Why is The Crypto Market Down Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) have remained largely unchanged as the latter continues to hold its ground above $105,000. FARTCOIN is down 7% over the last 24 hours, emerging as the worst performer of the day.

In the news today:-

• Pump.fun is reportedly preparing to launch its token, aiming to raise up to $1 billion in initial sales. The sale could value the token at $4 billion, with private and public investors involved, although no official date has been set for the launch.
• US President Donald Trump is launching a new crypto wallet in partnership with Magic Eden, offering users a chance to participate in a $1 million TRUMP token airdrop. While details are limited, Magic Eden confirmed its involvement, and Trump’s ongoing interest in NFTs likely influenced the project.

The Crypto Market is Finding Its Footing

The total crypto market cap rose by $5 billion to $3.28 trillion, with the $3.31 trillion resistance still in play. Despite this upward movement, the market remains cautious, hovering beneath this key level. TOTAL will likely continue to face challenges breaking past this resistance in the short term.

Recent market volatility has been mild as macro-financial conditions remain neutral. While the broader crypto market has not seen significant movement, TOTAL has remained above support levels. Without stronger financial cues, it seems unlikely that the crypto market will break above the resistance level in the near future.

Total Crypto Market Cap Analysis. Source: TradingView

However, should market conditions improve, a potential rise past $3.31 trillion could become more likely. If TOTAL manages to flip this resistance into support, it could pave the way for a continued uptrend, potentially pushing the total market cap toward the next key level of $3.43 trillion.

Bitcoin Remains Under Key Resistance

Bitcoin’s price is holding above $105,000, with resistance at $106,265. The Parabolic SAR positioned above the candlesticks signals continued bearish momentum. This suggests that BTC may face challenges in breaking the resistance and could remain within the current range unless a significant shift occurs in market sentiment.

If Bitcoin loses the support of $105,000, it could indicate significant selling pressure from investors. A break below this level would leave BTC vulnerable to further declines, potentially targeting the next support level of around $102,734. Such a move would indicate a stronger bearish trend for Bitcoin.

Bitcoin Price Analysis. Source: TradingView

However, if Bitcoin manages to breach the resistance of $106,265, it could signal a shift in momentum. A successful breakout would pave the way for Bitcoin to target $110,000, invalidating the current bearish outlook. This would likely attract more buyers, driving the price upwards and shifting the market sentiment.

Fartcoin is Close To Losing $1

FARTCOIN’s price has dropped by 7% over the last 24 hours, making it one of the worst performers among cryptocurrencies today. Currently trading just above $1.00, the meme coin is struggling to maintain its position. This decline suggests ongoing bearish pressure, with the potential for further losses.

The Chaikin Money Flow (CMF) indicates that FARTCOIN is experiencing mild outflows, signaling a loss of investor confidence. Such outflows usually precede further declines in price, making it likely that FARTCOIN could slip below the $1.00 mark and potentially reach $0.91 or even $0.80.

FARTCOIN Price Analysis. Source: TradingView

However, if FARTCOIN can hold above the $1.00 support, it may experience a bounce back. A strong recovery above this level could lead to a rise beyond $1.20. Such a move would invalidate the current bearish outlook and could signal renewed investor interest in the meme coin.