rates, even the news of the approval of the Ethereum spot ETF failed to counter the bearishness, resulting in an overall decline in the market. This reduction could continue, with the TOTAL falling to 2.39 billion dollars.
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Full analysis of crypto market value. Source: Trading View
However, if $2.50 is recovered, the winds could shift in favor of an increase, bringing the TOTAL to $2.60 trillion.
Bitcoin price loses key support level
Bitcoin price registered a red candle for the fourth day in a row, dropping from a high of $71,800 to $67,293 at the time of writing. As BTC fell below the $68,500 support, it extended the bearishness among investors, which could potentially drag Bitcoin towards the next crucial support at $64,883.
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On the other hand, despite the decline, BTC is moving within the flag pattern it has been in since the beginning of February. Reclaiming support at $68,500 could resume this bullish tilt, potentially sending BTC back towards $71,800.
Ordinals lose their uptrend
The price of ordinals has been in an upward trend for the last ten days, but has fallen in the last 24 hours. The altcoin has seen a 10% decline over this duration, resulting in ORDI changing hands at $37.4 at press time.
As a result, the potential to break through the critical resistance at $44 appears to have been delayed, as ORDI would need to see a 12% rally to reach this price.
See more information: Bitcoin NFTs: Everything You Need to Know About Ordinals
But if it manages to do so, it will not only successfully invalidate the bearish thesis but also increase profits for ORDI holders.
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.