Cryptocurrency Total Market Cap (TOTAL) and Bitcoin continued their decline today, both falling 1%. Bitcoin's weakness as it hovers below the $100,000 mark has also weighed on the altcoin market, with Hyperliquid's HYPE suffering the most significant losses.
Cryptocurrency market continues to cool
In the past 24 hours, the total cryptocurrency market capitalization fell by $48 billion to $3.18 trillion, successfully breaking through the key resistance level of $3.29 trillion - a key threshold for it to hit its all-time high of $3.73 trillion.
Currently, $3.29 trillion has become an important resistance range. Failure to break through this level may trigger a further correction, causing the total market value to fall below $3 trillion and even reach the support area of $2.95 trillion.
Cryptocurrency market capitalization analysis.
On the other hand, if market trading activities pick up, the bearish outlook may be broken. Total may break through the key resistance level and launch a new challenge to the historical high.
Bitcoin expected to fall further
Bitcoin has been falling since hitting an all-time high of $108,230 on December 17. Currently, the mainstream cryptocurrency is trading at $94,900, down 12% in the past six days.
From the daily chart, the super trend indicator shows that the market demand for Bitcoin has weakened significantly. This is the first time since September 19 that the price of Bitcoin has fallen below the red line of the indicator.
Bitcoin price analysis.
The Supertrend indicator is used to track the overall trend direction and strength of an asset's price, and is displayed on a price chart as a line whose color changes with the trend. When the Supertrend line is above the asset's price, it means that the downtrend is dominant, indicating that bearish momentum may continue.
If this downtrend continues, the BTC price could drop further to $90,707.
Conversely, if buying power strengthens, the coin’s price is expected to break the $95,630 resistance level and further rally to the all-time high of $108,230.
Hypeliquid falls double digits
HYPE has seen a 22% price drop in the past 24 hours, making it one of the altcoins with the largest declines during this period.
The decline was mainly attributed to the fact that market participants chose to take profits after HYPE hit an all-time high of $35.51 on December 22, which led to a significant increase in selling pressure. If the selling sentiment intensifies further, the price of HYPE may continue to decline and hit the support level of $22.90.
HYPE Price Analysis.
On the contrary, if buying power picks up, HYPE's price may climb back to its historical high and have the opportunity to achieve further breakthroughs.
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