Why Is The Crypto Market Down Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) are holding back from recovery as the broader market remains bearish. Zcash (ZEC) is following these cues, falling by over 16% from the intraday high in the last 24 hours.

In the news today:-

• A Maryland man received a prison sentence for helping North Korean IT workers secretly obtain US tech jobs using falsified credentials. The case highlights North Korea’s growing 2025 strategy of exploiting insider access and expanding crypto-related cyber operations.
• Terra Luna Classic (LUNC) surged nearly 100% after a CoinDesk journalist was seen wearing a vintage Terra Luna shirt at Binance Blockchain Week Dubai. The viral moment sparked nostalgia-driven speculation across X and Telegram, fueling renewed interest in the once-collapsed altcoin.

The Crypto Market Nears Support

The total crypto market cap is down $84 billion today, now sitting at $3.01 trillion while holding above the $3.00 trillion support level.

The pullback was due to the European Commission’s proposed transfer of crypto oversight from national regulators to ESMA, mirroring the SEC’s centralized model.

If market conditions worsen, TOTAL could lose the $3.00 trillion and $2.93 trillion supports and fall toward $2.87 trillion. Rising skepticism may pressure traders to sell, increasing volatility and deepening the correction across major assets.

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Total Crypto Market Cap Analysis. Source: TradingView

If conditions improve, TOTAL could rebound and breach the $3.09 trillion resistance, opening the path toward the $3.16 trillion barrier. Renewed confidence and stronger inflows would help reinforce the broader recovery.

Bitcoin Is Back Below $90,000

Bitcoin’s price has slipped back below the $90,000 mark, signaling uncertainty as traders watch broader market cues for direction. The crypto king’s next move depends heavily on macro conditions.

If conditions worsen, Bitcoin could fall to the $86,822 support level and potentially break through it to test $85,204 or $82,503 as new support. Such a decline would threaten investor confidence and amplify short-term selling pressure, reinforcing the existing downtrend.

Bitcoin Price Analysis. Source: TradingView

If bullish momentum strengthens, Bitcoin’s price could reverse the downtrend and push past $91,521 toward $95,000. A breakout above these levels would invalidate the bearish thesis and reestablish upward structure.

Zcash Fails Crossing $400

ZEC is down 16.6% in the past 24 hours, falling sharply from the intra-day high of $410 after briefly breaking above the $403 resistance. The correction erased most of yesterday’s gains, placing the altcoin back under heavy selling pressure amid volatile market conditions.

ZEC is currently trading at $341 and is awaiting a potential rebound, although a recovery may not occur soon. Broader market weakness continues to weigh on sentiment, increasing the likelihood of a drop toward the $300 zone if demand fails to stabilize at current levels.

ZEC Price Analysis. Source: TradingView

If market conditions turn bullish, ZEC could bounce off the $344 support and attempt a move back toward $403. A successful breach of this barrier would open the path to $442, which is the level ZEC must reclaim to invalidate the bearish outlook.