The total crypto market cap (TOTAL) and Bitcoin (BTC) noted some improvement in comparison to the day before, but closed in the red nonetheless. Story (IP) took the biggest hit among the altcoins as it fell by 12.5%, pulling away from the all-time high.
In the news today:-
Sponsored- CFTC Chair Caroline Pham proposed allowing stablecoins as collateral in US derivatives markets, potentially lowering retail traders’ entry barriers. The non-binding plan, backed by firms like Coinbase and Ripple, is open for public feedback until October 20.
- FTX Trust has sued Genesis Digital to recover $1.15 billion in allegedly fraudulent transfers. This follows similar legal action against Binance last month, though outcomes remain uncertain.
The Crypto Market Finds Support
The total crypto market cap is down $32 billion in the last 24 hours, currently sitting at $3.81 trillion. TOTAL has established support at this level, but the vulnerability remains, as any additional selling pressure could drag the crypto market below this support in the coming sessions.
Some improvement emerged with the announcement of the new US-UK Joint Crypto Task Force, aimed at strengthening oversight. Still, one regulatory development alone may not be enough to spur recovery. TOTAL remains exposed to bearish pressure and could fall further, potentially slipping to $3.73 trillion if conditions worsen.
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On the other hand, if the total crypto market cap successfully bounces off $3.81 trillion, it could trigger a relief rally. This rebound would push TOTAL towards $3.89 trillion, signaling renewed investor confidence and invalidating the bearish outlook.
Bitcoin Continues To Slide
SponsoredBitcoin’s price is at $111,874, continuing its decline as the week progresses. The crypto king recently slipped below the $112,500 support, exposing BTC to further downside risk. If bearish momentum persists, Bitcoin could fall to $110,000, marking a critical level that may test investor confidence.
The RSI highlights growing weakness, sitting below the neutral 50.0 mark and signaling stronger bearish momentum. This downturn could prolong losses for Bitcoin holders as selling pressure builds.
On the flip side, reclaiming $112,500 as support would provide much-needed stability for Bitcoin’s price action. A bounce from this level could trigger renewed buying pressure, helping BTC rise toward $115,000. This would invalidate the bearish outlook.
Story Notes A Sharp Decline
IP price took the sharpest hit among altcoins, falling 12% in the past 24 hours. The crypto token is currently trading at $11.86, highlighting intensified bearish sentiment. Such a steep decline raises concerns that IP may continue struggling.
The altcoin is holding slightly above the $11.82 support, but sustained bearish pressure could break this critical floor. A decisive fall below this level may send IP tumbling toward $10.48. This outcome would deepen losses for holders.
If IP manages to bounce off $11.82, the narrative could shift. A recovery would open the path toward $13.60, signaling renewed buying interest. Breaching this level would invalidate the bearish thesis and push the token closer to retesting its all-time high of $14.94.
