The total crypto market cap (TOTAL) and Bitcoin (BTC) noted slight declines over the last 24 hours, which had a larger impact on altcoins. THORChain (RUNE) led the altcoins in noting the largest decline, falling by 18% to trade at $3.25.
In the news today:-
- James Howells lost his legal battle to recover a Bitcoin-filled hard drive worth $770 million from a Newport landfill. A judge dismissed the case, citing “no realistic prospect” of success at trial.
- The Graph launched Geo Genesis, a Web3 knowledge-organizing tool, as its GRT token faces renewed declines despite earlier bullish signals. The launch follows the introduction of its GRC-20 standard in late November, signaling the company’s focus on ambitious projects.
The Crypto Market Finds Support
The total crypto market cap has decreased by $57 billion, now standing at $3.19 trillion. This drop highlights growing market caution as bearish momentum impacts key assets, creating uncertainty about the next directional move.
The market cap has fallen to test the support level of $3.16 trillion, a critical threshold revisited multiple times over the past eight weeks. If the downtrend persists, TOTAL could decline further to $3.10 trillion, raising concerns of increased sell-offs and weakening sentiment across cryptocurrencies.
However, a bounce off the $3.16 trillion support level could signal a potential recovery. If TOTAL reclaims $3.28 trillion as support, it may invalidate the bearish outlook and pave the way for renewed optimism, fostering a more favorable environment for broader market growth.
Bitcoin Looks To Recover Losses
Bitcoin’s price is currently trading at $93,675, holding just above the crucial support level of $93,625. This comes after a recent dip below the mark in the last 24 hours. The cryptocurrency’s inability to maintain momentum signals growing market caution, leaving investors watching for the next critical movement.
The next key support level for Bitcoin lies at $89,800, and while a drop to this point is unlikely, it remains a possibility if bearish momentum continues. Such a move would deepen the current downtrend, potentially increasing selling pressure as traders react to market signals.
Conversely, Bitcoin’s recovery could gain strength if it reclaims $95,668 as support. Achieving this would invalidate the bearish outlook, boost investor confidence, and pave the way for further recovery.
THORChain Falls to 5-Month Low
RUNE price saw an 18% drop in the last 24 hours, falling through the crucial $3.43 support level to trade at $3.25. This decline marks a significant setback, reflecting bearish market conditions. The price action signals increasing volatility, putting investors on edge as RUNE struggles to stabilize after the drawdown.
At a five-month low, RUNE’s price could face further downside pressure if the bearish momentum continues. A sustained drawdown might push the altcoin to test the critical $2.93 support level.
However, RUNE has a chance to reverse the bearish trend by reclaiming the $3.43 support level. Successfully flipping $3.90 into support could signal a recovery, restoring investor confidence. Such a move would invalidate the current bearish outlook, positioning RUNE for potential upward momentum.
Disclaimer
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