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Why is the cryptocurrency market down today?
Over the weekend, the total cryptocurrency market capitalization (TOTAL) and Bitcoin (BTC) price took a brief break from the ongoing rally. Although the intraday candle is green, the bearish movement of the last two days has been extended to today, keeping the overall growth minimal.
This has impacted Pyth Network (PYTH), which is currently recording a decline on the daily chart.
In today’s news:-
- Genesis wins court approval to distribute $3 billion to its creditors, allowing bankruptcy-affected users to receive 77% of their claims.
- Mark Greenberg, global head of growth and asset management at cryptocurrency exchange Kraken, reassured that they have no plans remove Tether (USDT) from listing in Europe.
Total market capitalization is facing resistance
The total market cap currently stands at $2.36 trillion, just below the $2.40 trillion resistance. This resistance has been tested twice in the past and TOTAL has failed to overcome it.
This is the current situation and TOTAL may also observe some difficulty in overcoming it again. The decline observed over the weekend did not negatively impact recent growth. However, the green intraday trading candle did not start recovery either, keeping TOTAL at the same level as two days ago.
To know more: Why are Hong Kong Spot Cryptocurrency ETFs Important?
Total analysis of the cryptocurrency market. Source: TradingView
Extended bearish signals will only lead TOTAL to fall to $2.29 trillion, which has been a key support level in the past.
Bitcoin price rise stops
The price of Bitcoin is above $67,100 at the time of writing. Over the past two days, the cryptocurrency has seen a slight decline, which has caused the ongoing rally to take a brief pause. The 1.26% growth seen today has recovered much of the decline, but Bitcoin is performing only slightly better than yesterday.
The odds of BTC price action going forward will settle between $68,500 and $64,800. This will continue until one of the levels is exceeded or below.
To know more: Bitcoin Halving History: Everything You Need to Know
However, a fall below $64,800 would invalidate any possibility of a bullish outcome. Instead. could further extend the decline to $63,700.
Pyth Network hits four-month low
The price of Pyth Network has steadily decreased over the past two months. Following the cues of BTC and the rest of the market, PYTH fell 13% on Sunday. As a result, the altcoin is trading at $0.38, which is above the key support of $0.35.
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If this support is lost, the decline will continue. On the other hand, if PYTH recovers from this support, a recovery to $0.46 is possible. Violating this limit will invalidate the bearish thesis.
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