Why Is the Crypto Market Down Today?

The total crypto market cap (TOTAL) and Bitcoin (BTC) are experiencing a slowdown in overall volatility. However, BTC and several altcoins still recorded losses. Movement (MOVE) was among the biggest decliners, dropping 4.3% in the last 24 hours.

In the news today:-

• A US court ordered crypto platform Debiex to pay $2.5 million after failing to respond to a CFTC lawsuit accusing it of operating a romance scam. Judge Douglas Rayes ruled that Debiex must return $2.26 million to victims and pay a $221,500 civil penalty.
  
• The Bank of Korea stated it has no plans to add Bitcoin to its foreign exchange reserves, citing concerns over high volatility. The response came in a written statement to the National Assembly’s Strategy and Finance Committee.

The Crypto Market Is Stable

The total crypto market cap is currently struggling to break past the $2.75 trillion barrier, having lost $23 billion. This comes after a larger $65 billion decline on Sunday. Now at $2.69 trillion, TOTAL is attempting to regain lost ground and push toward a potential breakout.

TOTAL could likely test the $2.63 trillion support level before attempting a bounce back. If this happens, the market may remain in consolidation under the $2.75 trillion resistance. Without a surge in volatility, this sideways movement could persist for the coming days, delaying any significant price action.

Total Crypto Market Cap Analysis. Source: TradingView

However, if broader market conditions improve, TOTAL could invalidate the bearish outlook. A breakout above $2.75 trillion would open the door for further gains, with the market cap potentially rising toward $2.93 trillion. This would signal renewed investor confidence and stronger market momentum.

Bitcoin Looks To Breach Barrier

Bitcoin’s price is currently at $83,691, holding above the key support level of $82,761 while remaining stuck under the $85,000 barrier. The crypto king is attempting to breach this resistance and flip it into support, which could signal the beginning of a stronger bullish momentum.

A drop below $82,761 is unlikely unless broader market conditions turn bearish. If Bitcoin fails to sustain support, it could fall to $80,000, erasing recent gains. This would reinforce short-term bearish sentiment and delay any potential breakout above resistance levels.

Bitcoin Price Analysis. Source: TradingView

On the other hand, if Bitcoin successfully breaches the $85,000 barrier, it could climb toward $87,041. Breaking through this level would also push BTC past the 200-day EMA, invalidating the bearish outlook.

Movement Moves Towards Crucial Support

MOVE price is currently at $0.445, down 4.3% over the last 24 hours. While most altcoins recorded gains today, MOVE was among the few that ended in the red. This decline adds to the ongoing struggle for recovery, keeping the altcoin under pressure in a volatile market.

MOVE is holding above the critical support level of $0.420. If this support fails, the altcoin could drop further, potentially reaching its all-time low (ATL) of $0.370. Such a decline would extend losses and make recovery more difficult for MOVE in the near term.

MOVE Price Analysis. Source: TradingView

However, if MOVE manages to breach the $0.476 barrier, it could gain upward momentum. A successful breakout past this level could push the altcoin toward $0.527. Breaching this resistance would invalidate the bearish outlook and signal the start of a recovery phase.

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