The total cryptocurrency market capitalization (TOTAL) decreased slightly over the past 24 hours, and Bitcoin (BTC) also paused its upward trend. This followed investors taking profits after nearly a week of gains, which is typical and expected. Altcoins such as (BONK) dropped 12% from their daily high as they were recently overbought.
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The cryptocurrency market is declining.
The total cryptocurrency market value has decreased by 14 billion USD in the last 24 hours and is now close to 3,160 billion USD. This level now acts as a short-term support. Despite the decline, selling pressure was under control, indicating that investors are cautious rather than selling everything quickly.
The weaker market affected digital assets somewhat and slowed down gains. TOTAL did not break above the resistance at 3,210 billion USD during the session. Now we see consolidation, and the market is expected to hover around 3,160 billion USD while participants assess risk and liquidity.
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A recovery depends on better market conditions and decreased selling activity. If investors choose to HODL, TOTAL could recover towards 3,210 billion USD. High demand and stable capital flows are required for the market to continue upward and regain optimism.
Bitcoin is below 94,000 USD.
Bitcoin is trading near 93,021 USD as the text is written, which is below the resistance at 93,471 USD. Earlier in the session, BTC was close to falling below the support at 91,511 USD, showing that short-term momentum is weak and the market is uncertain.
The decline came after a major sell-off in the market and pressure from liquidations. Bitcoin has stabilized since then, but the recovery is still uncertain. If investor sentiment does not improve, continued selling could push BTC down towards 91,511 USD again, testing buyers' resolve.
A return to more positive positions could change the direction in the short term. Increased demand could help Bitcoin reclaim 93,471 USD as support. If this happens, there is a chance for a rise towards 95,000 USD, which strengthens market confidence and increases optimism.
BONK is overbought.
BONK experienced significant fluctuations in the last 24 hours. The memecoin rose to a daily high of 0.00001340 USD before the price turned down. The price failed to hold above the resistance at 0.00001216 USD, indicating that this is an important level that halts short-term gains.
BONK is currently trading around 0.00001174 USD, above the support at 0.00001103 USD. If the market situation continues like this, this support may be tested again. If BONK falls below the support, the next important support level is 0.00001009 USD.
If optimism returns, the situation can improve quickly. If people start buying again, BONK may rise above 0.00001216 USD. If the price manages to establish itself there, it could rise towards 0.00001353 USD and regain upward momentum, benefiting buyers.