Crypto Market Loses $92 Billion in a Single Day
The total market capitalization of crypto now stands at $3.29 trillion, just below the technical support level at $3.31 trillion. This brutal drop reflects an intensification of bearish sentiment and massive outflows from institutional investors. The negative momentum particularly weighs on major assets, creating increased volatility across all market segments.
Liquidity indicators show a progressive drying up of order books, reducing the market’s capacity to absorb selling waves. This technical situation considerably limits the potential for short-term recovery. If the level of $3.26 trillion gives way, analysts anticipate an acceleration of selling pressure toward $3.21 trillion, a scenario that would extend the current correction phase.
However, a successful defense of the $3.26 trillion zone could act as a catalyst for a technical rebound. A return above $3.31 trillion would pave the way toward the resistance at $3.42 trillion, gradually restoring investor confidence. Market conditions remain fragile nonetheless, with RSI in negative territory across most timeframes.
Bitcoin Crosses the Red Line Below $96,000
Bitcoin is currently trading around $97,004, marking its first incursion below $100,000 since last June. This major support break validates the bearish trend observed over the past three weeks and signals a significant weakening of bullish interest.
As a concerning sign, Bitcoin has suffered its biggest institutional selling day since its launch.
Bitcoin therefore finds itself at a critical threshold. On the historical trendline and on a major POC at $96K. If BTC loses this level, consolidation between $91K and $96K before a deeper fall will be the most likely scenario.
The Parabolic SAR switches to bearish configuration on the daily chart, confirming the market regime change. Institutional demand zones located between $95,000 and $97,000 could therefore offer temporary support. To invalidate the bearish scenario, Bitcoin would need to firmly reconquer the $100,000 mark and then target $105,000, which would require a significant turnaround in market sentiment.
Altcoins Resist Better Than Expected Against the Correction
Contrary to previous correction phases, many altcoins are maintaining their recent gains on daily charts. This relative resilience suggests market maturation and increased diversification of investor portfolios. MYX Finance illustrates this dynamic: despite an 11% drop to $2.28, the token maintains its position above the key support of $2.24.
Technical analysis of MYX reveals a Parabolic SAR in bullish configuration, indicating a potential divergence with the market’s general trend. If buyers effectively defend the $2.24 level, a move back toward $2.64 becomes feasible in the medium term. This perspective could strengthen the attractiveness of quality altcoins among investors seeking to diversify their positions during Bitcoin’s correction.
To invest risk-free in altcoins despite bear markets, use Pionex’s Hedging bot.
How to Generate Profits During the Drop
Pionex’s Hedging Bot is an automated trading robot integrated into the Pionex crypto exchange platform, designed to minimize volatility risks while generating passive returns.
Specifically, the bot opens short positions to hedge spot holdings of crypto assets: in case of price drops, you accumulate more coins via short profits and funding fees (generally positive for shorts); in case of rises, your portfolio’s USD value is preserved without liquidation, thanks to low leverage.
The bot is accessible via the Pionex app under “Bots > Futures > Coin-M Futures Grid > Hedging”, with AI strategies ready to copy. It’s ideal for sideways or volatile markets, and operates 24/7 without manual intervention:
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