in short
The total cryptocurrency market capitalization fell $81 billion to $3.22 trillion, with $3.16 trillion being the next key support level for potential stability.
Bitcoin is currently holding its price at $94,000 but if it breaks below the $93,625 support, it could drop to $89,800; a reclaim of $95,668 could reignite the bullish momentum.
THORChain is down 11% at $3.90; holding this support level is key to avoid a drop to $3.43, while a rebound could target the $4.90 resistance level.
Total cryptocurrency market capitalization (TOTAL) and Bitcoin (BTC) remain in the red on the daily chart as macro financial signals remain bearish. THORChain (RUNE) is also following the trend of the king of cryptocurrencies, falling 11% in the past 24 hours.
Today's news:
The U.S. Department of Justice has been authorized to sell $6.5 billion worth of 69,370 Bitcoins seized from Silk Road, ending a legal ownership dispute. This sale was approved after a federal judge denied Battle Born Investments' request to delay liquidation.
Donald Trump has launched his first Bitcoin NFT series, 'Trump Bitcoin Digital Trading Cards', which includes 160 cards based on the Bitcoin ordinal protocol. Buyers can claim the cards on Magic Eden, with an additional 40 NFTs set to be released soon.
The cryptocurrency market continues to decline
In the past 24 hours, the total market capitalization of cryptocurrencies has dropped by $81 billion, falling to $3.22 trillion. Previously, the total market capitalization dipped below the critical support level of $3.28 trillion, indicating increased bearish pressure across the cryptocurrency market.
However, the market capitalization may further drop to $3.16 trillion, a level that previously provided strong support. If it stabilizes here, it may limit further losses and lay the groundwork for a recovery after broader market sentiment stabilizes.
A rebound from $3.16 trillion could offset the bearish outlook, helping the total market capitalization of cryptocurrencies return to $3.28 trillion. This recovery would signal new optimism and pave the way for potential upward momentum.
Bitcoin finds new support
The price of Bitcoin is currently hovering around $94,000, with support above $93,625. This level had previously acted as a key intraday low, providing stability amidst recent volatility. Consolidation at this support level indicates resilience, although broader market cues may influence the next move.
Despite the support, Bitcoin occasionally closed below $93,625 on the daily chart, indicating the potential for further declines. A drop below this level could lead to a more significant decline, with prices possibly falling to $89,800.
However, a rebound above $95,668 may rejuvenate Bitcoin's bullish momentum. Testing this support level could offset the bearish outlook and pave the way for a potential recovery. Continued rebounds will restore market confidence and set a more optimistic tone for cryptocurrencies.
THORChain suffers heavy losses in one day
RUNE has depreciated significantly over the past two days, dropping 11% to $3.90. This adjustment pulled the altcoin down from $4.90 to $3.91, reflecting bearish pressure and cautious investor sentiment amid broader market uncertainty.
Maintaining the support level at $3.90 is crucial to limit further declines. If the downtrend persists, RUNE may drop below $3.90 and could even fall to $3.43. Such a decline would deepen investor losses and exacerbate bearish sentiment.
Conversely, a rebound from $3.90 could promote a recovery for RUNE, aiming to retest $4.90. Successfully reclaiming this resistance level would enhance bullish momentum and invalidate the bearish outlook, restoring confidence among holders.