Why Is the Crypto Market Down Today?

The total crypto market capitalization (TOTAL) is on the decline; however, the losses aren’t too steep. As Bitcoin (BTC) holds above $66,000, it could minimize the bearish impact observed at the hands of altcoins like Notcoin (NOT).

In the news today:-

• South Korea is set to reevaluate 600 crypto assets listed on the local exchanges. The assessment is part of the government’s attempt to ascertain compliance with the new regulations.
• Binance is set to list ZKsync’s native token, ZK. The listing will also accompany a Token Distribution Program in which 10,500,000 ZK tokens will be offered to up to 52,500 Binance users.

Total Market Cap Slips

The overall cryptocurrency market cap is still reeling from the decline observed over the past week. Over the weekend, an attempt at bouncing back was noted, strengthening the uptrend line under the candlesticks.

Nevertheless, within just one day, the market saw an outflow of over $26 billion, causing the total market cap to trip to $2.35 trillion. This has left TOTAL moving below the $2.39 trillion resistance.

Read More: What Is Macro/Crypto Summer?

Total Crypto Market Cap Analysis. Source: TradingView

At present, breaching this resistance is key to any recovery, and it is crucial for the market to recover these losses to stabilize investor confidence.

Bitcoin Price Holds Steady

Bitcoin’s price showed unexpected resilience despite the overall bearish trend in the crypto market. Currently trading at $66,200, Bitcoin dipped below the $66,000 mark but avoided a severe decline.

Notably, Bitcoin has managed to stay above the uptrend line established in early May. This trendline support suggests that Bitcoin might be poised for a future recovery, offering investors a glimmer of hope.

Read More: Bitcoin Halving History: Everything You Need To Know

Bitcoin Price Analysis. Source: TradingView

However, a breakdown below this level will prove highly loss-bearing for BTC holders, pushing the crypto asset below $65,000.

Notcoin Could Not Deny This Drop

Notcoin’s price bore the impact of the broader market’s bearish cues. The Telegram token fell by nearly 10% in a day to trade at $0.017 at the time of writing. Holding above the support at $0.017, the altcoin has a chance to bounce back. 

Read More: How To Buy Notcoin (NOT) and Everything You Need To Know

Notcoin Price Analysis. Source: TradingView

However, if the bearishness increases, NOT could fall through this support. As a result, the drawdown would extend to $0.016 or $0.015, effectively wiping out any gains from the past week.