The total crypto market value (TOTAL) and Bitcoin (BTC) seem to be affected by recent price movements. The decline observed in the market over the last 72 hours appears to have caused Bitcoin’s price to fall below $60,000. During this period, Akash Network stood out as the cryptocurrency experiencing the most significant drop among altcoins, with an 11% decrease.
Crypto Market Value
The total crypto market value has also seen a decline in recent days. The drops observed after a single-day inflow of over $210 billion into TOTAL in recent days did not go unnoticed. During this period, over $100 billion exited the market, causing concern among investors, and TOTAL was seen at the $2 trillion level.
A recovery is expected as the combined value of all crypto assets remains above the $2 trillion support. Considering that this level has been tested as a support level in the past, it is thought to be a barrier to further declines.
However, regaining the $2.11 trillion support could help the total crypto market value recover from the $100 billion drop. This would also provide further recovery for the crypto market.
Current State of Bitcoin
Bitcoin’s price is trading at $58,000 below the crucial psychological and technical support level of $60,000 in the morning hours. Bitcoin’s price seems to be trying to stay above the support level of $58,200, as a move below this level could cause the price to drop to $54,500.
For at least neutral price movements, BTC needs to make a small price move to at least $60,000, after which it could also move sideways. In the scenario where $60,000 turns back into support, Bitcoin’s price could return to an upward trend.
The target on the BTC side is still seen as $70,000; however, it should be noted that Bitcoin may face multiple resistances before this happens, with the next significant resistance currently at $65,000.
Akash Network Price
Akash Network caught investors’ attention as one of the biggest losers in the last 24 hours after experiencing an 11% drop. Interestingly, despite the decline, investors did not seem to be in full panic mode due to the ongoing upward trend in the altcoin.
AKT’s price movement over the last 48 hours showed a positive outlook towards reaching $2.68 despite yesterday’s decline. Turning the mentioned resistance zone into support could allow the altcoin price to rise and convert $3.02 into support, triggering further rallies.
On the other hand, a reversal from the mentioned resistance could cause the price to remain below $3.02. Consolidation in this area could weaken the upward outlook.
