The cryptocurrency market cap fell by $10 billion, with the total market capitalization falling below the $2.08 trillion resistance level.
Bitcoin is consolidating and eyeing the $58,487 support; if the bulls fail to defend this price level, a decline is likely.
AI Super League fell 6%, offsetting gains from the hype in the artificial intelligence market.
A small drop in market activity has caused the total cryptocurrency market capitalization (TOTAL) and Bitcoin value to fall over the past 24 hours. After a brief surge in the value of AI assets, the Alliance of Artificial Intelligence Superintelligence is now the market with the biggest losses over the past 24 hours.
Total closes the week below resistance
The total cryptocurrency market capitalization has fallen by $10 billion in the past 24 hours. The total market capitalization is currently at $1.99 trillion, just below the $2.08 trillion resistance level. This resistance level has been tested several times in the past month, and the total market capitalization has only managed to break through it twice.
The cryptocurrency market usually falls on weekends due to lower trading volumes. Therefore, TOTAL could fall further. If the market sees a significant drop in trading activity over the next two days, it could fall back to $1.91 trillion.
If this key support level is lost, the market could fall sharply to $1.69 trillion - the lowest level since August 5, when more than $1 billion was evaporated.
Bitcoin traders watch from the sidelines
The Bitcoin market has shown a relatively balanced buying and selling pressure over the past few days. This suggests that this is a period of consolidation, with the asset price moving sideways without a strong uptrend or downtrend.
This is clearly reflected in the flat Relative Strength Index ( RSI ) on the daily chart.
Currently, the leading coin is aiming to break out of the $58,487 support level. If successful, the uptrend will be confirmed and its price will climb to $61,391.
However, if this attempt fails then any chance of a bullish outcome will be invalidated and further extension of BTC’s fall below $54,000 is likely.
AI Super League shares give up recent gains
On Thursday, prices of artificial intelligence-related cryptocurrencies surged following reports that OpenAI was seeking to raise $6.5 billion in new equity funding. The price of the Artificial Intelligence Superpower (FET) rose 10% on the day. However, the rally proved to be short-lived.
FET is trading at $1.34, having lost 6% of its value in the past 24 hours. It is trading very close to the $1.35 resistance level, where selling pressure is usually high. If the attempt to break through this level fails, the price of FET could drop to $0.70.
