Why Is the Crypto Market Down Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) were whiplashed after Trump Media confirmed their $2.5 billion plan for building the BTC Treasury. However, the majority of the market closed in red, including Monero (XMR), which fell by 13% today.

In the news today:-

• Russian crypto exchange Garantex, shut down in March, continues laundering funds using Tornado Cash, moving over $261,000 in ETH despite US sanctions. The exchange has faced major setbacks, including DOJ domain seizures, the co-founder’s arrest in India, and Tether freezing $28 million in assets.
• Gate.io delisted 33 tokens and their USDT pairs on Tuesday, leading to sharp crashes due to quality concerns and low valuations. Meanwhile, Coinbase removed four tokens amid company rebranding, with RNDR’s delisting slightly boosting RENDER, another token from the same firm.

The Crypto Market Stays Put

The total crypto market cap experienced volatility after news of Trump Media’s Bitcoin Treasury Plan. It surged by $63 billion at its intra-day high but then dropped $58 billion at the low, reflecting mixed investor reactions and uncertainty around the announcement’s impact.

Currently, the total market cap stands at $3.38 trillion. It remains trapped below the key resistance of $3.43 trillion while holding above the $3.31 trillion support level. This range-bound movement indicates consolidation as traders await clearer market direction.

Total Crypto Market Cap Analysis. Source: TradingView

To break free from this consolidation, the crypto market cap must breach $3.43 trillion. Doing so could trigger a rise toward $3.49 trillion, helping to recover recent losses and potentially ignite renewed bullish momentum.

Bitcoin Fails To Secure Support

Bitcoin’s price showed little movement, briefly breaching $110,000 but failing to hold it as support. Currently, BTC trades at $108,736, reflecting hesitation among investors as the crypto king struggles to maintain momentum above this critical level.

Stuck below $110,000, Bitcoin risks a decline if selling pressure intensifies. Investor confidence could wane, potentially pushing BTC down toward the $106,265 support level, signaling increased bearish sentiment and short-term weakness.

Bitcoin Price Analysis. Source: TradingView

Conversely, if Bitcoin successfully flips $110,000 into support, it would invalidate the bearish outlook. This key level breach could drive BTC toward its all-time high of $111,980, signaling renewed strength and bullish momentum.

Monero Ends Bullish Streak

XMR price dropped 13% in the last 24 hours, trading at $348. While it currently holds above this support, the level may not last. The altcoin faces downward pressure as market sentiment weakens.

The MACD confirms that bullish momentum ended after more than six weeks, signaling a bearish crossover. This shift suggests XMR could fall below $332, potentially dropping to $282 if selling intensifies.

XMR Price Analysis. Source: TradingView

However, if XMR rebounds from the $348 support and broader market conditions improve, it could recover toward $418. Achieving this would invalidate the bearish outlook and signal a possible trend reversal.