Why is The Crypto Market Down Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) took a slight hit over the last 24 hours as the market aim at stabilizing. Altcoin suffered losses as well, with Fartcoin (FARTCOIN) falling by 18% in 24 hours.

In the news today:-

• BitGo filed an S-1 with the SEC on September 18, outlining plans to go public on the New York Stock Exchange under the ticker BTGO. The digital asset custody provider aims to expand its market presence through the listing.
• FTX will distribute $1.6 billion to creditors on September 30, potentially sparking an altcoin season. However, the payout is $300 million less than initially announced in July, signaling both opportunity and caution.

The Crypto Market Dips

The total crypto market cap dropped by $63 billion in the last 24 hours, standing at $3.98 trillion. TOTAL failed to breach the $4.05 trillion resistance, highlighting investor hesitation. This rejection signals potential weakness in broader market momentum despite recent bullish attempts.

The decline pushed TOTAL below the $4.01 trillion support level, raising concerns about further downside risks. If bearish momentum continues, TOTAL could fall to $3.94 trillion. This drop would mark a significant shift in sentiment, forcing traders to adopt caution while evaluating near-term recovery prospects in the market.

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Total Crypto Market Cap Analysis. Source: TradingView

However, a swift rebound remains possible if TOTAL reclaims $4.01 trillion as support. Doing so would restore confidence, creating an opportunity to push past $4.05 trillion resistance.

Bitcoin Remains Rangebound

Bitcoin’s price is at $115,846 at the time of writing after slipping from the $117,261 resistance within the past 24 hours. Despite the decline, BTC remains shielded from major losses, showing resilience supported by investor confidence and ongoing institutional inflows sustaining overall market momentum.

The $115,000 support level has held firm for weeks, keeping Bitcoin rangebound in a stable channel. This zone has become a crucial anchor for BTC, limiting downside risks while giving the crypto king space to consolidate before attempting another breakout above $117,261 resistance.

Bitcoin Price Analysis. Source: TradingView

However, risks remain if Bitcoin fails to maintain its foothold above $115,000. A breakdown from this support could trigger broader sell-offs, pushing BTC down to $112,500.

Fartcoin Takes The Lead

FARTCOIN emerged as the worst-performing altcoin of the day after plunging by over 18% in the past 24 hours. The meme coin is now trading at $0.746, making it one of the steepest daily declines across the cryptocurrency market.

The chances of a recovery are not entirely weak, though short-term risks remain. If bearish pressure continues, FARTCOIN could slip to $0.732, where support will be tested. A failure to hold this level could extend the losses further.

FARTCOIN Price Analysis. Source: TradingView

On the other hand, a rebound from $0.732 could provide momentum for FARTCOIN to rally back to $0.802. Successfully breaching this level would allow the token to target $0.872, invalidating the bearish outlook and offering investors a path to recovery.