Total cryptocurrency market cap (TOTALCAP) and Bitcoin (BTC) are still falling on the daily chart as macro financial cues remain bearish. THORChain (RUNE) is also following the crypto king’s lead, dropping 11% in 24 hours.
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Cryptocurrency market continues to decline
The total cryptocurrency market cap has dropped by $81 billion in 24 hours, falling to $3.22 trillion. This decline occurred after TOTALCAP lost crucial support at $3.28 trillion, indicating increasing bearish pressure in the cryptocurrency market.
However, it could fall further to $3.16 trillion, a level that previously provided strong support. If TOTALCAP finds stability here, it could limit further losses and provide a foundation for recovery as broader market sentiment stabilizes.
TOTALCAP Chart on TradingView
A recovery to $3.16 trillion could negate the bearish outlook, helping the total cryptocurrency market cap reclaim $3.28 trillion. Such a recovery would signal renewed optimism, paving the way for a potential upward push.
Bitcoin finds new support
BTC price is currently at $94K, holding support above $93,625. This level previously acted as a critical intraday low, providing stability during recent volatility. Consolidation at this support signals resilience, although broader market cues could influence the next move.
Despite the support, Bitcoin has occasionally closed below $93,625 on the daily charts, suggesting vulnerability to further declines. A break of this level could lead to a steeper decline, with the price potentially falling to $89,800.
Bitcoin Chart on TradingView
However, a recovery above $95,668 could rejuvenate Bitcoin’s bullish momentum. Testing this level as support could negate the bearish outlook, paving the way for a potential recovery. A sustained recovery would restore market confidence and set a more bullish tone for the cryptocurrency.
THORChain loses a lot in one day
RUNE suffered an 11% decline, falling to $3.90 after losing significant value over the past two days. This correction pulled the altcoin from $4.90 to $3.91, reflecting bearish pressure and investor caution amid broader market uncertainty.
Holding above the $3.90 support level remains crucial to limit further losses. If the downward movement persists, RUNE risks falling below $3.90, potentially reaching $3.43. Such a decline would deepen investor losses and exacerbate bearish sentiment.
RUNE Chart on TradingView
On the other hand, a bounce off $3.90 could facilitate RUNE’s recovery, targeting a retest of $4.90. Successfully reclaiming this resistance would strengthen the bullish momentum and invalidate the bearish outlook, restoring confidence among holders.
The article Why is the crypto market falling today, 01/09/2025? was first seen on BeInCrypto Brazil.
