The total crypto market cap (TOTAL) and Bitcoin (BTC) both slipped below key support levels, creating the potential for further decline. That being said, THORChain (RUNE) noted a 16% correction in the span of 24 hours.
In the news today:
- A group of fintech and crypto firms, including Robinhood, Kraken, and Galaxy Digital, launched the Global Dollar Network with a US dollar-pegged stablecoin, USDG. Issued by Paxos in Singapore, this network aims to boost global stablecoin use and deliver shared economic benefits to its partners.
- On Monday, Mt. Gox transferred approximately 32,371 BTC (valued at $2.19 billion) to unidentified wallet addresses, blockchain analytics firm Arkham reported.
The Crypto Market Drops
The total crypto market cap saw a decline of $33 billion on Monday, settling at $2.23 trillion. TOTAL is barely holding above the critical support level of $2.21 trillion, reflecting mounting pressure within the market.
This support has historically curbed further decline, suggesting a chance for TOTAL to bounce back toward $2.29 trillion. Investors view this as a potential turning point, with cautious optimism for a market recovery.
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However, if TOTAL dips below the support of $2.21 trillion, it would invalidate recovery prospects. This could potentially push the market cap down to $2.11 trillion, signaling deeper losses for the broader crypto market.
Bitcoin Continues Drawdown
Bitcoin’s price recently dropped below the $68,248 support level, attributed to Mt. Gox wallet transfers. Despite this slip, BTC might soon reclaim this support as investor sentiment remains cautiously optimistic.
Recovering $68,248 is essential for Bitcoin to aim for $71,367, the key barrier separating BTC from achieving a new all-time high. Reclaiming this level could reignite bullish momentum, drawing buyers back into the market.
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The Relative Strength Index (RSI) currently shows that bearish momentum hasn’t fully strengthened. However, if bearish pressure intensifies, Bitcoin may see a further decline toward $65,292, signaling a more extended consolidation phase for the cryptocurrency.
RUNE Ruined by Bearish Cues
RUNE continued its steep decline on Monday, dropping nearly 16% and slipping below the critical $4.50 support level. This loss reflects persistent bearish pressure and raises concerns for short-term stability.
The altcoin is now focused on reclaiming $4.50 as a support level, as this key point has been pivotal in its attempts to reach $5.37. A successful flip of this level would mark a potential reversal and could attract renewed buying interest.
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Even if RUNE fails to breach $4.50, it may avoid a steep decline. The 23.6% Fibonacci Retracement line at $3.94 serves as strong support, providing a buffer against further losses and a potential point for recovery.
Disclaimer
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