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The total market value of cryptocurrencies (TOTAL) and Bitcoin (BTC) fell sharply today, triggering bearish sentiment across the market. Following BTC's footsteps, many altcoins fell on the list, with Fantom (FTM) being the biggest loser of the day.

In the past 24 hours, the total market value of cryptocurrencies fell by $104 billion to $3.27 trillion. This decline reflects the growing bearish pressure across the market, raising investor concerns about the possibility of further losses. Whether the market can stabilize remains uncertain.

Despite the decline, TOTAL may still recover and regain support at $3.28 trillion, indicating the possibility of a rebound. But if this fails and macro-financial signals remain bearish, TOTAL may fall to $3.10 trillion.

On the other hand, this bearish outlook will be invalidated if trading activity regains momentum. Total may successfully break through the key resistance level and attempt to re-cross the $3.49 trillion mark.

Bitcoin maintains above the key support level

The price of Bitcoin has fallen to $96,444, maintaining above the key support level of $95,668. The decline was due to BTC's inability to reclaim the $100,000 support level. The current price action reflects the heightened market uncertainty as investors assess Bitcoin's potential for recovery in the coming days.

In the short term, Bitcoin may consolidate above $95,668, and a sharp decline is unlikely. The continued hype of the New Year celebrations has fueled cautious optimism and prevented the formation of bearish momentum.

A successful breakthrough of $100,000 would mark a critical moment for Bitcoin, potentially pushing its price to $105,000. Such a move could herald the start of a new round of bullish trend, attracting more investors to participate and laying the foundation for further gains in the new year.

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