Bitcoin btc
$ usd

Why Is the Crypto Market Down Today?

2 mins
Updated by Ryan James
Join our Trading Community on Telegram

In Brief

  • The Crypto Market Cap (TOTALCAP) has increased since September 11. After breaking out from a descending resistance trendline, it validated it as support two days ago.
  • The Bitcoin (BTC) price failed to break out from its own descending resistance trendline. It has fallen since September 19.
  • ImmutableX (IMX) has fallen since September 21. The price is rapidly approaching the $0.54 horizontal support area.
  • promo

The crypto market cap (TOTALCAP) broke out from a descending resistance trendline, while the Bitcoin (BTC) price still struggles to do so. ImmutableX (IMX) is approaching the $0.54 horizontal support area.

The Securities and Exchange Commission postponed the ARK 21Shares Bitcoin ETF decision until January 2024. This was the maximum extension window.

Crypto Market Cap (TOTALCAP) Breaks Out from Resistance Trendline

TOTALCAP had been following a downward trendline since July 13, resulting in a low point of $978 billion on September 11.

Subsequently, TOTALCAP initiated an upward trajectory, finding support at the $1 trillion mark. This uptick was accompanied by a bullish divergence in the daily RSI (green line), a phenomenon where price decreases coincide with increasing momentum, often signaling significant upward potential.

On September 18, the price successfully broke free from the descending resistance trendline.

Crypto Market Cap (TOTALCAP) Movement
TOTALCAP Daily Chart. Source: TradingView

However, the price has struggled to maintain this upward momentum, slipping below its pre-breakout levels. On September 26, TOTALCAP rebounded at the previously descending resistance line, confirming it as a new support level, a common occurrence after a breakout.

Should TOTALCAP continue its prior pattern, it could climb by 10%, reaching the $1.12 trillion resistance level. Conversely, a 3% decline would be necessary to bring the price down to the $1 trillion support level.

Bitcoin (BTC) Price Gradually Falls Toward Support

The price of BTC has been tracing a path below a descending resistance trendline since July 13, reaching its lowest point at $24,901 on September 11. Afterward, there was a substantial price increase, peaking at $27,483 on September 19.

Much like TOTALCAP, this uptrend in BTC preceded a bullish divergence in the RSI. However, unlike TOTALCAP, BTC could not break free from the resistance trendline.

Bitcoin (BTC) Resistance Trendline
BTC/USDT Daily Chart. Source: TradingView

If a breakout were to occur, it could propel the Bitcoin price up by 8%, reaching the $29,200 resistance level.

If the breakout is unsuccessful and faces rejection, the most probable scenario would be a decline of 11%, bringing the price down to the 0.618 Fib retracement support level at $24,250.

ImmutableX (IMX) Price Continues Descent After Rejection

The IMX price broke out from a descending resistance trendline on September 15. While the price reached a high of $0.77 on September 21, it failed to move above the 0.618 Fib retracement resistance level.

Rather, it was rejected and created a long upper wick (red circle), considered a sign of selling pressure. The price has fallen since.

ImmutableX (IMX) Price Movement
IMX/USDT Daily Chart. Source: TradingView

If the decrease continues, the closest support at $0.54 will be only 4% below the current price.

On the other hand, a sudden return of momentum could take the price back to the $0.71 resistance. This would be an increase of 24%.

For BeInCrypto’s latest crypto market analysis, click here.


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.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for...