Why Is the Crypto Market Down Today?
2024-08-27

In the news today:
The Crypto Market Slumps
In just under two weeks, the total crypto market cap has seen its largest decline, falling to $2.16 trillion. Over the last 24 hours, TOTAL has shed more than $51 billion as investor confidence wavers.
This drop caused TOTAL to lose the $2.20 trillion support level. Unless it rebounds, it could fall further to $2.11 trillion.
On the other hand, reclaiming the $2.20 trillion support could spark a recovery. The market’s goal is to breach $2.30 trillion and turn it into a support level, but this may take some time.
Bitcoin’s Price Struggles
At the time of writing, Bitcoin is priced at $63,046, reflecting a 2.1% correction over the past day. After failing to breach the $65,300 resistance, BTC dropped to test the $63,000 support.
There is a chance that Bitcoin could dip further, potentially bouncing off $61,725, which marks the lower limit of its consolidation range below $71,360.
Although a further decline is unlikely, the worst case scenario could see Bitcoin dropping to $60,000. If the market turns bearish, Bitcoin’s price could face even more pressure.
Notcoin’s Downtrend Continues
As of now, Notcoin’s price is $0.0086, showing a 3% rise over the last six hours. However, it needs more momentum to break through the downtrend line. If it fails, NOT may continue to slide closer to its all-time low of $0.0045.