Why Is The Crypto Market Down Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) continue to remain directionless as the markets await the PCE Index report due this week. This is creating volatility in the market with MYX Finance (MYX) taking a hit, falling by 15.6%.

In the news today:-

• Zcash’s original creators have split from the Electric Coin Company and launched an independent development entity following a governance dispute. The Zashi wallet has been rebranded as “Zodl,” confirming that the flagship wallet and its engineers now operate outside ECC’s control.
• Newly revealed Epstein files indicate he planned to meet Gary Gensler in 2018 to discuss digital currencies. Emails show Epstein referencing crypto-related discussions involving Gensler and connections to MIT Media Lab leadership.

The Crypto Market Cap Is Steady

The total crypto market cap slipped by $1 billion to $2.33 trillion after another rejection at the $2.37 trillion ceiling. That level continues to act as a firm overhead supply, capping upside attempts and reinforcing near-term exhaustion as buyers struggle to generate enough momentum for a clean breakout.

Absent a shift in macro liquidity or risk appetite, TOTAL is likely to remain range-bound. Thin liquidity conditions and cautious positioning are limiting expansion, suggesting consolidation above $2.30 trillion as dip buyers and short-term sellers battle for control in a compressed structure.

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TOTAL Price Analysis. Source: TradingView

A change in tone would require a meaningful pickup in capital inflows. Stronger institutional participation and improving sentiment could tilt the balance back to buyers. A decisive reclaim of $2.37 trillion would confirm breakout strength, opening the path toward $2.45 trillion.

Bitcoin Is Still Under $70,000

Bitcoin is hovering around $68,689, still pinned beneath the $70,000 handle for the past 11 sessions. That round-number resistance remains a major psychological pivot. A clean break above it could spark momentum-driven bids, while continued rejection risks encouraging short-term traders to trim exposure.

On the flow side, the Chaikin Money Flow (CMF) has ticked lower and sits below the zero line, reflecting ongoing capital outflows. Without a shift in inflows, upside expansion may stay capped, leaving BTC vulnerable to a pullback toward the $65,000 support region if selling pressure persists.

Bitcoin Price Analysis. Source: TradingView

That said, sentiment can flip quickly in this environment. A resurgence in spot demand alongside supportive derivatives positioning could allow BTC to reclaim $70,000 as a base. Acceptance above that level would expose $72,294, with sustained follow-through opening a path toward $75,000, negating the current near-term bearish bias.

MYX Finance Falls Below $2

MYX price extended its decline over the past 24 hours, trading at $1.82 at the time of writing. The altcoin fell below the key $2.00 support level. This breakdown has pushed MYX to a three-month low, reinforcing short-term bearish momentum across the cryptocurrency market.

Persistent capital outflows continue to pressure MYX price action. Weak demand and aggressive selling are driving the token lower. If downside momentum persists, MYX could break below the $1.68 support level. Such a move may expose the altcoin to further losses toward $1.43 in the near term.

MYX Price Analysis. Source: TradingView

However, oversold conditions can attract value-focused investors. If buyers step in near $1.68, a technical rebound may unfold. A sustained bounce could lift MYX back above $2.01. Reclaiming higher levels may open the path toward $2.48, shifting the short-term market structure toward recovery.