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The total crypto market cap (TOTAL) and Bitcoin ($BTC) are seemingly finally cooling down after noting a stupefying rally these last few days. Joining them in this cooldown is the Artificial Superintelligence Alliance ($FET), which is emerging as the worst-performing asset today, falling by 18%.
In the news today:
- The US government is aiming to seize a crypto account linked to Sam Bankman-Fried, allegedly used to bribe Chinese officials before FTX’s 2022 collapse. Currently valued at $18.5 million, the account’s worth has risen by nearly $10 million amid this year’s bull market.
- Canary Capital has proposed a first-of-its-kind Hedera $HBAR spot ETF to the SEC, intending to hold $HBAR directly without derivatives. Shareholders will receive cash proceeds, simplifying transactions, following the firm’s recent launch of an $HBAR Trust for accredited investors.
The Crypto Market Relaxes
The total cryptocurrency market cap saw a $70 billion decline in the past 24 hours as recent bullish momentum began to cool. This pullback followed significant growth over recent days, with TOTAL unable to breach the critical $3.00 trillion resistance level.
The downturn could continue, as this uptrend appears to have reached a market top. If profit-taking ensues, the crypto market cap may fall further, potentially dropping to $2.75 trillion, reinforcing a short-term bearish outlook across the sector.
However, if bullish sentiment returns, TOTAL may rebound above $2.90 trillion, with the potential to test the $3.00 trillion level once again. Such a recovery would renew investor confidence, pushing the market back toward new highs.
Bitcoin Sees Red
Bitcoin’s price has paused its week-long streak of setting new all-time highs, now trading at $87,615, slightly below its recent peak of $89,922. This temporary pullback signals a potential stabilization as $BTC consolidates near its $ATH.
If the drawdown persists, Bitcoin may drop to $85,000, a level at which further declines could prompt investors to take profit. This selling pressure could lead to a short-term correction, affecting $BTC’s upward momentum.
However, should bullish macroeconomic cues continue, Bitcoin might regain strength, positioning itself to breach the $89,922 $ATH. A successful rally could push $BTC to the coveted $90,000 milestone, renewing investor optimism.
$FET Loses Gains
$FET’s price declined by 18% in the past 24 hours, breaking through its $1.40 support and now trading at $1.29. The next key support level for $FET is $1.04, which could provide temporary stability if selling pressure continues.
Despite this sharp drop, a sustained drawdown appears unlikely. $FET may attempt a recovery, striving to reclaim the $1.40 support. Successfully doing so would restore investor confidence and help the altcoin recover losses from the past day.
A strong rebound could drive $FET up to $1.71, a critical resistance it couldn’t break in September. Reaching this level would mark a solid comeback and set the stage for further gains.
en.bitcoinsistemi.com
coindesk.com
