Why is the crypto market down today?

The total cryptocurrency market cap (TOTALCAP) has moved above an important horizontal resistance area. Bitcoin (BTC) is starting to show signs of weakness. Klaytn (KLAY) price was rejected by the $0.34 resistance area.

In the news, Hong Kong and Singapore are two of the largest crypto hubs in the world, but they differ in the way they try to regulate cryptocurrencies. Jeremy Allaire, CEO of Circle, stated that the “stablecoin bill” is an important moment for the future of the US dollar.

The cryptocurrency market cap (TOTALCAP) has finally vanished

TOTALCAP crossed the $1.15 trillion resistance level on April 9, and five days later reached a new peak of $1.26 trillion for the year. If the increase in value continues, the next resistance level is at $1.33 trillion.


However, if the rally starts to slow down, TOTALCAP could drop to the $1.14 trillion support. The daily RSI is above 50 and increasing, which supports the continuation of the bullish move.

Bitcoin (BTC) is losing momentum

Bitcoin price broke out of a symmetrical triangle on April 10, and reached a new yearly high of $30,978 on April 14.

Bitcoin failed to reach the nearest resistance area at $31,800. Furthermore, the daily RSI has created a bearish divergence (green line), a signal that often precedes downtrend reversals.

Bitcoin (BTC) price movement
BTC/USD daily chart. source: TradingView

If the bearish move continues, the next closest support area will be at $28,700.

Klaytn Price (KLAY) attempts to get back on its feet

KLAY price has been rising along with an ascending support line since October 2022. While doing so, it made several attempts to break above the $0.34 resistance area.

However, after the last rejection on February 23rd (red symbol), the price has fallen. It is now trading between the support line and the $0.34 resistance area.

Klaytn Price (KLAY)
KLAY/USDT daily chart. source: TradingView

If the price fails to start rising, it could drop to the $0.22 support line. However, if it regains momentum, another attempt to break above $0.34 could start.

For the latest cryptocurrency market analysis from BeInCrypto, click here.


In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.

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