The total crypto market cap (TOTAL) and Bitcoin (BTC) continue to lose ground as the broader market’s bearish cues remain dominant. Extending to the altcoins, the bearishness brought Story (IP) down by 21% over the last 24 hours, making it the worst performer.
In the news today:-
Democrat Sam Liccardo proposed the MEME Act to ban political coins like TRUMP, rallying 12 co-sponsors but lacking bipartisan support. While the bill may not halt the political meme coin trend, it could serve as a foundation for future legislation and gauge GOP crypto skepticism.
The SEC dropped its case against Consensys, clearing Metamask of securities violations. This marks the sixth legal action dropped in a week, though the Commission remains silent on the ongoing XRP lawsuit, which may have been a key topic in a recent closed-door meeting.
The Crypto Market Loses Big
The total crypto market cap has fallen to $2.59 trillion, down by $160 billion over the last 24 hours. The significant decline is driven by heightened fear among investors, severely impacting market sentiment. As a result, this shift has contributed to a considerable loss in the broader crypto market.
Despite the downturn, the total market cap is nearing the support level of $2.58 trillion. Historically, this level has acted as both resistance and support, notably in November 2024, when the market bounced by 13%. Given its past significance, this area could provide a potential rebound for the market.
However, if the bearish sentiment continues, the total crypto market cap might fall through the $2.58 trillion support. A breakdown of this level could send the market cap to $2.50 trillion or lower, possibly dropping to $2.41 trillion. This would extend the losses, further weakening investor confidence.
Bitcoin Forms New Year-to-Date Lows
Bitcoin’s price is facing a steep decline, falling below $80,000 during today’s intra-day lows. The Fear and Greed index indicates that investor fear is at its highest since the FTX collapse, signaling that market sentiment is highly negative. This adds further pressure to Bitcoin’s ongoing downtrend.
Currently trading at $80,610, Bitcoin is vulnerable to losing the support at $80,313. If this level is breached, the price could plummet to $75,000. This drop would mark a new 3-month low for BTC, highlighting the ongoing struggles of the cryptocurrency amid broader market challenges.
To invalidate the bearish outlook, Bitcoin would need to reclaim $85,000 as a support level. A successful breach and sustained hold above this price point could reverse the recent losses. This could restore investor confidence, leading to a potential recovery in BTC’s price trajectory.
Story Seems Weak
IP price fell by 21% today, making it the worst-performing altcoin of the day. This significant decline has pushed the altcoin farther away from its all-time high (ATH) of $8.99, signaling the ongoing weakness in the market. The lack of upward momentum has left investors cautious.
The recent drawdown saw IP drop to $5.52, losing the crucial support level of $5.69. If the price continues to slide, the altcoin could fall to $3.97, further extending losses. The absence of strong buying pressure has left the asset vulnerable to further declines, dampening investor confidence.
However, reclaiming the $5.69 support level could trigger a potential rally towards the ATH of $8.99. A successful breach above this level would reverse the bearish trend, allowing the altcoin to recover its previous highs and attract renewed investor interest.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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