Why Is the Crypto Market Down Today?
beincrypto.com 4 h The total crypto market cap (TOTAL) and Bitcoin (BTC) showed no growth over the past week. Among altcoins, Toncoin (TON) was the only one to see significant gains, rising by 8% in the last 24 hours.
In the news today:
- According to an updated list by the Capital Markets Board of Turkey, Coinbase, KuCoin, Gate.io, along with other crypto exchanges have filed to obtain business licenses in the country.
- The New Hampshire Bureau of Securities Regulation issued a cease and desist order against Finstate Investment LLC. The company has been accused of defrauding its investors.
The Crypto Market Aims Sideways
The total crypto market cap has been under the resistance of $2.11 trillion for the last week. This extended the ongoing consolidation to 11 days, with TOTAL bouncing off the support of $2.00 trillion.
The crypto market is expected to bounce back as investors aim for profits. However, for this to happen, TOTAL would need to breach and flip $2.11 trillion into support.
Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
Nevertheless, if the downtrend continues, the crypto market cap could be vulnerable to a drop below $2.00 trillion. This could considerably intensify the investors’ losses, pushing TOTAL to $1.88 trillion.
Bitcoin’s Price Is Under Key Resistance
Bitcoin’s price is no stranger to a lack of momentum. The largest crypto asset is stuck below $60,000. For days now, BTC has failed to close above this crucial psychological and technical resistance.
The chances of an eventual breach are high since Bitcoin’s price is currently at $58,500. A flip of $60,000 into support could send BTC to $63,100, invalidating the 5% drop from the previous week.
Read more: Bitcoin Halving History: Everything You Need To Know
On the other hand, a decline could pose significant risks for investors, as it would likely cause BTC to fall below $58,000.
Toncoin Leads the Altcoins
Toncoin’s price at $6.9 is trading just under the barrier of $7.0, which it last breached over a month ago. The Telegram-linked token is up 8% in the past 24 hours, showing signs of a gradual uptrend.
After recovering from an early August 12% drop, TON has seen steady growth. The asset is finding support around $6.4 and may leverage this momentum to challenge and potentially break the $7.0 resistance level.
Read more: What Are Telegram Bot Coins?
Losing the support of $6.4 could send TON falling to $6.0. Any further decline could invalidate the bullish thesis, resulting in a drop to $5.4.
