October has brought an unexpected twist to the crypto market. Historically a bullish month, itâs now proving quite the opposite, as Bitcoin struggles, dropping to $60K today. The rising geopolitical tensions between Iran and Israel have rattled markets, causing widespread panic selling. Amid this chaos, top memecoins like Pepe (PEPE), Dogwifhat (WIF), and Bonk (BONK) have all suffered double-digit losses, each tumbling over 10% in the past 24 hours.
âŠïžTOTAL3 chart
Letâs dive into the broader crypto market starting with the TOTAL3 chart, which tracks the total crypto marketcap excluding BTC and ETH. On September 19, TOTAL3 broke out of a 5-month downtrend, reaching a high of $591B, sparking hopes for a market-wide rally. However, the recent downturn has brought it back to test the resistance trendline at $575B.
This level is now critical. If TOTAL3 manages to hold support here, a market recovery could follow. But if it breaks below, a sharper decline in the value of altcoins, including memecoins, may be inevitable.
âŠïžBitcoinâs Struggles
Bitcoin (BTC) hasnât been immune to the sell-off either. After being rejected from the $66K level on October 1st, BTC has consistently trapped bullish traders, leading to the current price of $60,600. Right now, Bitcoin is sitting on a strong support level at $60K.
Should it hold, we might see some recovery. However, failure to maintain this level could trigger another round of panic selling, dragging down the entire market, including PEPE, WIF, and BONK.
âŠïžWhat To Expect Next?
Both the TOTAL3 and Bitcoin charts indicate that the market is sitting at crucial support levels. If these levels hold, a recovery rally could be on the horizon for memecoins like PEPE, WIF, and BONK. But if the market fails to hold these supports, we may see further declines ahead.
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