Why Is The Crypto Market Down Today?

The total crypto market cap (TOTAL) is down $30 billion over the past 24 hours, with Bitcoin (BTC) also finding its footing around $90,000. However, among the altcoins, AB (previously Newton Project) took the biggest hit, falling by 18% today.

In the news today:-

• Block, Inc. jumped nearly 9% after unveiling a $15.8 billion gross profit target for 2028 and a $5 billion stock buyback plan. The strategy highlights Jack Dorsey’s push to expand beyond payments into consumer services, AI tools, and Bitcoin infrastructure.
• Nvidia beat expectations with $1.30 EPS and $57.01 billion in revenue, driven by a $51.2 billion surge in its data center segment. CEO Jensen Huang said Blackwell chips and cloud GPUs remain sold out, and the company projects $65 billion in next-quarter revenue, ahead of forecasts.

The Crypto Market Is Sliding

The total crypto market cap has dropped by $30 billion in the past 24 hours, falling to $3.11 trillion. TOTAL is trying to hold above the $3.09 trillion support level as traders react to rising volatility. Market uncertainty remains elevated as investors watch key macro signals.

The delayed U.S. September non-farm payrolls report is creating new ambiguity around economic conditions and future Fed policy. Prolonged high-rate pressure could weaken risk appetite and push TOTAL toward $3.05 trillion or even $3.00 trillion.

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Total Crypto Market Cap Analysis. Source: TradingView

If market conditions stabilize, TOTAL could rebound above $3.16 trillion and extend the move to $3.21 trillion. A recovery of this magnitude would signal improving sentiment and renewed bullish momentum. Strong inflows and rising confidence could help strengthen the wider crypto market.

Bitcoin Is Holding Above Support

Bitcoin trades at $92,682 and continues to hold above the key $91,521 support level despite mild bearish pressure. The RSI sits in the bearish zone, reflecting weakening momentum.

If the RSI drops into oversold territory, it could trigger a reversal and fuel a recovery. Such a shift may push Bitcoin back toward $95,000, with potential to extend the move to $98,000. Renewed buying interest and improving liquidity would support this upside scenario.

Bitcoin Price Analysis. Source: TradingView

If conditions deteriorate and selling pressure increases, Bitcoin could fall below $90,000 once again. A deeper decline may send the price toward $86,822, signaling fading confidence and invalidating short-term recovery prospects.

AB Takes A Big Hit

AB has dropped 18% in the past 24 hours and trades at $0.00651 while holding just above the $0.00644 support level. The altcoin has seen sharp volatility recently, with rapid swings driven by weakening sentiment and reduced liquidity across the broader market.

If bearish pressure strengthens, AB could break below the $0.00644 support and fall toward $0.00595. Such a decline would deepen investor losses and signal fading confidence. Continued selling could push the altcoin into a more prolonged downtrend.

AB Price Analysis. Source: TradingView

If AB rebounds from support, it may climb toward $0.00673 and potentially reach $0.00699. A strong bounce would restore short-term momentum and invalidate the bearish thesis.