The crypto market dipped 0.24% on April 3, with total market capitalization holding near $2.28 trillion after briefly falling to $2.27 trillion.
Bitcoin (BTC) dropped 0.55% to $66,581, underperforming the broader market and dragging overall sentiment lower. Meanwhile, Ethena (ENA) continued its steep decline, falling 4.9% over the past 24 hours as the token extended a 34% slide since mid-March.
In the news today:-
- Korea Investment Securities, one of South Korea’s largest brokerages, is in early talks to acquire a stake in Coinone, the country’s third-ranked crypto exchange, adding to a wave of consolidation that includes Mirae Asset’s Korbit deal and Binance’s Gopax approval.
- Coinbase received conditional approval from the Office of the Comptroller of the Currency (OCC) to charter Coinbase National Trust Company, giving the exchange a federal regulatory home for its custody and market infrastructure business.
- The Drift Protocol exploit fallout continues to widen, with the number of affected Solana protocols rising from 11 to 20. Prime Numbers Fi alone lost an estimated $10 million, while PiggyBank, Perena, Vectis, and others paused operations or assessed losses.
Crypto Market Holds $2.28 Trillion as Oil Pressure Builds
The total crypto market capitalization (TOTAL) trades April 3 at $2.28 trillion, down $5.4 billion from the prior day’s close. The decline was steeper intraday, with the market briefly shedding almost $15 billion before buyers stepped in near the $2.27 trillion floor.
The rebound coincided with the S&P 500 managing a green close on April 2 despite earlier weakness, which appears to have provided a short-term floor for risk assets including crypto.
However, Brent crude continues to rise, gaining roughly 8% over the past week and approaching $110. That persistent oil strength keeps inflation expectations elevated and limits the upside for rate-sensitive assets.
The market remains trapped under a key level on the daily chart.
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If $2.27 trillion holds as a floor, a recovery toward the 0.236 Fibonacci level at $2.33 trillion is possible. If $2.27 trillion breaks on a daily close, the path opens toward $2.23 trillion, a key technical support.
Bitcoin Tests a Line That Has Held Since March
Bitcoin declined 0.55% to $66,581, underperforming the broader crypto market and contributing to its weakness given BTC’s 56% dominance. The drop brought price within reach of $66,057, the 0.618 Fibonacci level that has acted as a floor in March.
The Smart Money Index (SMI), an indicator that tracks the behavior of informed participants, is currently trending below its signal line and diverging lower. A similar divergence occurred in early February, after which Bitcoin corrected by approximately 8%. That precedent raises the risk of a repeat if the $66,057 level fails to hold.
However, Bitcoin remains above the lows set on February 6, showing that the floor from earlier in the year is still intact. A daily close above $67,941, the 0.5 Fib, would ease immediate pressure and open a path toward the 0.382 level at $69,825. A close below $66,057 exposes $63,375, the 0.786 Fib, and potentially the $60,000 floor.
Ethena (ENA) Falls 34% Since Mid-March as a Bearish Pattern Forms
Ethena (ENA) price fell 4.9% over the past 24 hours to $0.0813. This extends its decline to 34% since March 16. The sell-off has been steady rather than event-driven, reflecting broader altcoin weakness amplified by fading protocol metrics. ENA’s gross revenue dropped 32% quarter-over-quarter to $65 million in Q1 2026, while total value locked also took a hit since early March.
The price structure since the March 16 peak is starting to resemble a bear flag. It is a continuation pattern that typically resolves to the downside. Any bounce within the channel would still be considered part of the flag until the upper trendline is broken.
The Relative Strength Index (RSI), a momentum oscillator, is flashing a standard bullish divergence or the bounce signal. Between February 24 and April 2, price made a lower low while RSI made a higher low. This pattern often precedes trend reversals or price rebounds. If the divergence triggers a bounce, resistance sits at $0.088 initially, followed by $0.099 and $0.104, the 0.5 and 0.618 Fibonacci levels. A move above $0.104 would invalidate the bear flag.
A break below $0.078 invalidates the bullish divergence and opens the path for further downside. Yet, a sustained move above $0.099 would be the first confirmation that buyers are gaining control.
