The total crypto market cap (TOTAL) and Bitcoin (BTC) are not showing much movement today. This is likely because the market is stabilizing at the moment. However, meme coin SPX6900 (SPX) did end up noting a sharp decline today.
In the news today:-
- Prenetics, a US-based healthcare firm backed by David Beckham, has invested $20 million in Bitcoin, making it the first publicly listed healthcare company to do so. The announcement led to a surge in the company’s stock price.
- Semler Scientific plans to acquire 105,000 bitcoins by 2027, hiring a Director of Bitcoin Strategy to support its growth. The announcement caused a brief rally in the company’s stock, despite a nearly 40% decline in 2025.
The Crypto Market Is Stabilizing
The total crypto market cap is currently at $3.21 trillion, holding steady around this key support level. Over the past few days, TOTAL has experienced a decrease in volatility, showing a lack of significant price movement.
The ongoing conflict between Israel and Iran has added pressure to the global financial markets, and it remains the primary bearish force affecting the crypto market. If TOTAL continues to decline due to these geopolitical tensions, it may test the support of $3.16 trillion, signaling further weakness in the market.
However, if TOTAL manages to reclaim the $3.21 trillion support level and bounce off it, a potential rise to $3.31 trillion could follow. A successful rebound would invalidate the current bearish outlook.
Bitcoin Remains Under $105,000
Bitcoin’s price currently sits at $104,628, just below the critical $105,000 level. Flipping this level into support is essential for maintaining momentum, as it serves as a psychological barrier for investors. A break above $105,000 would signal strength and could push BTC to higher price targets.
The Relative Strength Index (RSI) is slightly below the neutral mark, indicating mild bearish signals. If these signals affect Bitcoin’s price, it may decline to the next support at $102,734 or potentially drop further to $101,530. These levels would suggest continued weakness in the market, raising concerns among investors.
Nevertheless, if bullish momentum returns and the market stabilizes, Bitcoin could rebound. A successful move above $105,572 and holding this support would pave the way for a rise to $108,000. This would invalidate the current bearish outlook, restoring confidence in Bitcoin’s short-term potential.
SPX Falls Again
SPX has dropped 11.6% over the last 24 hours, currently trading at $1.28 while holding above the key support level of $1.25. This support is crucial for any potential recovery. As long as it remains intact, SPX has a chance to stabilize and regain some upward momentum in the short term.
If SPX falls below the $1.25 support, it could see a sharp decline to $1.14, deepening investor losses. This drop could trigger panic selling, further pushing the price lower. A breach of this level would signal a bearish outlook for SPX in the near future, dampening market sentiment.
However, if SPX bounces off $1.25 as it has in previous instances, it could rise back toward the local resistance at $1.42. A breakout above this resistance would push SPX to $1.55, invalidating the current bearish thesis and shifting the market sentiment toward a more bullish outlook.
Disclaimer
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