Why Is the Crypto Market Down Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) are facing slight bearishness on the daily chart. However, the situation is worse for altcoins as broader market cues are weighing down on the likes of Bitget Token (BGB).

In the news today:-

• Michael Saylor, MicroStrategy’s co-founder, hinted at a potential new Bitcoin acquisition, sparking speculation after cryptic comments on the SaylorTracker portfolio. Similar hints from Saylor have previously preceded significant Bitcoin purchases.
• The Blockchain Association and Texas Blockchain Council filed a lawsuit against the IRS over new broker reporting rules for digital assets. These regulations, effective 2027, require brokers to disclose gross proceeds and taxpayer details, sparking claims of unconstitutionality.

The Crypto Market Is Moving Sideways

The total crypto market cap has dropped by $50 billion in the past 24 hours, reflecting ongoing market uncertainty. Mixed signals from macroeconomic factors continue to weigh heavily on TOTAL’s price trajectory, adding to the hesitation among investors.

Currently stuck under the $3.28 trillion resistance, TOTAL remains vulnerable. Prolonged uncertainty could push the market cap toward the critical support level of $3.10 trillion, deepening the losses from recent market corrections.

Total Crypto Market Cap Analysis. Source: TradingView

If TOTAL manages to flip $3.28 trillion into support, it could reclaim upward momentum. This move could drive the market cap toward $3.49 trillion, recovering much of the losses seen in the current downtrend.

Bitcoin Is Holding Key Support Level

Bitcoin is trading at $93,753, holding above the critical support of $93,625. The cryptocurrency aims to breach the resistance of $95,668 and flip it into support, which would be crucial for initiating a short-term recovery.

However, if broader market conditions remain bearish, Bitcoin risks falling through the $93,625 support. Such a decline could push BTC toward $89,800, erasing recent gains and extending the downward pressure on the crypto king.

Bitcoin Price Analysis. Source: TradingView

Conversely, reclaiming $95,668 as support could pave the way for Bitcoin to target $100,000. Achieving this milestone would invalidate the bearish outlook and restore bullish momentum.

Bitget Token Is Falling Quickly

BGB price has dropped by 12% over the past 24 hours, currently trading at $6.51. This slide takes the altcoin further away from its all-time high (ATH) of $8.49, raising concerns about its immediate recovery prospects.

The recent decline positioned BGB as the worst-performing asset of the day. With its price nearing the $4.90 support level, a further drop could erase a significant portion of the 104% rally it achieved recently. Maintaining this support is critical to avoiding further losses.

BGB Price Analysis. Source: TradingView

If broader market cues shift bullish, BGB could reverse its decline, potentially breaching its ATH of $8.49. Achieving this milestone would invalidate the bearish outlook and pave the way for new highs, restoring investor confidence in the altcoin’s upward trajectory.