The total crypto market cap (TOTAL) and Bitcoin (BTC) are still reeling from the recent crash. At the same time, the altcoins are dealing with the broader market bearishness, with ORDI leading the drawdown.
In the news today:
OpenSea received a Wells notice from the SEC on August 28, indicating potential legal action. The SEC believes the NFT marketplace may have violated federal securities laws by facilitating the sale of NFTs that could be classified as securities.
Telegram CEO Pavel Durov was released from custody on August 28 under judicial supervision, posting a €5 million bond and barred from leaving France. Following the news, Toncoin (TON) surged over 8%, with other Telegram-related coins also seeing gains.
The Crypto Market Is Still in the Red
The total crypto market cap, which was whiplashed yesterday, rose to $2.08 trillion during the intra-day high and fell to $1.99 trillion during the low. However, TOTAL closed at $2.03 trillion, barely making a move.
For now, it is crucial that TOTAL sustains this decline above the support of $2.00 trillion. Wednesday’s intra-day low being below this support is a matter of concern, but for now, TOTAL is above it.
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Consolidation within $2.00 trillion and $2.11 trillion is the likely outcome for the next few days. If the demand for crypto assets notes a change, the total crypto market cap could rise further to breach the resistance.
Bitcoin’s Price Is Hurting Investors
Bitcoin’s price could not skip the bearish effect of the recent drawdown as the crypto king slid below $60,000 over the last 24 hours. At the time of writing, BTC is changing hands at $59,159.
Holding above the support of $58,390, Bitcoin is facing the same consolidation dilemma as TOTAL. The range for BTC is above the aforementioned support and the resistance of $61,720.
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By the looks of it, this will be BTC’s home for the next few days. However, if the crypto asset manages to break past or below either of the levels, the trajectory could change again, ending the consolidation.
ORDI Heeds to the Bears
Among the altcoins, ORDI noted the largest decline in the last 24 hours. Trading at $27.12, the crypto asset is currently below a key support level. ORDI was expected to bounce off this support to continue its rise or at least consolidate under $34.17.
However, following the 16% decline in the last 48 hours, it seems like ORDI will be validating a different pattern. The altcoin has been in a macro downtrend since mid-May, which could continue if the decline continues.
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But if the altcoin manages to bounce back from $23.53, it could be looking at recovery. A drop below this support, on the other hand, could result in ORDI falling to the support of $19.32.
Disclaimer
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