Why is The Crypto Market Down Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) noted declines over the last 24 hours with the latter slipping below $115,000. Altcoins followed suit with SPX6900 (SPX) noting a 12.6% drop in 24 hours.

In the news today:-

• Metaplanet has expanded its Bitcoin holdings with a \$633 million purchase of 5,419 BTC, bringing its total to 25,555 BTC. The latest acquisition follows steady additions in August and September that pushed its portfolio beyond 20,000 BTC.
• Crypto.com denied claims it covered up a 2023 data breach, saying a phishing attack exposed limited user information but no funds. The exchange stated the incident was contained within hours and affected only a small number of individuals.

The Crypto Market Dips

The total crypto market cap has fallen by $77 billion in the last 24 hours, standing at $3.91 trillion. The steep decline increases the risk of further weakness, leaving the market vulnerable to slipping toward the $3.89 trillion support level in the near term.

Market conditions appear weak, with sentiment across altcoins and Bitcoin reflecting cautious investor behavior. If bearish pressure strengthens as the week begins, TOTAL could break below $3.89 trillion.

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Total Crypto Market Cap Analysis. Source: TradingView

On the other hand, if TOTAL bounces off $3.89 trillion, it could attempt a recovery rally toward $3.94 trillion. Flipping this level into support would be critical, as it would open the door for TOTAL to retest the $4.00 trillion threshold.

Bitcoin Loses Support

Bitcoin’s price is trading at $114,363, slipping below the $115,000 support in the last 24 hours. The breach marks a critical point in the ongoing bearish momentum, raising concerns that BTC could extend its losses further if buying demand fails to return.

BTC now faces the risk of declining toward $112,500, a key support zone. Such a move would push a large share of investor holdings into losses. The pressure could intensify selling as traders seek to offset drawdowns, deepening the negative sentiment.

Bitcoin Price Analysis. Source: TradingView

However, reclaiming $115,000 as support could reverse the current trend. A successful bounce would give Bitcoin the chance to climb back to $116,096. Flipping this level into support would be essential to invalidate the bearish outlook and stabilize the market for potential recovery.

SPX Falls to 2-Week Low

SPX is the worst-performing altcoin of the day, falling 12.8% in the last 24 hours. The meme coin is trading at $1.09, struggling to stabilize after heavy selling pressure. This could lead to intensified bearish sentiment across speculative digital assets.

If bearish conditions deepen, SPX could decline further through the $1.08 support zone. A decisive breach below this threshold would expose the altcoin to more downside, with $0.98 emerging as the next critical level. Falling below $1.00 would amplify investor losses and weaken market confidence.

SPX Price Analysis. Source: TradingView

However, SPX could regain momentum if it successfully bounces off $1.08. A rebound would enable the meme coin to climb toward $1.16 resistance. Breaching this level would help invalidate the bearish thesis.