The is facing a tough day. The total market cap dropped nearly $98 billion in the last 24 hours. It now sits at $3.09 trillion. Bitcoin led the fall, sliding below $92,500. Altcoins like Celestia (TIA) saw even bigger losses, down 13%. Investors are selling off amid high volatility and uncertainty. Let’s break down the key reasons behind this and what might happen next.
The trouble started over the weekend. Liquidations hit hard as prices fell. Monday kept the bad mood going. Bitcoin broke key support levels it held for days. This sparked a chain reaction across the market.
One big issue is the drama around Trove Markets. They raised $20 million in an ICO for $HYPE tokens. This was to deploy HIP-3 on Hyperliquid. But soon after, they allegedly sold over $10 million worth of $HYPE in just 24 hours. On-chain data shows it began with 6,196 tokens sold for about $160,000. This raised red flags about token distribution and trust in the project. Such events shake investor confidence and add to selling pressure.
Besides that, broader market fears are at play. Macro uncertainty, like interest rate talks and global economic news, makes people cut risks. Crypto liquidity dropped, making prices swing more wildly.
Bitcoin defended $95,000 for days. But today, it crashed below that. Now trading at around $92,424, sellers are in full control. The Money Flow Index (MFI) dropped under 50. This shows bearish momentum.
Key levels to watch:
| Level | Type | What It Means |
|---|---|---|
| $91,298 | Support | Next stop if selling continues |
| $90,000 | Psychological Support | Major floor; big bounce possible |
| $93,471 | Resistance | Reclaim here for recovery |
If BTC holds $91,298, it could rebound. A move back to $93,471 would signal bulls returning. But more downside looks likely short-term.
Among altcoins, took the hardest hit. It plunged 13% to near $0.50. Low volumes and weak sentiment fueled the drop. The Parabolic SAR shows a clear downtrend.
Critical zones for TIA:
Dip buyers might step in at $0.49. But without broader market help, TIA stays vulnerable.
The total crypto market cap (TOTAL) is at $3.09 trillion. This is above a strong support zone. It has bounced here before. If selling eases, it could rally to $3.18 trillion. That would erase losses and flip the mood bullish.
But watch out: A drop to $3.05 trillion is possible if pressure builds. This level has been tested many times.
Not all news is bad. Strategy Inc. (likely MicroStrategy) just bought $1.25 billion in Bitcoin – 13,627 BTC. Their leader hinted at an even bigger buy with a “Bigger Orange” post. This could bring fresh demand soon. Big players like them often stabilize BTC during dips.
High volatility means caution. Short-term traders should use tight stops. Long-term holders can see this as a buy chance if supports hold. Always check on-chain data for whale moves and liquidations.
Common reasons for such dips:
The could reverse fast. A sentiment shift might spark a bounce. Key triggers:
If not, expect tests of lower supports. Stay updated on volumes and indicators like MFI and SAR.
Today’s drop shows crypto’s wild side. Bitcoin below $92K and altcoins crashing remind us to manage risks. But history says dips often lead to gains. Hold steady, watch levels, and trade smart. The market can turn quick – will it bounce or break lower?
Stay tuned for more crypto updates. What do you think caused this dip? Share in comments!
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