Activity in the cryptocurrency market has continued to dip, with the total crypto market cap (TOTAL) down 3% over the past 24 hours. Bitcoin (BTC) has recorded a 3% drop in value during the same period. Meanwhile, AI Agent AI16Z has emerged as the market’s biggest loser during the review period.
In the news today:
- Uniswap Labs is set to launch its v4 upgrade on the mainnet, featuring faster transactions, enhanced user experience, and advanced developer tools. The upgrade aims to stabilize the volatile price movements of the UNI token observed in recent weeks.
- Ethereum has introduced Etherealize, led by Wall Street veteran Vivek Raman, to drive institutional adoption and bridge the gap between traditional finance and the Ethereum ecosystem.
TOTAL Extends Its Fall
As market activity continues declining, TOTAL has extended its fall by another 3% over the past 24 hours. This marks a continuation of a bearish trend that has gripped the broader crypto market in recent days.
This decline in bullish market activity is reflected by TOTAL’s negative Balance of Power (BoP). As of this writing, the indicator’s value is -0.74, confirming the uptick in selling pressure.
The BOP indicator measures the strength of buyers versus sellers by analyzing price trends within a specific period. A negative BOP like this indicates that sellers are dominating, suggesting bearish sentiment and downward pressure on the asset’s price.
If selloffs intensify, TOTAL could decline to $3.24 trillion. On the other hand, a resurgence in buying activity could drive TOTAL toward $3.64 trillion.
Bitcoin Seeks to Retest Key Moving Average
Leading coin Bitcoin currently trades at $102,118, noting a 3% price fall in the past 24 hours. On the daily chart, the coin’s price falls toward its 20-day exponential moving average (EMA), which forms dynamic support at $100,136.
The 20-day EMA measures an asset’s average price over the past 20 trading days, giving more weight to recent prices to identify short-term trends. When an asset’s price falls toward the 20-day EMA, it signals a potential retest of a key support level as buying pressure weakens. If the price breaks below it, it indicates a shift toward bearish momentum.
If the support at $100,136 fails to hold, BTC’s price could drop to $94,523. However, a spike in buying pressure would invalidate this bearish outlook. In that case, the coin’s price could rally to $109,588.
AI16Z Sheds Recent Gains
On Wednesday, AI-based tokens saw remarkable price surges after reports emerged that former President Donald Trump announced a $500 billion joint initiative to advance AI infrastructure in the United States.
Leading the rally, AI16Z recorded a 32% intraday price hike. However, this rally has proved to be short-lived. AI16Z trades at $0.93, having shed 22% of its value in the past 24 hours.
The AI Agent token trades slightly above the support formed at $0.68. If selloffs strengthen, AI16Z could plummet toward this level. On the other hand, if profit-taking weakens, AI16Z could rebound
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