The total crypto market cap (TOTAL) and Bitcoin (BTC) are still in the red as the broader market cues remain bearish. While the weekend started off on a bullish note, the last 24 hours brought the market down again with the likes of Virtuals Protocol (VIRTUAL) emerging as the worst performer of the day.
In the news today:-
- Polymarket, a blockchain-based prediction platform, has been blocked in Singapore after being classified as a gambling site by authorities. Users must use state-authorized operators or face penalties, adding to the platform’s regulatory challenges.
- Azuki, a prominent Ethereum NFT collection, announced plans to launch the ANIME token in January 2025, linking it to anime culture. The token will have a 10 billion total supply, issued on Ethereum and Arbitrum, with 76.9% initially circulating.
The Crypto Market Is Struggling to Breakout
The total crypto market cap has dropped by $40 billion in the last 24 hours, now standing at $3.21 trillion. This decline keeps the market stuck below the critical $3.28 trillion resistance, highlighting the ongoing struggle to regain upward momentum.
Currently holding above $3.16 trillion, the market cap requires stronger macro-financial support to breach the $3.28 trillion barrier. Flipping this level into support would provide the foundation for further recovery, potentially reigniting optimism among investors.
Without a successful breach of $3.28 trillion, the market’s consolidation is likely to persist, making recovery challenging. However, if this resistance is flipped, the total market cap could aim for $3.49 trillion, signaling a broader upward trend in the cryptocurrency market.
Bitcoin Is Still Under $95,000
Bitcoin is currently trading at $94,155, moving within the critical range of $95,668 and $93,625. This narrow band highlights the cryptocurrency’s struggle to break free from consolidation, keeping investors cautious about its next potential move.
A decline below the $93,625 support is considered unlikely. However, the ongoing lack of demand in the market could diminish the chances of a near-term recovery. If this bearish sentiment persists, Bitcoin may see a further drop to $92,000, increasing concerns among traders.
To confirm a recovery, Bitcoin must flip $95,668 into a support level. Achieving this milestone could trigger renewed bullish momentum, pushing the cryptocurrency toward the psychological barrier of $100,000 and signaling a breakout from the current range.
Virtuals Protocol Drawdown Continues
VIRTUAL’s price has fallen by 15%, extending a nearly two-week decline. Currently trading at $2.53, the altcoin is struggling to regain momentum. This downtrend has left investors cautious, with the focus now on identifying key levels that could halt further losses.
The cryptocurrency has established $2.27 as a critical support level. If the decline persists, VIRTUAL may test this support, potentially triggering a bounce back. This price point will be pivotal in determining whether the asset can recover or if further bearish momentum will dominate the market.
For the bearish outlook to be invalidated, VIRTUAL must flip the $3.26 resistance into support. Achieving this would signal renewed bullish momentum, opening the door for upward price movement and restoring investor confidence in the asset’s recovery potential.
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.
