Why Is The Crypto Market Down Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) took a break over the last 24 hours following consistent rise over the last couple of days.MYX Finance (MYX) took a hit as well, falling by 12% over the past day, but still holding above its crucial support.

In the news today:-

• Bitwise and Canary Capital confirmed their Solana and HBAR ETFs will begin trading tomorrow, signaling growing acceptance of altcoin-based funds. Despite the bullish development, both tokens have yet to show a price rally amid broader market uncertainty and regulatory caution.
• The US sanctioned the Cambodia-based Huione Group as a transnational crime organization linked to money laundering through South Korean crypto exchanges. South Korea’s FSS revealed Huione Guarantee moved roughly 15.9 billion KRW ($12 million) in Tether transactions over the past three years.

The Crypto Market Stabilizes

The total crypto market cap dropped by $7 billion in the last 24 hours, signaling a minor but notable cooling in momentum. Although modest, this decline follows a steep pullback from an intraday high of $3.89 trillion, highlighting traders’ caution amid fluctuating sentiment across the broader cryptocurrency market.

Despite the decline, TOTAL holding above the $3.81 trillion support is a positive sign. This stability suggests the market may be finding its footing, which is essential to sustain the recent rally. However, losing this key level could invite selling pressure, potentially pushing TOTAL down toward $3.73 trillion.

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Total Crypto Market Cap Analysis. Source: TradingView

If the total market cap manages to rebound from the $3.81 trillion support, further upside could follow. A bounce from this area would indicate renewed buying interest and healthy consolidation. In that case, TOTAL could revisit $3.89 trillion in the near term, marking steady recovery and renewed investor confidence.

Bitcoin Faces a Barrier

Bitcoin’s price has hovered just below the $115,000 resistance level for the past 24 hours, showing limited upward momentum. Currently trading at $114,416, the crypto king is struggling to break through this key psychological barrier.

Bitcoin may again face difficulty crossing this resistance, as it has multiple times in recent sessions. Failure to do so could trigger a pullback toward $112,500 or potentially slide to $110,000. Such a retracement would reflect profit-taking among traders and renewed caution amid prevailing macroeconomic uncertainty.

Bitcoin Price Analysis. Source: TradingView

However, Bitcoin’s Relative Strength Index (RSI) currently sits in positive territory, suggesting rising bullish momentum. If buying pressure strengthens, BTC could breach $115,000 and aim for $117,261 in the near term.

MYX Finance Holds Above Critical Support

MYX price has dropped nearly 12% in the past 24 hours but continues to hold above the key $2.64 support level. The altcoin has repeatedly tested this threshold, showing resilience despite heightened volatility.

If selling pressure intensifies, MYX could break below the $2.64 support, signaling a potential continuation of the downtrend. A decisive move lower might push the altcoin toward $1.98, where stronger support could emerge.

MYX Price Analysis. Source: TradingView

However, the Parabolic SAR indicator still points to an active uptrend, suggesting underlying bullish potential. If MYX rebounds from $2.64, the altcoin could rally toward $3.73 in the coming days. Sustained buying momentum at this level could invalidate the bearish outlook.