Why Is The Crypto Market Down Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) continue to remain stable, fighting volatility. Bearish momentum does seem to be present in the market, with altcoins like Midnight (NIGHT) taking a hit.

In the news today:-

• Chiliz unveiled a three-phase roadmap to expand Fan Tokens ahead of the 2026 FIFA World Cup, marking a major return to the US market. The plan, detailed in its 2030 manifesto, positions 2026 as a shift from experimentation to full-scale Fan Token adoption tied to national teams.
• Sam Bankman-Fried renewed criticism of US prosecutors and the Biden administration while appealing his 25-year fraud conviction, alleging political bias influenced his case. He claims prosecutors blocked evidence he says showed FTX was solvent, arguing the court wrongly excluded material he considers central to his defense.

The Crypto Market Is Red, Yet Far From Major Losses

The total crypto market cap slipped by just over $19 billion in the past 24 hours, settling near $2.35 trillion. TOTAL remains capped below the $2.37 trillion resistance. This range-bound movement reflects market indecision, with investors awaiting clearer macro or liquidity-driven signals before committing directionally.

TOTAL continues to hold above the $2.30 trillion support, providing short-term stability. If current conditions persist, consolidation is likely to extend. However, prolonged uncertainty raises the risk of a breakdown. Weak sentiment or renewed selling pressure could push the market below this support, deepening the corrective phase.

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TOTAL Price Analysis. Source: TradingView

Upside potential remains intact if investor behavior shifts. A decisive move above the $2.37 trillion resistance would confirm bullish momentum. Under that scenario, TOTAL could advance toward $2.45 trillion. Sustained inflows and improving sentiment could extend gains further, targeting the $2.64 trillion level.

Bitcoin Continues To Hover Around $70,000

Bitcoin traded near $69,454 over the past 24 hours, showing limited movement at the time of writing. The stalled advance reflects muted demand rather than renewed selling. Without stronger participation, BTC remains range-bound as traders wait for clearer signals to define the next directional move.

Momentum indicators underscore ongoing weakness. The Money Flow Index remains below neutral, signaling subdued buying pressure. While Bitcoin is holding above the $67,674 support, that floor appears vulnerable. If conditions deteriorate, a slip below this level could invite additional downside volatility.

Bitcoin Price Analysis. Source: TradingView

A recovery scenario depends on improving market conditions and renewed inflows. Should demand strengthen, Bitcoin could challenge the $72,294 resistance. A decisive break above that level would shift short-term momentum, opening a path toward $75,000 and restoring confidence after recent consolidation.

Midnight Is Falling

NIGHT declined 8% over the past 24 hours, trading near $0.0486 at the time of writing. The pullback reflects fading momentum after a failed weekend rally. Price weakness suggests sellers have regained short-term control as traders reassess risk amid uneven broader market conditions.

The altcoin was rejected at the $0.0551 resistance and has trended lower since. That failure reinforced bearish pressure. If the drawdown continues, NIGHT could retest the $0.0457 support. A move toward that level would confirm weakening demand and extend the current corrective phase.

NIGHT Price Analysis. Source: TradingView

Recovery remains possible if market conditions improve. Renewed inflows and stabilizing sentiment could support a rebound. Reclaiming $0.0551 would be critical for NIGHT to regain bullish momentum. A successful breakout above that level could invalidate the bearish thesis and open room for further upside.