Total cryptocurrency market capitalization (TOTALCAP) and Bitcoin (BTC) showed signs of rising but fell again today.
In today's news,
The Bankruptcy Court for the District of Delaware has approved FTXâs asset compensation plan, allowing 98% of creditors to receive up to 118% of the requested assets. Payments are expected to begin within 60 days, totaling between $14.7 billion and $16.5 billion.
21Shares has asked the European Securities and Markets Authority (ESMA) to revise its rules to include crypto assets in Undertakings for Collective Investment in Transferable Securities (UCITS) funds. This adjustment would allow retail investors to access crypto assets through ETPs and ETFs.
Cryptocurrency market slows down
The total cryptocurrency market cap saw an intraday surge, adding nearly $76 billion before succumbing to bearish macroeconomic factors. The brief surge took the market cap close to its recent highs, but it faced a pullback toward the $2.11 trillion support level.
The $2.11 trillion level has historically served as both resistance and support for the total cryptocurrency market cap. If TOTALCAP holds above this critical point, it could maintain its bullish momentum.
TOTALCAP Chart on TradingView
On the other hand, if it falls below the $2.11 trillion support, a drop towards $2 trillion is likely. Such a downward move would significantly hurt market sentiment, possibly leading to a broader correction.
Bitcoin almost reaches $65,000
Bitcoin remains resilient, holding above the crucial support level of $61,868 this week. The cryptocurrency attempted to break above the $65,000 mark during its intraday high but failed to sustain the upward movement. Despite this, it continues to show strength as it consolidates above the support.
The main target for BTC remains at $65,292, a critical resistance level. A sustained upward momentum in the coming trading sessions could help overcome this barrier, further solidifying Bitcoinâs bullish momentum.
Bitcoin (BTC) Chart on TradingView
On the downside, losing the $61,868 support could trigger a sharper correction. Such a decline could push the price closer to the $60,000 mark, which would invalidate the current bullish outlook.
Read more: Top 5 Most Secure Bitcoin Wallets of 2024
POPCAT hits new all-time high
POPCAT saw its first day of losses on Tuesday (8) after an impressive run of gains, falling 8% in the last 24 hours. This sudden decline caught some investors by surprise, although the memecoin had already shown substantial gains earlier in the week.
Despite the pullback, the price set a new all-time high of $1.48 yesterday. This milestone highlights the volatile nature of the meme coin, with investors still optimistic about potential future gains.
POPCAT Chart on TradingView
The next critical support for the price is at $1. A drop to this level is possible if the downtrend continues. However, if the broader cryptocurrency market shifts to a bullish outlook, POPCAT could resume its upward trajectory, potentially surpassing previous highs and setting new all-time highs.
The article Why is the cryptocurrency market falling today, 10/08/2024? was first seen on BeInCrypto Brazil.
