The overall cryptocurrency market cap has dipped below the crucial $2.50 trillion mark, a key psychological support level. Bitcoin, too, is feeling the pressure, currently trading at $67,300.
The market is experiencing mixed signals, with bearish macroeconomic conditions and bullish developments within the crypto space. Among altcoins, Ordinals has taken the biggest hit.
In the News Today:
- SEC Approval for Ethereum ETFs: The US Securities and Exchange Commission (SEC) has approved all eight spot Ethereum (ETH) ETF applications. However, these ETFs can’t be listed until the S-1 registration is approved, so it may take some time before they are available on the market.
- CBDC Anti-Surveillance State Act: The US House of Representatives has passed the CBDC Anti-Surveillance State Act. This legislation amends the Federal Reserve Act of 1913, preventing Federal Reserve banks from using central bank digital currencies (CBDCs) for monetary purposes.
Market Analysis:
Total Crypto Market Cap:
The total cryptocurrency market cap has fallen below the $2.50 trillion support level, a significant psychological barrier. This decline is concerning, especially given the broader bearish macroeconomic environment, which suggests that the market might continue to slide. Even positive news, such as the approval of spot Ethereum ETFs, hasn’t been enough to counteract the bearish trend, potentially pushing the market cap down to $2.39 trillion. If the market can reclaim the $2.50 trillion level, it might signal a shift towards a rise, potentially reaching $2.60 trillion.
Bitcoin Price Movement:
Bitcoin has seen a consistent decline, marked by a fourth consecutive red candlestick. The price has dropped from $71,800 to $67,293. Falling below the $68,500 support level has intensified bearish sentiment among investors, with a potential further drop to the next crucial support at $64,883. However, Bitcoin is still within the flag pattern it has maintained since early February. If it can reclaim the $68,500 support level, Bitcoin could resume its bullish trend, possibly reaching back up to $71,800.
Ordinals Price Drop:
Ordinals had been on an upward trend for the past ten days but saw a sharp decline in the last 24 hours, dropping 10% to its current price of $37.4. This decline has delayed the potential breakthrough of the critical resistance level at $44, requiring a 12% recovery to reach this target. If Ordinals can achieve this recovery, it would not only invalidate the current bearish outlook but also boost profits for ORDI holders.
