Why Is The Crypto Market Down Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) both noted a decline in the last 24 hours as the market showed signs of skepticism. Ethena (ENA) took a hit as well, falling by 9%, emerging as the worst performing altcoin today.

In the news today:-

• Sequans moved 970 BTC, worth about $111 million, to Coinbase, its first major transfer since launching its Bitcoin treasury strategy. Despite the move, Sequans retains 2,264 BTC valued at $255 million, leaving uncertainty over a potential sale or custody shift.
• Maple Finance’s MIP-019 proposal shifts from staking to token buybacks and governance incentives to align rewards with real performance. The upgrade positions Maple as a key player in the growing RWA and institutional on-chain lending conditions.

The Crypto Market Dips

The total crypto market capitalization declined by $63 billion in the past 24 hours, now resting at $3.75 trillion. This dip highlights cooling investor sentiment, as major assets failed to generate positive momentum. 

Despite the downturn, TOTAL continues to hold above the $3.73 trillion support level. However, sustained selling pressure could test this threshold further. If bearish momentum strengthens, the overall crypto market capitalization might retreat toward $3.67 trillion, exposing fragile sentiment across digital assets.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Total Crypto Market Cap Analysis. Source: TradingView

If market conditions stabilize and demand returns, TOTAL could rebound toward the $3.81 trillion resistance level. Renewed buying interest, driven by institutional inflows and improving global liquidity, may fuel a broader recovery.

Bitcoin Could Slip To Critical Support

Bitcoin’s price remains trapped below the $115,000 resistance level, trading at $112,712 at press time. The consolidation reflects fading momentum as traders await a breakout signal. Market volatility and declining volume continue to limit bullish opportunities.

Bitcoin currently holds support above $112,500, but a drop below could intensify selling pressure. A decline toward $110,000 may increase investor losses and weaken sentiment further. The inability to sustain this level might signal growing bearish control over short-term market direction.

Bitcoin Price Analysis. Source: TradingView

If Bitcoin finds renewed demand, it could overcome the $115,000 barrier and rally toward $117,261. Strong buying momentum and institutional participation may help BTC invalidate the bearish outlook, signaling the start of a potential recovery phase in the coming sessions.

Ethena Faces Death Cross

ENA emerged as the weakest altcoin performer of the day, slipping nearly 9% in the past 24 hours. Despite the decline, the token’s limited drop shows restrained selling pressure. The market appears cautious, awaiting confirmation of either a rebound or continued weakness.

Currently priced at $0.456, ENA is holding slightly above the $0.436 support level after losing $0.466 as a key floor. A breakdown below $0.436 could trigger further downside, erasing recent gains. Sustained bearish momentum may also signal weakening investor confidence in the token’s near-term recovery potential.

ENA Price Analysis. Source: TradingView

If ENA successfully rebounds from $0.436, the token could regain strength and target $0.466 as a first resistance. A decisive breakout may allow prices to reach $0.519, invalidating the bearish outlook.