The total value of the cryptocurrency market decreased by $48 billion in the last 24 hours, falling to $3.18 trillion. While the Bitcoin price fell by 1%, HYPE, one of the altcoins, lost 22% due to profit taking. According to experts, if Bitcoin continues its current downtrend, it could fall to $90,707.$BTC
Bitcoin Price and Altcoin Market Continue to Stagnate
Total market cap has fallen by $48 billion in the past 24 hours to $3.18 trillion. This has pulled the crypto market below the key resistance level of $3.29 trillion, which is approaching the all-time high of $3.73 trillion. If this resistance level is not broken, the market cap could fall to $3 trillion, risking a drop to $2.95 trillion. However, an increase in trading volume could reverse this negative outlook and allow the market to rise again.
Bitcoin has been in decline since its peak of $108,230 on December 17. Currently trading at $94,900, BTC has lost 12% in the last six days. Technical analysis suggests that selling pressure on Bitcoin may continue. The Super Trend indicator indicates that Bitcoin’s price has fallen below the red line for the first time since September, and the downtrend is expected to continue. If this situation continues, Bitcoin’s price could fall to $90,707. However, if buyers re-enter the market, analysts say that the $95,630 level will be broken and Bitcoin could rise to the peak of $108,230 again.
Sharp Falls in the Altcoin Market
Altcoins have suffered major losses as Bitcoin has fallen below $95,000. HYPE in particular has suffered the biggest loss, falling 22% in the last 24 hours, while MOVE has also lost 20% to $0.75. MOVE has lost a few days of uptrend, while HYPE has been unable to maintain its momentum in recent days. HYPE has lost value after reaching an all-time high of $35.51 on December 22, with investors taking profits. If the selling pressure continues, the HYPE price could fall to $22.90. However, if purchases resume, HYPE could rise to the top again and surpass this level.
In the crypto market, altcoins have seen sharp losses in value after Bitcoin fell below $95,000. MOVE and Hyperliquid (HYPE) lost 20% and 19%, respectively. MOVE lost its short-term uptrend, while HYPE failed to maintain its strong performance in recent days. However, analysts say that if current market conditions continue, these altcoins may continue to decline.
Positive Signs and Rising Altcoins
Despite all the negative developments, some altcoins such as Aave and FTX Token rose by 9% and 8% respectively. FTX Token experienced a huge increase after FTX’s new investment news. AAVE is currently trading at $324, while FTT rose to $3.04. This shows that investors continue to show interest in some cryptocurrencies.