Why Is The Crypto Market Down Today?

The crypto market has extended its dip today as bullish pressure continues to fade, signaling weakening investor momentum across digital assets. 

The total cryptocurrency market capitalization (TOTAL) has slipped, dragging Bitcoin (BTC) and several altcoins lower. Amid the broad retreat, DEXE stands out as the day’s worst performer.

In the news today:

• MetaMask launched a mobile perpetuals trading platform powered by Hyperliquid, offering up to 40x leverage on 150+ EVM assets. It plans to integrate Polymarket, but its infrastructure may struggle to scale.
• Gemini has launched a local entity in Australia as part of its Asia-Pacific expansion, following a rise in Australian crypto adoption to 31% in early 2025, up from 28% the previous year.

TOTAL Struggles to Hold Support as Market Momentum Fades

Trading activity across the crypto market has been lackluster since the beginning of the week. As buyers and sellers hold back from executing major trades, many assets have trended sideways, consolidating within a narrow range.

This is surprising, given that following last week’s US government shutdown and the immediate flow of capital into risk assets, one would have expected the weaker dollar to push more funds into crypto’s spot markets and drive heightened trading activity, especially with the shutdown still underway.

However, the week so far has been met with a muted reaction across most major assets. At press time, TOTAL stands at $4.12 trillion, facing resistance at its new all-time high of $4.27 trillion while finding support near $4.08 trillion.

This sideways trading pattern reflects the broader market’s wait-and-see approach, as participants await a catalyst to determine the next major move. 

If confidence and buying pressure return, TOTAL could rally and attempt to break above its $4.27 trillion all-time high.

For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Total Crypto Market Cap Analysis. Source: TradingView

On the other hand, an uptick in selloffs could drag TOTAL lower toward its $4.08 trillion support. If this level gives way, the market could plunge further toward $3.94 trillion.

Bitcoin Bears Eye Sub-$120,000 as Trading Volumes Decline

At press time, leading digital asset trades at $121,950,  recording a modest 1% dip over the past 24 hours. Trading volume has also dropped by 25% during that period, confirming waning market participation.

When an asset’s price and trading volume fall at the same time, it signals weakening market participation and fading momentum. Fewer BTC traders are active, and neither buyers nor sellers are strongly convinced.

An uptick in bearish pressure could push the coin toward the significant support floor formed at $120,090. If the bulls fail to defend this price level, BTC’s value could plummet toward $118,922.

Bitcoin Price Analysis. Source: TradingView

Conversely, a pickup in demand could drive a rebound toward BTC’s all-time high at $125,708 and above. 

DEXE Falls Sharply as Market Power Tilts Toward Sellers

DEXE is down 12% today and currently trades at $11.06. On the daily chart, DEXE’s negative Balance of Power (BoP) highlights the bearish tilt in market sentiment toward the asset. At press time, this key momentum indicator is at -0.60. 

The BoP measures the strength of buyers versus sellers in a given market period. It oscillates between +1 and -1, where positive readings indicate buyers dominate and push prices higher, while negative readings show that sellers have control.

For DEXE, this setup confirms that bearish sentiment outweighs bullish pressure and that sellers are dictating the pace of the market. If this continues, the token’s price could drop to $10.25, extending its bearish trajectory. 

DEXE Price Analysis. Source: TradingView

However, if bulls regain control, they could trigger a relief rally toward $12.18.