CandleFocus Why Is the Crypto Market Down Today?
2024-09-24
Author: Content Editor
The crypto market has experienced a slight drop in activity, leading to a decline in the total market capitalization and the value of Bitcoin. The native token of Layer-1 blockchain Sui, called SUI, has suffered the most losses in the past 24 hours. The total crypto market capitalization has decreased by $10 billion to $2.17 trillion, below the resistance level of $2.20 trillion. The market has failed to rally past this resistance level, indicating high selling pressure. The negative Balance of Power (BoP) confirms this outlook, suggesting that sellers have more control over the market. If selling activity continues, the total market capitalization may fall to $2.08 trillion and potentially further to $1.91 trillion. Bitcoin is currently trading at $63,155 with a 1% price decline and increased trading volume, indicating heightened selling pressure. BTC may retest the resistance level at $61,325, and a failed retest could lead to a further decline, potentially trading at $58,416. SUI has experienced a 7% price drop in the past 24 hours due to increased selling pressure. If new demand does not enter the market, SUI could continue to decline and reach the $1.11 support level, marking a 26% decrease from its current price.
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