The total cryptocurrency market capitalization (TOTALCAP) and Bitcoin (BTC) dropped sharply today (27) and triggered a bearish sentiment across the market. Following in BTC’s footsteps, many altcoins fell on the charts, with Fantom (FTM) being the biggest loser of the day.
In today's news:
Bitget is merging its tokens, BGB and BWB, into a unified BGB token for exchange and wallet functions. The new token will support features such as Fair Launchpool, network fees, and integration into DeFi and public blockchains.
Strive Asset Management, founded by Vivek Ramaswamy, has filed with the SEC to launch an ETF investing in Bitcoin Bonds. The ETF will target convertible bonds from companies like MicroStrategy that fund BTC purchases.
Crypto market loses value
The total cryptocurrency market cap has fallen by $104 billion in 24 hours, falling to $3.27 trillion. This decline reflects the growing bearish pressure in the market, raising concerns among investors about the potential for further losses.
Despite the decline, TOTALCAP could recover and regain $3.28 trillion as support, signaling the possibility of a recovery. But if that fails and macro indications remain bearish, a drop to $3.10 trillion is on the cards.
TOTALCAP Chart on TradingView
On the other hand, if trading activity regains momentum, this bearish outlook will be invalidated. TOTALCAP could successfully break above the key resistance level and attempt to revisit the barrier at $3.49 trillion.
Bitcoin is holding above crucial support
Bitcoin has fallen to $96,444, holding above the critical support at $95,668. This decline follows the inability to reclaim $100K as a support level. The current price action reflects the heightened uncertainty in the market as investors assess Bitcoin’s recovery potential in the coming days.
In the short term, Bitcoin is likely to consolidate above $95,668, with a significant drop looking unlikely. The ongoing hype surrounding New Year celebrations is fueling cautious optimism, preventing bearish momentum from gaining traction.
Bitcoin (BTC) Chart on TradingView
A successful breakout of $100,000 would mark a pivotal moment for Bitcoin, potentially taking its price to $105,000. Such a move could signal the start of a renewed uptrend, attracting greater investor participation and setting the stage for further gains in the new year.
Fantom hits monthly low
Fantom has fallen 8% in 24 hours. This decline has pushed the altcoin to a monthly low, raising concerns among investors about its ability to recover amid bearish market conditions.
FTM is currently trading at $0.88, positioned between support at $0.76 and resistance at $1.03. The altcoin’s ability to maintain its current price range will depend on broader market sentiment and increased trading activity in the coming days.
Fantom (FTM) Chart on TradingView
If broader market cues turn bullish, FTM could target the $1.03 resistance level. Flipping this into support would signal the start of a recovery, invalidating the bearish outlook for a drop to $0.76 and restoring investor confidence.
The article Why is the crypto market falling today, 12/27/2024? was first seen on BeInCrypto Brazil.
