Total cryptocurrency market cap (TOTALCAP) and Bitcoin (BTC) failed to break above their respective key resistances. Amid the uncertainty, Celestia (TIA) continued its bearish trend, falling nearly 11% in 24 hours.
In today's news:
Canary Capital has filed with the SEC for a Solana ETF, aiming to provide investors with easy access to the asset through traditional brokerage accounts. This follows similar filings from VanEck and 21Shares.
MicroStrategy, led by Michael Saylor, has revealed a $42 billion plan to acquire 252,220 existing BTC. The company aims to capitalize on the cryptocurrency’s continued growth.
Cryptocurrency market halts rise
The total cryptocurrency market capitalization saw a slight decline as it failed to break the $2.40 trillion resistance. This level proved to be challenging, dampening short-term bullish enthusiasm and spurring cautious investor sentiment.
While the bullish momentum is not entirely lost, persistent pressure could push TOTALCAP towards $2.29 trillion. This support level would be crucial to maintaining market stability, although a decline could signal a temporary pullback in the higher uptrend.
TOTALCAP Chart on TradingView
If bullish momentum resumes, the market cap could surpass $2.40 trillion, reestablishing the uptrend. Overcoming this resistance would strengthen market confidence and potentially attract renewed investor interest.
Bitcoin takes a short break
Bitcoin is approaching its all-time high of $73,800 but is currently undergoing a slight correction, trading at $72,302. The current level remains pivotal for BTC’s short-term outlook.
If the decline continues, BTC could fall to the $71,367 support floor. If this level is broken, it could fall further, potentially falling below the $70K mark. Such a decline would signal caution among traders and could delay a new rally.
Bitcoin (BTC) Chart on TradingView
If investors remain bullish and hold their positions, the asset could break past its ATH of $73,800. Breaking this resistance would be a significant milestone, pushing Bitcoin further into bullish territory and bolstering market confidence.
Celestia takes a hit
Celestia is down nearly 11% in 24 hours, now trading at $4.69. As a result, it recently lost support at $4.96 and is trending towards $4.52, reflecting increased bearish momentum in the market.
Historically, the $4.52 level has served as a strong support floor for TIA, offering potential stability during declines. If this support holds, it could cushion Celestia’s decline and provide a chance for investors to regain confidence, reducing the risk of further losses.
Celestia (TIA) Chart on TradingView
However, if the $4.52 support is lost, Celestia could drop to $3.88, marking a one-and-a-half-month low. Such a drop could delay any potential recovery as it would signal a deeper bearish outlook for the altcoin.
The article Why is the crypto market falling today, 10/31/2024? was first seen on BeInCrypto Brazil.
