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Bitcoin (BTC) and altcoins experienced a significant decline with the ongoing downward trend. Following the drop in Bitcoin, the total cryptocurrency market value decreased. Additionally, Fantom (FTM) fell to its lowest price in the last three months.
TOTAL Entered a Decline
The ongoing downward trend in cryptocurrency markets continued to reflect investor concerns and market instability. While the prices of Bitcoin and altcoins struggled to find a stable ground, the general sentiment remained cautious. Following these developments, the total cryptocurrency market value continued to decline, dropping another 45 billion dollars in the last 24 hours. This addition to the downward momentum increased the total loss to 85 billion dollars.
Currently positioned at 2.3 trillion dollars, TOTAL could regain support for an upward trend if it stays above this level. However, losing this support could cause the total market value to rise to a monthly low of 2.2 trillion dollars. Bitcoin’s price is at the forefront of this downward trend, reaching another monthly low. The leading cryptocurrency fell below 65,000 dollars during intraday trading hours.
Resistance Level in BTC
The leading cryptocurrency currently has 64,883 dollars as a critical support base for altcoins, and losing this could extend losses further. On the other hand, a rebound from this level could initiate a recovery. If this scenario occurs, Bitcoin could regain 66,000 dollars as support.
With the general trend in cryptocurrency markets continuing, Fantom’s price also experienced significant losses. The altcoin reached its lowest level in three months. The cryptocurrency is currently at risk of losing the 0.50-dollar support level. If the fundamental support level is broken, it could signal further declines and contribute to the overall downward trend in the market. The next major support level is 0.45 dollars, and losing this would indicate that bears are in control of the altcoin.
