Why Is The Crypto Market Down Today?

The crypto market cap (TOTAL) crashed today, led by Bitcoin (BTC) price falling below $64,142, also triggering a bearish pattern. Amongst the altcoins, Bitcoin Cash (BCH) felt the biggest hit, as it dropped by 15% in the last 24 hours.

In the news today:-

• Step Finance and SolanaFloor are shutting down immediately following a January treasury hack, after failing to secure funding or acquisition options. Step plans a buyback for STEP holders and a redemption process for Remora rToken holders, which remain backed 1:1.
• USD1 briefly depegged to $0.994 on February 23 before quickly recovering to near $1, with the disruption lasting only minutes. Issuer World Liberty Financial said hackers compromised cofounder accounts to spread false information and profit from short positions, sparking market concern.

The Crypto Market Bleeds

The total crypto market cap has declined by $110 billion, now standing at $2.18 trillion at the time of writing. The market has already lost the critical $2.22 trillion support level. Broad-based selling across Bitcoin and altcoins reflects heightened macroeconomic uncertainty and weakening investor confidence.

Crypto markets reacted to wider financial pressure after US President Donald Trump announced a 15% increase in global tariffs. Risk assets faced cascading sell-offs as capital rotated toward safer instruments. If bearish momentum persists, TOTAL could slide toward the next major support zone near $2.13 trillion.

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TOTAL Price Analysis. Source: TradingView

A recovery scenario depends on stabilizing macro conditions and renewed capital inflows into digital assets. Improved risk appetite could slow the decline. Reclaiming $2.22 trillion as support would signal a strengthening structure. Sustained buying above that level may restore short-term confidence in the broader crypto market.

Bitcoin Falls Through Support

Bitcoin’s price is breaking down from a symmetrical triangle pattern, signaling rising volatility. Technical projections suggest a potential 14% decline, which could push BTC below the $60,000 level if selling pressure accelerates. Weak momentum and declining support levels have increased short-term downside risks.

Investor uncertainty may intensify panic selling across the crypto market. After losing the $65,000 threshold, Bitcoin faces fragile support conditions. Sustained liquidation pressure could drive BTC toward $60,000. A deeper breakdown below that level may expose the next downside target near $55,341.

Bitcoin Price Analysis. Source: TradingView

However, recovery remains possible if Bitcoin reclaims $64,142 as support. Stabilizing above this level would signal renewed buyer strength. A sustained bounce could lift BTC toward $67,394, restoring short-term structure and invalidating the immediate bearish outlook for the leading cryptocurrency.

Bitcoin Cash Follows The King

Bitcoin Cash (BCH) price has declined 15% in the past 24 hours, trading at $484 at the time of writing. The altcoin is holding just above the key $480 support level. Sustained selling pressure across the broader crypto market has weighed on short-term momentum.

Technical indicators suggest rising downside risk. BCH is approaching a potential Death Cross formation, where the 50-day EMA drops below the 200-day EMA. This bearish crossover often signals trend weakness. If confirmed, the BCH price could decline toward the next support zone near $458.

BCH Price Analysis. Source: TradingView

However, stabilization remains possible if buyers defend the $480 level. Improved sentiment in Bitcoin could also support recovery in Bitcoin Cash. A bounce from current support may drive BCH toward $516. Reclaiming that level would invalidate the immediate bearish outlook and restore short-term strength.