The crypto market turned lower over the past 24 hours as investors reacted to negative sentiment and rising uncertainty.
The total crypto market cap fell by $92 billion, and Bitcoin dropped below $100,000 for the first time since June. Altcoins showed mixed performance, with MYX Finance losing 11%.
News Events Add to Market Pressure
Two major news stories contributed to the cautious mood:
- France ended travel restrictions on Telegram founder Pavel Durov, though he still faces a criminal investigation that could result in up to 10 years in prison and over $550,000 in fines.
- Australian scammers are filing fake cybercrime reports and pretending to be government authorities. They trick victims into moving funds to fraudulent wallets, increasing concerns about crypto-related fraud.
These developments added to the overall uncertainty facing digital assets.
Market Cap Falls Below Key Levels
The total crypto market cap now stands at $3.29 trillion, slipping below the important $3.31 trillion support. Analysts say holding above $3.26 trillion could help stabilize the market.
If the market rebounds, it may attempt to move toward $3.42 trillion. Failure to stay above $3.26 trillion could push the market toward $3.21 trillion, adding more downside risk.
Bitcoin Breaks Below $100,000
Bitcoin trades at $99,228 after losing the $100,000 support level. The three-week downtrend shows weakening buying interest. Technical indicators such as the RSI suggest that bearish momentum is growing.
If selling pressure increases, Bitcoin could fall toward $95,000 and possibly $90,000. A recovery above $100,000 would be needed to improve short-term sentiment and open a path to $105,000.
Bottom Line
The crypto market is under pressure due to technical breakdowns, weaker sentiment, and rising global concerns.
Bitcoin’s slip below $100,000 sets a cautious tone, while altcoins continue to react differently to market volatility. A stronger recovery depends on whether key support levels hold in the coming days.
