Home Crypto Market Movers Crypto Market Drops $125B, Bitcoin Struggles Below $100K

Crypto Market Drops $125B, Bitcoin Struggles Below $100K

Crypto Market Drop

The cryptocurrency market has experienced a significant downturn, with the total market cap plunging by $125 billion in the last 24 hours, now standing at $3.16 trillion. This drop has been primarily driven by ongoing macroeconomic challenges, which have kept market sentiment subdued. Bitcoin (BTC), the market leader, is also grappling to maintain its position above $100,000. This price struggle is making it more difficult for Bitcoin to stage a recovery, while the broader financial market conditions remain bleak.

The lack of recovery in the wider financial market is preventing the crypto market from bouncing back, keeping it in a weak state. The total market cap is now holding just above the $3.16 trillion support level, propped up by the 100-day exponential moving average (EMA). However, if the market continues to decline, we could see the market cap breaking through this level, with the next potential support zone coming in at $3.10 trillion. A move below this level could signal further downward pressure.

Bitcoin has seen a 3.15% drop in the last 24 hours, trading at $98,148, and has struggled to maintain support above the $100,000 mark. This struggle suggests that the leading cryptocurrency may be entering a period of price consolidation. Bitcoin still has some support near $95,668, but if it falls below this critical level, it could lead to a sharper decline, possibly testing lower support zones at $93,625 and $90,000.

For Bitcoin to regain bullish momentum, it must secure a solid foundation above the $100,000 level. If it manages to hold above this threshold, the cryptocurrency could target the $105,000 range, potentially invalidating the current bearish sentiment. A move above this price point would restore confidence among investors and traders, putting Bitcoin back on track for a potential upward rally toward new highs.

Lido DAO (LDO) has been one of the worst-performing assets in the market, dropping by 9% in the last 24 hours. The altcoin is now trading at $1.69 and has failed to maintain the crucial support level of $1.82. This failure has led to the invalidation of a bullish ascending triangle pattern, leaving Lido DAO vulnerable to further losses. The next support level for LDO is seen at $1.56, and continued bearish momentum could drive the token lower, increasing pressure on its price.

In order to regain bullish momentum, LDO needs to reclaim the support level of $1.82. If the token manages to break above this level, it could reverse the current bearish outlook and move toward a recovery path, targeting the $2.20 range. This would help renew optimism among traders and investors, providing a chance for a short-term recovery.

On the broader market scale, the sentiment is clearly negative as major players like Bitcoin struggle to regain ground. The broader financial market conditions, including fears of tightening regulations and rising inflation concerns, have placed a strain on crypto prices. As the market continues to grapple with these external factors, many analysts are recommending caution. Investors are advised to watch for key support levels for Bitcoin and altcoins, as breaking through these levels could lead to further declines.

As the crypto market faces a challenging environment, investors and traders are left navigating through volatility, unsure of when the next big recovery will take place. A sustained rally could be possible if macroeconomic conditions improve, but for now, the market remains in a cautious state.

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Evie

Evie is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences and express herself through her blogs.

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