The total crypto market cap (TOTAL) and Bitcoin (BTC) retraced after swelling during the intra-day hours. Speculation regarding the impact of the upcoming US CPI report as well as profit taking are the reasons behind this decline. Among the altcoins Fartcoin (FARTCOIN) took the top spot in racking up losses falling by 19%.
In the news today:-
- A crypto scam linked to DeFi platform Terablock has left over 1,200 investors in Mexico and the US with losses exceeding $300 million. The scheme promised high returns through USDC investments but halted operations in August 2021, citing an unexplained “technical shutdown.”
- Do Kwon, founder of Terraform Labs, will plead guilty to multiple felony charges, including fraud and money laundering, with a maximum sentence of 100 years. The charges stem from his role in misleading investors, leading to a $40 billion market collapse in 2022.
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The Crypto Market Dipped
The total crypto market cap has decreased by $18 billion in the last 24 hours, following a volatile $100 billion rise and fall. This sharp fluctuation was driven by profit-taking among investors, highlighting the market’s ongoing instability and the potential for continued short-term price movements.
The upcoming US Consumer Price Index (CPI) report is a major factor contributing to investor uncertainty. As a result, TOTAL dropped from $4.03 trillion to $3.91 trillion. Investors should closely watch the CPI data for potential inflationary pressures, which could impact the crypto market.
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If the macroeconomic conditions are unfavorable, TOTAL could fall below the $3.89 trillion support level, potentially reaching $3.81 trillion. Conversely, if the financial outlook improves, the market cap could rise past $3.94 trillion, testing the $4.01 trillion mark again.
Bitcoin Takes A Hit
Bitcoin’s price is currently struggling but has not experienced significant losses beyond typical intra-day volatility, sitting at $118,933. While it’s facing some market pressure, the price has shown resilience.
Despite the fluctuations, the Relative Strength Index (RSI) remains above the neutral mark, indicating that Bitcoin’s bullish momentum is still intact. This suggests that BTC could avoid slipping to the $117,261 support level. If the momentum holds, Bitcoin may push upward, maintaining its upward trend in the short term.
However, if profit-taking overwhelms Bitcoin’s demand, the price could drop below $117,261, signaling potential weakness. A fall to $115,000 would invalidate the current bullish outlook, pointing to a potential price correction.
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Fartcoin Bears the Brunt Of The Market
FARTCOIN price suffered a significant 19% drop in the last 24 hours, making it the worst-performing altcoin. The meme coin has fallen below the $1.00 mark, signaling a sharp decline.
Currently, FARTCOIN is trading at $0.87, holding just above its support level of $0.87. The Parabolic SAR suggests a downtrend gaining strength, which could push the price lower. If the downtrend continues, FARTCOIN may slip further, possibly reaching $0.80. Bearish market conditions remain a concern.
However, if FARTCOIN manages to bounce off the $0.87 support, it could break past the $0.92 resistance. This recovery would invalidate the bearish thesis and signal a potential upward move. A successful bounce would encourage renewed buying interest, potentially reversing the current downtrend.
source : https://beincrypto.com