Why Is The Crypto Market Down Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) fell over the last 24 hours, with the latter slipping below $100,000. On the other hand, the altcoins are exhibiting mixed signals, with MYX Finance (MYX) noting 11% losses today.

In the news today:-

• France has lifted all travel restrictions on Telegram founder Pavel Durov, ending a year of police check-ins and movement limits. He is still under criminal investigation, facing potential 10 years in prison and more than $550,000 in fines.
• Scammers in Australia are filing fake cybercrime reports and impersonating authorities to convince victims that their data was breached. They then pose as crypto platform staff and pressure victims to move funds into scam wallets, draining their assets. This case highlights a growing problem, as scammers are increasingly using social engineering and spoofed phone numbers to deceive victims.

The Crypto Market Loses Ground

The total crypto market cap dropped by $92 billion in 24 hours as bearish sentiment intensified. Investor outflows weighed on major assets and added volatility across key sectors. This pressure limits short-term recovery potential, but improving liquidity conditions could support a more stable outlook for digital asset prices.

Bitcoin absorbed most of the impact, while many altcoins held gains on daily charts. TOTAL sits at $3.29 trillion, just under the $3.31 trillion support. A sustained defense of this zone may strengthen market confidence and create conditions for a broader recovery across leading cryptocurrencies.

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Total Crypto Market Cap Analysis. Source: TradingView

A rebound becomes likely if market cues improve and TOTAL bounces off $3.26 trillion. A move toward $3.31 trillion could open the path to $3.42 trillion. If $3.26 trillion fails, the next target is $3.21 trillion, which may extend downside pressure across major digital assets.

Bitcoin Slips Below $100,000

Bitcoin trades at $99,228 after breaking below the $100,000 support for the first time since June. The three-week downtrend signals fading bullish interest as weaker demand pressures short-term stability.

The RSI indicates growing bearish momentum, reducing Bitcoin’s ability to stage a rebound. If selling pressure strengthens, BTC could slip under $95,000 and potentially test $90,000. This scenario raises short-term risks for traders as momentum continues to favor downside movement across major technical indicators.

Bitcoin Price Analysis. Source: TradingView

If Bitcoin secures stronger market support, it may reclaim $100,000 as a key level. A recovery above that threshold could spark a move toward $105,000 and challenge the current bearish outlook. Improving sentiment would also help restore confidence among investors watching critical resistance zones.

MYX Finance Has Not Lost Much

MYX trades at $2.28 after an 11% drop in the last 24 hours, but it remains above the key $2.24 support. The recent decline reflects broader market weakness, yet buyers continue to defend this level.

The Parabolic SAR signals an emerging uptrend, reducing the likelihood of further losses. A sustained hold above $2.24 could trigger a bounce toward $2.64, supporting ongoing consolidation. This setup may strengthen market confidence, especially if MYX maintains consistent buying pressure through short-term volatility.

MYX Price Analysis. Source: TradingView

A drop below $2.24 becomes possible if investors sell during periods of uncertainty. Panic-driven exits could accelerate downside momentum and expose MYX to deeper pullbacks. This scenario highlights the importance of sentiment, which often plays a decisive role in short-term price direction for emerging altcoins.