The crypto market is experiencing major turbulence, with a total market capitalization decreasing by $150 billion in 24 hours. Bitcoin breaches the $100,000 mark downwards, while memecoins face sharp corrections. Analysis of a dark day for crypto investors.
Today’s session will remain etched in the minds of crypto traders. The total market capitalization of cryptocurrencies (TOTAL) has recorded a violent correction of $150 billion over the last 24 hours, now standing at $3.35 trillion. This drop comes within a broader context of correction in global financial markets, with cryptos, as often happens, amplifying the downward movements observed in traditional assets.
Bitcoin, the undisputed barometer of the sector, has broken below the critical level of $100,000 for the first time in three months. BTC touched an intraday low of $98,944, triggering a wave of liquidations and anxiety among investors. This support breach constitutes a particularly concerning technical signal for the market’s bullish structure.
For altcoins, the situation appears even more dramatic. SPX6900, a popular memecoin, shows the worst performance of the day with a plunge of 19%. The token is currently trading around $0.669, victim of intense selling pressure that could intensify in the coming sessions.
Paradoxically, the crypto ecosystem continues to record major institutional advancements. BlackRock has just launched its Bitcoin ETF iShares (IBIT) in Australia, thus expanding the geographical footprint of a product that already totals $98 billion in assets under management in the United States. This expansion testifies to the growing institutional appetite for cryptos, even during periods of increased volatility.
The technical analysis of Bitcoin reveals a delicate situation for the bulls. The drop below $100,000 represents much more than a simple correction: it’s a break of a major psychological and technical support level that had served as a floor for several weeks. BTC is now evolving in a zone of uncertainty, painfully navigating above the support located at $101,477.
Technical indicators show a deterioration in bullish momentum. The transaction volume during the breakdown suggests significant bearish conviction from sellers. If this dynamic continues and panic selling intensifies, the next downside target would be around $98,000, or even $95,000 in case of widespread capitulation.
However, the scenario is not necessarily catastrophic in the medium term. Sustained accumulation near current levels could allow BTC to bounce toward the resistance at $105,000, $108,000 or even $111,000 where many shorts are waiting to be liquidated. The zones between $98,000 and $102,000 historically represent accumulation levels favored by long-term investors, which could limit the depth of the correction.
Caution remains necessary: the global macroeconomic context, with traditional markets under pressure, does not favor an immediate recovery. Traders should carefully monitor exchange volumes and liquidation levels to anticipate Bitcoin’s next directional movement.
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SPX6900 crystallizes all the fears in the altcoin market today. Its 20% drop in 24 hours comes with a technical signal particularly dreaded by chartists: the formation of a death cross. This pattern, characterized by the 50-day moving average crossing below the 200-day moving average, typically signals an intensification of selling pressure.
At $0.669, SPX is dangerously close to its immediate support. A break of this level would open the path to a potential descent toward $0.507 if sellers maintain their dominance. For memecoins, characterized by extreme volatility and often limited liquidity, these movements can accelerate rapidly.
The memecoin segment is bearing the full brunt of the capital rotation observed in recent weeks. Investors are now prioritizing capital preservation and repositioning themselves in assets perceived as less risky, leaving speculative tokens to undergo disproportionate corrections.
However, the recent history of the crypto market shows that memecoins can bounce back as violently as they fall. A resurgence of speculative interest or the emergence of a new narrative could propel SPX toward the resistance at $0.817, temporarily invalidating the bearish trend. The key lies in the token’s ability to maintain current support and attract new buying flows.
Despite the brutal correction, the regulatory infrastructure for cryptocurrencies continues to consolidate globally. Canada is preparing to integrate a comprehensive regulatory framework for stablecoins backed by fiat currencies into its 2025 federal budget. This initiative is part of a global movement toward increased supervision of the sector, similar to efforts deployed in the United States.
The rules proposed by Ottawa impose strict obligations on stablecoin issuers: holding adequate reserves, transparent redemption policies, and high standards of data protection. The Bank of Canada has allocated $10 million to facilitate the implementation of this framework, demonstrating authorities’ willingness to structure the market without stifling it.
These regulatory developments, although constraining in the short term, contribute to the maturation of the crypto sector. They reassure institutional investors and pave the way for broader adoption of digital assets. In a context of extreme volatility like today’s, these solid foundations constitute a bulwark against speculative excesses and systemic drifts.
Sobre o mesmo assunto :
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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