Why the Crypto Market Is Down Today

The total crypto market capitalization (TOTAL) notes that the outflow is worth billions of dollars due to a sudden surge in selling. Bitcoin (BTC) and altcoins are experiencing the same bearish impact of this selling, with Notcoin (NOT) leading the latter.

In the news today:-

The Total Market Cap Drops 

The total crypto market cap is witnessing the brunt of widespread selling among investors. Adding to the bearishness is the US inflation report set to arrive in the next 24 hours. The inflation rate is expected to decline, but uncertainty still plagues the market.

Consequently, about $56 billion has been removed from the market in the last 24 hours. This has brought the combined value of all crypto assets down to $2.40 trillion, nearly losing the three-week-long unbroken support of $2.39 trillion.

Read More: Best Crypto Mining Games In 2024

Total Crypto Market Cap Analysis.
Total Crypto Market Cap Analysis. Source: TradingView

A fall below this could significantly increase the losses of investors.

Bitcoin Faces Selling

Bitcoin’s price, which had been maintaining an uptrend since the beginning of May, fell below the uptrend line today. As BTC noted a 2.36% correction in a day, Bitcoin’s price dropped to $67,890 at the time of writing.

BTC lost the critical support of $68,500, and if it now falls through the support of $67,524, it will likely slip to $66,000. This price marks the next crucial support level.

Read More: Bitcoin Halving History: Everything You Need To Know

Bitcoin Price Analysis.
Bitcoin Price Analysis. Source: TradingView

Notcoin Witnesses Correction

Notcoin’s price not only disappointed its investors but also made NOT the biggest loser of the day. The Telegram Coin fell by a considerable 16% in the span of 24 hours, most of which occurred in the last eight hours.

As a result, the altcoin fell to trade at $0.0162, losing the support of $0.0179. The likely drawdown ahead of NOT will send the altcoin tumbling to $0.0130, which is the next critical support.

Read More: Notcoin (NOT) Price Prediction 2024/2025/2030

Notcoin Price Analysis.
Notcoin Price Analysis. Source: TradingView

Recovery looks slightly difficult, but confirmation will only arrive when Notcoin’s price flips $0.0179 back into support.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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