Total cryptocurrency market capitalization (TOTALCAP) and Bitcoin (BTC) are facing a slight decline on the daily chart. However, the situation is worse for altcoins as broader market cues are weighing on assets like Bitget Token (BGB).
In today's news:
MicroStrategy co-founder Michael Saylor has hinted at a potential new Bitcoin purchase, sparking speculation following cryptic comments about his SaylorTracker portfolio. Similar hints from Saylor have preceded significant Bitcoin purchases in the past.
The Blockchain Association and the Texas Blockchain Council have filed a lawsuit against the IRS over new broker-dealer reporting rules for digital assets. The regulations, effective in 2027, require broker-dealers to disclose gross profits and taxpayer details, prompting claims of unconstitutionality.
Cryptocurrency market in sideways trend
The total cryptocurrency market cap has fallen by $50 billion in 24 hours, reflecting ongoing market uncertainty. Mixed signals from macroeconomic factors continue to weigh heavily on the price trajectory of cryptocurrencies, increasing hesitation among investors.
Currently stuck below the $3.28 trillion resistance, TOTALCAP remains vulnerable. Prolonged uncertainty could push the market cap towards the critical $3.10 trillion support level, deepening losses from the recent market corrections.
TOTALCAP Chart on TradingView
If TOTAL can flip $3.28 trillion into support, it could regain upward momentum. Such a move could take the market cap towards $3.49 trillion, recovering much of the losses seen in the current downtrend.
Bitcoin is holding a key support level
Bitcoin is trading at $93,753, holding above the critical support at $93,625. The cryptocurrency aims to break the resistance at $95,668 and flip it into support, which would be crucial to start a short-term recovery.
However, if broader market conditions remain bearish, Bitcoin risks falling below the $93,625 support. Such a decline could push BTC to $89,800, erasing recent gains and extending downward pressure on the king of cryptocurrencies.
Bitcoin Chart on TradingView
On the other hand, reclaiming $95,668 as support could pave the way for Bitcoin to hit $100,000. Reaching this milestone would invalidate the bearish outlook and restore bullish momentum.
Bitget Token is falling rapidly
BGB’s price has dropped 12% on the day, currently trading at $6.51. This drop takes the altcoin further away from its all-time high (ATH) of $8.49, raising concerns about its prospects for an immediate recovery.
The recent decline has positioned the token as the worst-performing asset of the day. With its price approaching the $4.90 support level, a further decline could erase a significant portion of the 104% rally it recently achieved. Holding this support is essential to avoid further losses.
BGB Chart on TradingView
If broader market cues turn bullish, BGB could reverse its decline, potentially breaking through its ATH of $8.49. Reaching this milestone would invalidate the bearish outlook and pave the way for new highs, restoring investor confidence in the altcoin’s upward trajectory.
The article Why is the crypto market falling today, 12/30/2024? was first seen on BeInCrypto Brazil.
