The total market capitalization of cryptocurrencies (TOTAL) and Bitcoin continued to decline today, both dropping by 1%. Bitcoin's weak performance, hovering below the $100,000 mark, has also dragged down the altcoin market, with Hyperliquid's HYPE showing the most significant decline.
The cryptocurrency market continues to cool down.
In the past 24 hours, the total market capitalization of cryptocurrencies has dropped by $48 billion, falling to $3.18 trillion, successfully breaking below the key resistance level of $3.29 trillion — this position is a critical threshold for its challenge of the historic high of $3.73 trillion.
Currently, $3.29 trillion has become an important resistance range. If this level cannot be broken, it may trigger further corrections, leading to a total market capitalization drop below $3 trillion, even reaching the support area of $2.95 trillion.
Cryptocurrency market capitalization analysis.
On the other hand, if market trading activity rebounds, bearish expectations may be broken. Total may break through key resistance levels and make a new challenge to historical highs.
Bitcoin is expected to decline further.
Since Bitcoin hit an all-time high of $108,230 on December 17, the price has continuously retreated. Currently, the trading price of this mainstream cryptocurrency is $94,900, having dropped 12% over the past six days.
From the daily chart, the Super Trend indicator shows a significant weakening of market demand for Bitcoin. This is the first time since September 19 that the Bitcoin price has fallen below the red line of this indicator.
Bitcoin price analysis.
The Super Trend indicator is used to track the overall trend direction and strength of asset prices, displayed on the price chart as a line that changes color with the trend. When the Super Trend line is above the asset price, it indicates a dominant downtrend, suggesting that bearish momentum may continue.
If this downtrend continues, the BTC price may further probe down to $90,707.
Conversely, if buying strength increases, token prices are expected to break through the resistance level of $95,630 and further rebound to the historical high of $108,230.
Hypeliquid has fallen by double digits.
HYPE has fallen by 22% in price over the past 24 hours, becoming one of the biggest losers among altcoins during this period.
This decline is mainly attributed to market participants choosing to take profits after HYPE set a historical high of $35.51 on December 22, leading to a significant increase in selling pressure. If selling sentiment intensifies further, the price of HYPE may continue to decline, reaching the support level of $22.90.
HYPE price analysis.
Conversely, if buying strength rebounds, the price of HYPE may climb back to historical highs and have the opportunity for further breakthroughs.