Why is The Crypto Market Down Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) posted slight declines today. The sideways movement continues to be a problem for crypto tokens, and the rising bearishness is impacting altcoins. Four (FORM) took a hit over the last 24 hours, falling by 19.4%.

In the news today:-

• GameStop reported a strong Q2 with steady Bitcoin holdings of about $500 million alongside massive growth. The company plans a large stock sale, potentially signaling preparations for future crypto purchases despite concerns over shareholder dilution.
• Forward Industries secured $1.65 billion in cash and stablecoin commitments, led by Galaxy Digital, Jump Crypto, and Multicoin Capital, to launch a Solana-focused treasury strategy. The raise marks the largest Solana-centered deal by a public company, highlighting strong institutional confidence.

The Crypto Market Is Stable

The total crypto market cap has slipped by just over $4 billion in the last 24 hours, a minimal decline. Despite this, TOTAL continues to hold above $3.81 trillion, showing resilience and stability.

Looking ahead, TOTAL could bounce off its $3.81 trillion support level and attempt a move toward the $3.89 trillion resistance. Such a rise would be crucial for crypto investors as it could accelerate recovery, restore optimism, and potentially trigger stronger inflows.

For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Total Crypto Market Cap Analysis. Source: TradingView

On the downside, if macroeconomic conditions shift negatively and bearish sentiment returns, TOTAL could slip below the $3.81 trillion threshold. A break under this level might drag the market cap toward $3.73 trillion, threatening further weakness.

Bitcoin Continues To Be Within Range

Bitcoin’s price is at $111,455 at the time of writing, trading just below the $112,500 resistance. The crypto king needs significant buying pressure to break through this level and establish momentum that could trigger the next bullish leg in the market.

The RSI, however, does not signal immediate strength. The indicator is sitting below the neutral 50.0 mark, stuck in the negative zone. This weakness suggests Bitcoin will likely remain rangebound between $112,500 and $110,000, delaying any potential breakout attempts in the short term.

Bitcoin Price Analysis. Source: TradingView

On the flip side, if Bitcoin manages to push through $112,500 with sustained momentum, it could open the path toward $115,000. This would invalidate the bearish outlook and spark fresh optimism among investors.

Four Takes A Major Hit

FORM suffered a major setback today, crashing nearly 20% in the past 24 hours. The altcoin is currently trading at $3.05, reflecting intense bearish pressure. 

Looking ahead, FORM is expected to hover around the $3.11 support level. This floor could provide stability if buyers step in. However, if bearish momentum strengthens, FORM risks slipping below $2.98 and potentially dropping further toward $2.79, erasing even more value for short-term holders.

FORM Price Analysis. Source: TradingView

Alternatively, FORM would need to successfully bounce off the $3.11 level to target the resistance at $3.34. This would invalidate the bearish thesis, signaling recovery.