The total crypto market cap (TOTAL) and Bitcoin (BTC) continue to face residual bearishness due to the recent volatility. Joining them is Synthetix (SNX), which registered a near 20% drop.
In the news today:-
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- The US Office of the Comptroller of the Currency has granted preliminary approval for Erebor Bank’s national charter, paving the way for a crypto-focused digital lender backed by Palmer Luckey, Joe Lonsdale, and Peter Thiel. The bank, which is capitalized at $275 million, will operate digitally from Columbus and New York.
- French banking giant ODDO BHF has launched EUROD, a euro-backed stablecoin compliant with the EU’s MiCA regulations. The €150 billion asset manager will list the token on Bit2Me, a Madrid-based exchange licensed under Spain’s CNMV and backed by Telefónica, BBVA, and Unicaja.
The Crypto Market Slips
The total crypto market cap has seen renewed bearish pressure in the past 24 hours, declining by $63 billion to stand at $3.74 trillion. The recent downturn reflects investors’ cautious sentiment amid macroeconomic uncertainty.
If bearish momentum persists, TOTAL could slide further to $3.67 trillion or even touch $3.58 trillion. Sustained market weakness could trigger additional outflows, especially from high-volatility altcoins.
However, a shift in market sentiment could support recovery. If investor confidence strengthens, TOTAL might rebound to $3.81 trillion and potentially breach $3.89 trillion.
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Bitcoin Holds Above Key Support
Bitcoin’s price is trading at $111,520, maintaining stability above the crucial $110,000 psychological support level. Historically, this zone has acted as a strong demand area, often preventing sharper declines.
The Relative Strength Index (RSI) continues to highlight active bearish momentum, suggesting sellers still have control. If this sentiment persists, Bitcoin’s price could dip below $110,000, targeting $108,000 or potentially lower.
Alternatively, if Bitcoin’s price rebounds from the $110,000 support, renewed bullish sentiment could drive BTC above $112,500. A successful breach of this resistance would open the path toward $115,000.
Synthetix Is Noting Outflows
SNX has dropped nearly 20% in the past 24 hours, becoming the weakest-performing altcoin of the day. The cryptocurrency is currently trading at $1.64, hovering just above the crucial $1.60 support level.
The Chaikin Money Flow (CMF) indicates substantial outflows from SNX, with the metric slipping below the zero line. This negative reading signals investor caution and reduced liquidity. If bearish momentum strengthens, SNX could break below $1.60 and decline further to $1.27, extending its recent downtrend.
However, if SNX rebounds from the $1.60 support level, a short-term recovery could take shape. A successful bounce may allow the altcoin to climb toward $2.02. Surpassing this threshold would shift market sentiment, effectively invalidating the current bearish outlook for SNX.
