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Why did the cryptocurrency market fall today?

Taking the total market capitalization of cryptocurrencies (TOTAL) and the price of Bitcoin (BTC) A short break over the weekend after the continued rise. Although the intraday candle is green, the downtrend of the last two days has also extended to today, keeping the overall growth at a minimal level.

This has affected the Pyth Network (PYTH), which is currently experiencing a decline on the daily chart.

In today's news: -

  • Genesis received court approval to distribute $3 billion to its creditors, allowing users affected by the bankruptcy to recover 77% of their debts.

  • Mark Greenberg, global head of growth and asset management of the cryptocurrency exchange, reassured: They have no plans To delist Tether (USDT) in Europe.

Total Cryptocurrency Market Cap Faces Resistance

The total market cap currently stands at $2.36 trillion, just below resistance at $2.40 trillion. This resistance has been tested twice in the past and Total has failed to break it.

This is the current situation, and Total could also struggle to get out of it. The drop observed this weekend did not harm recent growth. However, the green candle in intraday trading also failed to initiate recovery, keeping Total at the same level as two days ago.

Read more: Bitcoin and Ethereum ETFs debut in Hong Kong today

Total analysis of the cryptocurrency market.
Total analysis of the cryptocurrency market. Source: Commercial view

Prolonged bearish signals will only cause the cryptocurrency market cap to drop to $2.29 trillion, which has been a major support floor in the past.

The price of Bitcoin has stopped rising

Bitcoin price is above $67,100 at the time of writing. The cryptocurrency saw a slight decline over the past two days, leading to a sustained rise with a brief pause. Today's 1.26% growth recovered most of the decline, but Bitcoin still performed slightly better than yesterday.

The chances of future BTC price movement are consolidation between $68,500 and $64,800. This will continue until one of the levels is exceeded or lowered.

Learn more: Bitcoin Halving 2024: Will it lead to a big price increase?

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Bitcoin price analysis. Source: Commercial view

However, a decline below $64,800 will negate any chance of a positive outcome. instead of. This could extend the decline to $63,700.

Pyth network hits four-month low

The price of Pyth Network has been falling consistently over the past two months. Following signals from BTC and the rest of the market, PYTH fell 13% on Sunday. As a result, the altcoin is trading at $0.38, which is above the major support of $0.35.

Pyth Network Price Analysis. Source: Commercial view

If this support disappears, the decline will continue. On the other hand, if it bounces PYTH From this support, it is possible to recover up to $0.46. A break in this trend would invalidate the bearish thesis.

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