Why Is The Crypto Market In The Red Today?

The volatility of the crypto market has struck once again, dragging Bitcoin and altcoins into a downward spiral. Early in the day, alerts sounded as cryptos fell, plunging back into the red. The total market cap lost billions in a few hours, and the entire sector faces growing selling pressure. In this context, Bitcoin and the SUI token appear to be at the forefront.

The crypto market tumbles under selling pressure

The awakening of the Chinese economic dragon has not been without effect on Bitcoin and other similar crypto-assets. In just 24 hours, the crypto market saw its total market cap plunge by $10 billion, falling below the $2.20 trillion mark. Efforts to right the ship are futile, and selling pressure continues to mount.

If the situation persists, the market cap could flirt with $2.08 trillion, or even head dangerously towards $1.91 trillion.

• Loss of $10 billion;
• Current market cap: $2.17 trillion;
• Critical threshold: $1.91 trillion.

The SUI crypto, for example, has posted a 7% loss, leading the altcoins battered by this wave of massive sales.

Michaël van de Poppe, a crypto analyst, shares an optimistic view despite the current storm: “Dips are buying opportunities before the next all-time high“.

Bitcoin sinks, but buying signals emerge

Bitcoin, for its part, is not spared by this new shake-up. With a 2.7% drop and a price of $63,900 at the time of writing, BTC is feeling the full brunt of accelerated sales.

The volume of Bitcoin transactions has increased by 2% simultaneously, which suggests further losses ahead.

Analyst van de Poppe highlights an interesting opportunity around the $60.5-$61.3K levels, where investors might look to reload their portfolios before a possible rebound.

#Bitcoin did follow the plan.

Took the liquidity above the recent highs, and is coming back down.

I think we're in a new uptrend, which means that dips are for buying.

In that sense, if we get a retest at $60.5-61.3K, I'm interested before we test the ATH. pic.twitter.com/1mpFKNpWra

— Michaël van de Poppe (@CryptoMichNL) September 30, 2024

BTC, like the entire crypto market, is testing critical support levels that will determine the course of events.

Bitcoin and altcoins have collapsed suddenly today, and observers have remained vigilant, closely monitoring critical thresholds that could redefine the future of the crypto market.