The total value of the cryptocurrency market (total) and bitcoin (BTC) are apparently stabilized today, with falling volatility. However, MOVE could not escape sales pressure, recording a 13% correction in the last 24 hours.

Today’s News:

• Panama City Mayor Mayer Mizrachi announced that the city will accept Bitcoin, Ethereum and Stablecoins for taxes and fees. However, due to legal requirements, payments will be converted to USD, which limits the broader cryptocurrency adoption potential in the city.

• The Coingecko Q1 2025 report reveals a 18.6% drop in the total cryptocurrency market, with a loss of $ 633.5 billion. Investor activity also fell, with a 27.3% reduction in daily trading volumes and a 16.3% drop in cash negotiation partially attributed to Bybit’s hack.

Crypto market finds support

The total value of the cryptocurrency market is staying at US $ 2.61 trillion, maintaining support at this level despite recent market trends. The lack of high signs in the wider financial markets has contributed to the most contained pricing action, but this stability can serve as the basis for future price movements.

Although the market remains predominantly bassist, support at $ 2.61 trillion has a significant opportunity. If this level is maintained, it can allow the total market value to exceed US $ 2.67 trillion resistance, creating a path to $ 2.74 trillion.

If the total value of the cryptocurrency market cannot stay over $ 2.61 trillion, there is a possibility of more drop. A drop below this support level can make the market fall to $ 2.50 trillion, aggravating ongoing losses. This decline could trigger more panic and prolong the bassist trend.

Bitcoin Searches Break of the US $ 85 thousand

The price of Bitcoin is currently around $ 84,000 and has difficulty breaking the resistance of $ 85,000. Momentum’s lack of Momentum has kept the stagnant price, preventing Bitcoin from having significant gains or sharp losses. The market remains uncertain, without a clear direction.

Bollinger bands are narrowing, suggesting that Bitcoin is preparing for a potential increase in volatility. Break can take Bitcoin in addition to the resistance of $ 85,000, with the price reaching the $ 95,000. However, a downward break can make the price fall below $ 82,619, making this scenario possible if the market remains negative.

If Bitcoin cannot stay over $ 82,619, the price may fall below $ 80,000 and approach the support level of $ 78,481. This decline would invalidate the Altist thesis and indicate continuous weakness.

Move in the wrong direction

The price of Move recently reached a new historical minimum of $ 0.234, reflecting the lower market conditions. Altcoin has dropped 13% in the last 24 hours, being negotiated at $ 0.240. This price movement has made investors cautious, and the perspective remains uncertain in the face of continuous salesman pressure.

New falls seem likely if the wider market conditions do not improve. Move may fall to the level of $ 0.200, forming a new historical minimum. This would deepen the losses and increase the negative feeling around Altcoin.

The only way to invalidate this bassist thesis is whether Move can climb again towards the resistance level of $ 0.307. If you can convert this level into support, this would indicate a change in Momentum and could boost the price to $ 0.374. This would represent a significant recovery for Altcoin.