Crypto trading activity has seen a decline over the past 24 hours. This resulted in a decline in the total cryptocurrency market capitalization (TOTAL) and the value of Bitcoin (BTC) during this period. IMXthe native token of Immutable, the Layer 2 (L2) scaling solution for NFTs on Ethereum, led the market with the most losses over the past 24 hours.
In the news today:
- Tether brought in an impressive $2.5 billion in profits for the third quarter of 2024, bringing its consolidated profit for the year to $7.7 billion.
- World Liberty Financial (WLFI), a project backed by Donald Trump, recently lowered its pre-sale target from $300 million to $30 million.
TOTAL loses its support
THE total crypto market capitalization fell by $90 billion in the last 24 hours. TOTAL currently stands at $2.28 trillion, after slipping below $2.32 trillion, which it attempted to push to a support level earlier this week.
Additionally, the market slowdown over the past 24 hours led to significant liquidations, with 90,473 traders affected and a total of $276.87 million liquidated. Notably, long positions accounted for $246.44 million of this amount.
TOTAL’s negative Balance of Power (BoP) suggests potential for additional declines and additional long liquidations as market activity slows. This indicator, which measures the strength of buyers versus sellers in a given market over a specific time period, is below zero at -0.39 at press time. When an asset’s BoP is negative, it suggests that sellers have more control in the market.
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If selling activity strengthens, TOTAL will slide towards the next major support formed at $2.20. If this level fails to hold, it could fall to $2.08.
Bearish bias towards Bitcoin mounts
The main cryptocurrency, Bitcoin, currently is trading at $69,572, noting a 4% price drop in the last 24 hours. During this period, its trading volume climbed by 15%, confirming the increased selling pressure in the market.
A decline in price alongside an increase in trading volume indicates that more traders are selling the asset, likely due to negative sentiment, fear, or recent developments.
Additionally, the downward trend in the coin’s on-sale volume (OBV) confirms the sharp increase in sales activity. This indicator measures buying and selling pressure in the market. When it decreases, sales outweigh purchasing activities.
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At the time of writing, Bitcoin is trading just above support at $68,474. If the selling pressure builds, the bulls will be unable to defend this level, putting the king at risk of falling towards $64,312.
IMX is the first loser in the market
IMX, Immutable’s native token, has lost 14% of its value in the last 24 hours, making it the altcoin with the most losses during this period. At press time, IMX is trading at $1.172, which is just below the support formed at $1.176.
The altcoin’s Chaikin Money Flow (CMF) fell below the zero line, confirming weak demand. At the time of writing, this indicator which measures money flows into and out of an asset in the market is at -0.02.
Learn more: What is immutable X?
This negative CMF reading indicates that selling activity is outpacing buying activity among market participants. If selling pressure builds, the token risks falling to its August 5 low of $0.90.
Disclaimer
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