Why Is The Crypto Market Down Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) continued to face bearishness heading towards the second half of February. Pippin (PIPPIN) emerged as the worst-performing asset of the day, falling by 28% in 24 hours.

In the news today:-

• Bitmine holds 4,371,497 ETH valued at about $8.7 billion, representing 3.62% of the total Ethereum supply and over 72% of its 5% accumulation target. Including Bitcoin, equity stakes, and cash, the company’s total balance sheet stands at approximately $9.6 billion.
• The CFTC told a federal appeals court that Congress granted it exclusive authority over futures, including event contracts, arguing that states are overstepping by regulating prediction markets. The brief supports Crypto.com’s lawsuit against Nevada, which seeks to block the state from restricting its sports-event contracts.

The Crypto Market Is Not Too Down

The total crypto market cap declined by $33 billion, dropping to $2.30 trillion. This level continues to act as established support. Buyers have defended this zone repeatedly in recent sessions. However, persistent volatility across Bitcoin and major altcoins keeps the broader market sentiment fragile.

TOTAL remains range-bound between $2.37 trillion resistance and $2.30 trillion support. Repeated rejection near the upper boundary weakens bullish momentum. If selling pressure intensifies, a breakdown below support becomes likely. Such a move could expose the market to further downside toward $2.22 trillion.

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TOTAL Price Analysis. Source: TradingView

A reversal scenario depends largely on improving macroeconomic conditions. Stronger equity performance and easing rate expectations could restore risk appetite. If capital inflows return, TOTAL may break above $2.37 trillion. Sustained buying pressure would then open the path toward $2.40 trillion and renewed bullish momentum.

Bitcoin Is Rangebound

Bitcoin remains range-bound between $70,000 resistance and $67,674 support. The broader floor near $65,000 continues to act as a lower defense zone. At the time of writing, BTC trades at $67,467, reflecting indecision as traders await stronger macro or institutional catalysts.

The Chaikin Money Flow indicator highlights persistent capital outflows. Weak inflows signal limited buying conviction at current levels. Without renewed demand, Bitcoin may struggle to regain upside momentum. Continued selling pressure could push BTC toward the critical $65,000 support level.

Bitcoin Price Analysis. Source: TradingView

However, sentiment can shift quickly in crypto markets. If outflows reverse and inflows strengthen, Bitcoin may challenge $70,000 again. A confirmed breakout above that psychological barrier could drive BTC toward $72,294 resistance, invalidating the current bearish outlook.

Pippin Sees Selling

PIPPIN has emerged as the worst-performing altcoin in the past 24 hours, dropping 29%. The token trades at $0.479 at the time of writing. The sharp decline reflects aggressive profit-taking and heightened volatility across the broader cryptocurrency market.

After printing consecutive all-time highs, PIPPIN peaked at $0.772 before reversing course. Sustained selling pressure has since driven the correction. Technical levels indicate support near $0.391, with a deeper floor around $0.301 if bearish momentum accelerates.

PIPPIN Price Analysis. Source: TradingView

However, momentum could shift if buyers reenter the market. Stabilization above current levels would signal renewed demand. Reclaiming $0.537 as support could drive PIPPIN toward $0.640, invalidating the short-term bearish outlook and restoring confidence among speculative traders.