Total cryptocurrency market cap (TOTAL) and Bitcoin extended their declines today (23), each falling 1%. Bitcoin’s struggles below the $100,000 mark also impacted the altcoin market, with Hyperliquid’s HYPE emerging as the biggest decliner.
In today's news:
Donald Trump announced on Truth Social that former congressional candidate Bo Hines has been named Executive Director of the President's Council of Advisors on Digital Assets.
Richard Heart, founder of HEX token, has been added to Interpol’s Red Notice list, facing charges of tax fraud and violent assault.
Crypto Market Continues Cooling Down
The total cryptocurrency market cap fell by more than $48 billion over the weekend and now sits at $3.18 trillion. This puts it below the $3.29 trillion resistance level – a key hurdle on the path to reclaiming the all-time high of $3.73 trillion.
This scenario makes the $3.29 trillion price zone a crucial resistance level. If it fails to break through, it could trigger a steeper decline, potentially dragging the total market cap below $3 trillion to $2.95 trillion.
Total Crypto Market Cap Analysis. Fonte: TradingView
On the other hand, if trading activity gains momentum, this bearish scenario will be invalidated. In this way, TOTAL may break through the key resistance level and attempt to revisit its all-time high.
Bitcoin points to further declines
Since hitting a new all-time high of $108,230 on December 17, the price of Bitcoin has been on a downward trend. The leading cryptocurrency is currently trading at $94,900, down 12% over the past six days.
On the daily chart, BTC’s Super Trend indicator highlights low demand for the flagship coin. For the first time since September 19, BTC’s price is below the red line of this indicator.
Bitcoin Price Analysis. Fonte: TradingView
The Super Trend indicator tracks the general direction and strength of a trend in asset prices. It appears as a line on the price chart, changing color to reflect the direction of the trend. So, when the Super Trend line appears above the asset price, it indicates a downtrend, suggesting that the bearish momentum is likely to continue.
If this bearish trend continues, BTC price could drop to $90,707. On the other hand, if buying activity gains momentum, the coin’s price could break the resistance formed at $95,630 and move towards its all-time high of $108,230.
Hypeliquid drops double digits
HYPE’s value dropped more than 22% over the weekend, making the altcoin one of the biggest losers over that period.
Increased selling pressure has fueled this price drop as market participants take profits following the recent all-time high of $35.51 reached on December 22. If the sell-off continues, HYPE’s price could extend further, dropping to $22.90.
HYPE Price Analysis. Fonte: TradingView
On the other hand, if buying activity resumes, it could propel the price of HYPE to reclaim its all-time high and possibly surpass it.
The article Why is the crypto market still down today, 12/23/2024? was first seen on BeInCrypto Brazil.
