The total cryptocurrency market capitalization (TOTAL) and Bitcoin (BTC) have slipped over the past 24 hours amid growing bearish sentiment in macro financial markets. Aptos (APT) underperformed among altcoins, becoming the biggest loser of the day.
Today's news:
Donald Trump’s World Liberty Financial (WLF) proposed to launch a WLF Aave v3 instance to promote DeFi and attract new users to participate in overcollateralized lending. The initiative aims to expand DeFi adoption by enhancing marketing and providing a seamless user experience.
Meanwhile, federal prosecutors in Boston filed charges against Gotbit, ZM Quant, CLS Global and others for alleged cryptocurrency manipulation, leading to the arrest of four suspects and the seizure of $25 million worth of crypto assets. The defendants were accused of defrauding investors by conducting fake trades to inflate token prices.
Cryptocurrency market sees decline
The total cryptocurrency market capitalization has dropped by $47 billion in the past 24 hours, causing the market to lose support at $2.11 trillion. At the same time, the total cryptocurrency market capitalization also fell below the upward trending support line.
Currently, the total cryptocurrency market cap is hovering at $2.08 trillion, still above the $2.00 trillion support level. If the market trend can turn bullish, the total cryptocurrency market cap is expected to recover to the $2.11 trillion level.
On the other hand, investor selling could trigger further losses, pushing the total cryptocurrency market capitalization down to test the $2.00 trillion support level.
Bitcoin price falls
Bitcoin price is following the overall market trend and is currently trading at $60,947. Despite the pullback, BTC remains firmly above the key support level of $60,000. This support level has effectively curbed further declines so far and is crucial to the short-term price outlook.
Bitcoin’s goal is to break out of $61,868 and reaffirm this support level. Success in achieving this goal could push the cryptocurrency towards $65,292, but strong investor confidence and market participation will be required to sustain the upward momentum.
However, if Bitcoin breaks below the $60,000 support, it could slide further to $57,270, which would deepen market losses and dent investor confidence.
Aptos falls victim
The price of Aptos has fallen by 9% in the past 24 hours and is currently trading at $8.42. Despite the pullback, APT remains above the key 38.2% Fibonacci retracement level, which provides hope for a potential rebound. Investors are closely watching for a solidity at this level.
The $8.23 support level coincides with the 38.2% Fibonacci line, which is crucial for Aptos. If this support is lost, the price may fall further and even fall to $6.65, which corresponds to the 23.6% Fibonacci line, suggesting a more serious risk of decline.
However, if Aptos can rebound from the 38.2% Fibonacci line, the price could rise back to $9.79. A breakout of this critical resistance would pave the way for further gains, potentially pushing APT towards the psychological $10 level, thus reviving market optimism.
