In Brief

  • Crypto market cap dropped $61 billion to $3.30 trillion, breaking key $3.31 trillion support amid China’s renewed crypto bans and increased volatility.
  • Bitcoin dipped below $105,000 but rebounded to $106,152, aiming to reclaim $106,265 resistance for a push toward $110,000; failure risks a fall to $102,734.
  • OP price fell 9.3% to $0.70 but holds above $0.69 support; a break below could see a drop to $0.63, while a rebound may target $0.80 resistance.
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The total crypto market cap (TOTAL) and Bitcoin (BTC) both took a major hit today. The latter ended up sliding below the $105,000 support during the intra-day lows. The decline was the result of China imposing fresh bans on even holding cryptocurrencies. Optimism (OP) led the altcoins in the same regard, as it posted a 9.3% drop.

In the news today:-

The Crypto Market Dips

The total crypto market cap fell by $61 billion over the last 24 hours, reaching $3.30 trillion. This decline caused TOTAL to lose the key support level of $3.31 trillion, signaling increased short-term volatility.

The drop followed China’s renewed bans on cryptocurrency holdings, compounding previous mining and trading restrictions. Despite this, bearish pressure is expected to weaken soon, giving TOTAL a chance to regain the $3.31 trillion support level.

Total Crypto Market Cap Analysis
Total Crypto Market Cap Analysis. Source: TradingView

However, if panic selling intensifies, it could trigger large liquidations. This scenario might push the crypto market cap further down to $3.21 trillion, increasing risks for investors.

Bitcoin Falls Below $105,000

Bitcoin’s price dipped below the $105,000 support for the first time in ten days during today’s intra-day low. However, BTC has since rebounded slightly and is trading at $106,152, showing resilience amid recent volatility.

Currently trading under the $106,265 resistance, Bitcoin aims to reclaim this level as support. Doing so would enable a recovery and a renewed push toward the $110,000 resistance, signaling potential bullish momentum.

Bitcoin Price Analysis
Bitcoin Price Analysis. Source: TradingView

While the broader market remains bullish, the risk of a decline exists. A failure to hold $105,000 support could expose Bitcoin to a drop toward $102,734, increasing downside pressure for investors.

Optimism Holds Above Key Support

Optimism took the largest hit among altcoins with a 9.3% drop, trading at $0.70. Despite this, OP remains strong above the crucial support level of $0.69, showing resilience amid recent market volatility.

The Parabolic SAR indicator, positioned above OP’s price, signals potential decline. This suggests OP could break below the $0.69 support, possibly falling to $0.63 in the coming days.

OP Price Analysis.
OP Price Analysis. Source: TradingView

However, if OP manages to bounce off $0.69 and gains stronger bullish momentum, it could recover and breach the $0.80 resistance. This would invalidate the current bearish outlook and signal renewed investor confidence.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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