Why Is The Crypto Market Down Today?

What Happened

Argentina’s LIBRA Investigation Is Closing In On President Milei of Kelsier Ventures CEO Hayden Mark Davis over his ties to the LIBRA token project backed by President Javier Milei. The order also targets two wallet owners linked to Davis, with the precautionary freeze remaining in effect indefinitely.

China has accused the US of covertly seizing 127,000 Bitcoin worth $13 billion from the 2020 LuBian mining pool hack. The US Justice Department denied the claim, asserting the Bitcoin was lawfully seized in a fraud case tied to Cambodian businessman Chen Zhi.

The total crypto market cap declined by $106 billion in the last 24 hours, falling to $3.42 trillion at press time. The downturn reflects broader bearish cues in global financial markets as investor sentiment weakens.

However, a rebound in market sentiment could change the trajectory for TOTAL. Improving macroeconomic conditions and renewed investor inflows may help the crypto market cap reclaim $3.49 trillion. If buying pressure strengthens, TOTAL could challenge the $3.56 trillion resistance again.

However, a potential recovery remains possible if buyers reenter the market. A rebound from $5.94 could push ICP back toward $7.61, signaling renewed investor confidence. A successful move above this level would invalidate the current bearish outlook.

Market Context

The total crypto market (TOTAL) fell by over $100 billion in the last 24 hours, with Bitcoin (BTC) falling to $103,000. At the same time, altcoins registered declines as well, with Internet Computer (ICP) falling by 10.8%.

The Crypto Market Slips Again

TOTAL’s pullback followed a failed attempt to breach the $3.56 trillion resistance level. The crypto market has returned to the familiar $3.42 trillion range, which previously acted as a consolidation zone. If bearish momentum persists, TOTAL could slide further to test the $3.31 trillion support.

Bitcoin’s price fell to $103,220 at the time of writing after failing to hold $105,000 as a support floor. The cryptocurrency’s weakness places it back below the $105,000 resistance level, reflecting cautious sentiment among traders.

By current market indications, Bitcoin’s price will likely retest the $101,477 support level, which previously served as a consolidation base. The $105,000 mark remains the key upper limit.

However, bullish momentum could reverse the trend for Bitcoin. If market conditions improve, BTC may recover above $105,000 and establish it as a support zone. Doing so would invalidate the current bearish outlook and set the stage for a potential move toward $108,000 in the coming sessions.

ICP price dropped 10.8% in the past 24 hours, trading at $6.10 at press time. Despite the decline, the altcoin is holding above the key $5.94 support level, showing resilience amid broader market weakness.

If bearish momentum strengthens, ICP could slide further toward the $4.67 support zone in the coming days. Such a drop would deepen losses for existing holders and confirm extended downside pressure, especially if selling volumes continue rising.

The post Why Is The Crypto Market Down Today? appeared first on BeInCrypto.

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Details

Bitcoin Fails To Secure Support

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