Why Is The Crypto Market Down Today?

The total crypto market cap (TOTAL) and Bitcoin’s (BTC) price took a short break over the weekend from the ongoing rally. Although the intra-day candlestick is green, the bearishness from the last two days has also been extended to today, keeping the overall growth minimal.

This has impacted Pyth Network (PYTH), which is currently experiencing a drawdown on the daily chart.

In the news today:-

• Genesis secures court approval to distribute $3 billion to its creditors, enabling the users impacted by the bankruptcy to receive 77% of their claims.
  
• Crypto exchange Kraken’s Global Head of Asset Growth and Management, Mark Greenberg, reassured that they have no plans to delist Tether (USDT) in Europe.

The Total Market Cap Is Facing Resistance

The total market capitalization is presently at $2.36 trillion, just under the resistance of $2.40 trillion. This resistance has been tested twice in the past, and TOTAL has failed to breach it. 

This is the current situation, and TOTAL might also observe some struggle to breach it again. The dip noted over the weekend did not hurt the recent growth. However, the green candlestick from the intra-day trading did not initiate recovery either, keeping TOTAL at the same mark it was at two days ago.

Read More: Why do Hong Kong Spot Crypto ETFs Matter?

Extended bearish cues will only bring TOTAL down to $2.29 trillion, which has been a key support floor in the past.

Bitcoin’s Price Rise Halts

Bitcoin’s price is above $67,100 at the time of writing. The cryptocurrency witnessed a minor dip in the last two days, which resulted in the ongoing rise experiencing a short pause. The 1.26% growth observed today has recovered most of the dip, but Bitcoin is still performing only slightly better than yesterday.

The chances of BTC’s price action in the future is consolidation between $68,500 and $64,800. This will continue until either of the levels is broken through or below.

Read More: Bitcoin Halving History: Everything You Need To Know

However, a fall below $64,800 will invalidate any chances of a bullish outcome. Instead. it could further extend the decline to $63,700.

Pyth Network Hits Four-Month Low

Pyth Network’s price has been consistently declining for the last two months. Following the cues of BTC and the rest of the market, PYTH fell by 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 bounces back from this support, a recovery to $0.46 is possible. Breaching this will invalidate the bearish thesis.