Crypto Market Overview: Red is dominant
Crypto’s total market capitalization has plummeted over 3.2% in the past 24 hours, currently at $3.65 trillion. The drop shows a sharp continuation of the downtrend that began in late July. Almost all major altcoins glow red, with Bitcoin ($btc) and Ethereum ($eth) dragging the market low and some altcoins at deeper losses.
Total crypto market capitalization chart analysis
The market capitalization was unable to retain its support of 3.72T, and now it has become a resistance. 21EMA is tilted and shows continuous bearishness. The RSI is deeply dependent on the territory sold at 27.18, suggesting a potential bounce back, but confirms current weaknesses.
Outlook: If $3.65T is further broken, the next major support is approaching 3.54T$3.54T. Upside recovery begins only once $3.72T is collected and held.
Bitcoin Chart Analysis: $113K and Drop?
Bitcoin’s 4H chart draws similarly bearish pictures.
The price was rejected at 118.6K. This is the main resistance zone highlighted by the horizontal orange line, which broke from short-term support and broke at $116K. It now functions as a resistance. Crosses for 9 and 21 MAs are bearish, with 9MAs below 21MA.RSI on 29.20 confirming excessive conditions.
Outlook: If BTC doesn’t get back $116K right away, the next support will cost around $111,000 to $112,000. Only solid nearer than $118.6K can reestablish bullish control.
Top 10 Cryptographic Performance (except Stablecoins)
From the latest data snapshots, here is how to run the top 10 unstable coin ciphers:
Important observations:
Bitcoin is relatively better than Altcoins, but remains a technical downtrend. ethereum continues to decline in BTC, with XRP, ADA and DOGE being one of the worst weekly performers. It is probably due to recent ecosystem or regulatory news.
What’s next?
The market is clearly risk-off. Bitcoin needs to collect between $116K and 118K to reverse the emotions. RSIs on key assets are sold in a very high degree, which can lead to technical bounces, but the trend is declining. Altcoins are particularly vulnerable than highly volatile people like Ada and Doge.
$btc, $eth, $xrp, $bnb, $sol, $doge, $trx, $ada
