The total crypto market cap (TOTAL) is down by $32 billion, followed by Bitcoin (BTC) failing to secure $108,000 as support. SPX6900 (SPX) took the spot of the worst performing altcoin today as it fell by over 9.7% today.
In the news today:-
- Spanish authorities arrested five members of an international scam ring that stole up to $540 million, with victims across 30 countries. Details on how the group operated remain scarce, and it’s unclear if any members are still at large.
- Senator Cynthia Lummis is pushing for an amendment to reduce taxes on crypto miners as part of Trump’s Big Beautiful Bill, with White House backing. However, last-minute amendments could introduce anti-crypto or anti-renewable changes, making it uncertain which modifications will become law.
The Crypto Market Sees Red
The total crypto market cap has seen a $32 billion drop in the last 24 hours, signaling a cooling-off period after recent gains. The market currently stands at $3.27 trillion, reflecting a pause in the upward trend seen earlier this week. This shift is creating uncertainty among investors.
TOTAL is currently holding steady above the $3.26 trillion support level. Although a drop below this support is unlikely, such a move could trigger further declines, pushing the market’s value towards $3.21 trillion. Investors are closely monitoring this level for signs of potential weakness in the broader market.
A rebound from the $3.26 trillion support could help the crypto market recover. If TOTAL manages to push past the $3.31 trillion resistance, it would signal a return to bullish momentum.
Bitcoin Struggles To Secure Support
Bitcoin’s price is currently at $107,122 after failing to secure $108,000 as support. The altcoin is under pressure and may experience further declines if the bearish momentum persists. The next support level to watch is $105,622, where BTC could potentially stabilize or face additional downward movement.
Despite the recent drop, BTC has shown resilience above the $105,622 support level. The coin has historically bounced off this level, but if broader market conditions deteriorate, a fall below $105,000 becomes increasingly likely.
The RSI indicates that bullish momentum has not fully dissipated, suggesting that Bitcoin still has room to recover. A move back above $108,000 would help reinforce the positive outlook. If BTC successfully reclaims this level as support, it would negate the current bearish thesis.
SPX6900 Continues Suffering From Volatility
SPX price has been down 9.7% in the last 24 hours, and it is currently trading at $1.20. The meme coin has shown considerable volatility over recent days, and it is struggling to find stability. This drop reflects the ongoing market uncertainty, leading to a weaker performance in the past week.
Due to the volatility, SPX has failed to secure the $1.25 support level, and it is now approaching a critical $1.14 support zone. If this support breaks, SPX could slide further to $0.98, signaling a continuation of the bearish trend. Investors are watching closely for any signs of reversal.
However, the Parabolic SAR indicator below the candlesticks signals a potential uptrend. This suggests that SPX may bounce back if it manages to flip $1.25 into support. A successful reversal could propel SPX to $1.42, invalidating the bearish scenario and marking a possible recovery.
Disclaimer
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