The total crypto market cap (TOTAL) and Bitcoin (BTC) declined slightly over the last 24 hours in reaction to the US Senate passing the “Big, Beautiful Bill”. Altcoins were not spared from the impact either, with FARTCOIN leading losses by falling 8%.
In the news today:-
- The US Senate has passed Donald Trump’s $3.3 trillion fiscal package – the so-called “Big Beautiful Bill.”, with crypto markets watching its potential impact. Despite a broader market dip, Bitcoin and Ethereum prices held steady, though the bill could alter investor sentiment and capital allocation, according to BeInCrypto analysis.
- DeFi Development is launching a $100 million convertible note offering to fund its Solana acquisition plan, with the potential to upsize to $125 million. Despite the plan, DeFi’s stock dropped over 9%, reflecting broader uncertainties in Solana’s performance and the crypto market’s volatility.
The Crypto Market is Down $44 Billion
The total crypto market cap dropped by $44 billion after the passage of Trump’s “Big Beautiful Bill” by the US Senate. Currently at $3.22 trillion, TOTAL faces pressure amid broader market uncertainty. The bill’s potential impact has caused negative sentiment in the market, affecting investor confidence.
As TOTAL holds above the $3.21 trillion support, it remains vulnerable to a decline if the broader market continues to worsen. A drop through this key support level could see TOTAL fall further, possibly reaching $3.16 trillion. This decline could intensify if market sentiment continues to shift negatively.
If macroeconomic conditions stabilize and investor confidence improves, TOTAL could bounce off $3.21 trillion, pushing the market cap above the $3.26 trillion level. This potential recovery would help strengthen the market’s position, potentially reversing the recent bearish trend and restoring some investor optimism.
Bitcoin Retains Key Support
Bitcoin’s price remains relatively stable, trading at $106,082, after experiencing a minor dip to $105,585. The crypto king bounced back from this support level, showing resilience. However, the lack of significant upward momentum indicates Bitcoin is still seeking stronger bullish signals for further price growth.
Bitcoin faces resistance at $108,000, a crucial level it has struggled to flip into support. Until stronger bullish cues emerge, this struggle is expected to persist. Securing $108,000 as support is essential for Bitcoin to target the $110,000 level and maintain its upward trajectory.
Should the market experience sharp selling pressure from impatient investors, Bitcoin could face a decline below $105,000. Such a drop would bring Bitcoin closer to the $102,734 support level, challenging its current price action. This potential decline could signal further bearish sentiment in the market.
Fartcoin Holds Above $1
FARTCOIN experienced a significant decline of 8.4% over the last 24 hours, making it the worst-performing altcoin of the day. Trading at $1.04, the meme coin remains just above the $1.02 support level. The recent drop reflects the ongoing selling pressure in the market.
The 50-day EMA has been breached during this downturn, and recovering this crucial level will be challenging if further selling continues. If FARTCOIN continues to lose momentum, the price could drop below $1.00, potentially testing the $0.91 support. Further losses could confirm the bearish trend for the altcoin.
However, a bounce off the $1.02 support could reverse the bearish outlook, especially if FARTCOIN can reclaim the $1.10 level. Successfully flipping the 50-day EMA into support would push the meme coin toward the next resistance at $1.20, indicating a potential recovery for the altcoin.
Disclaimer
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