Activity in the cryptocurrency market continues to decline, with the total cryptocurrency market capitalization (TOTAL) declining by 3% over the past 24 hours. Bitcoin (BTC) recorded a 3% decline in value during the same period. Meanwhile, AI Agent AI16Z emerged as the market’s biggest loser during the review period.
In the news today:
- Uniswap Labs is set to launch the v4 upgrade on the mainnet, featuring faster transactions, improved user experience, and advanced developer tools. The upgrade aims to stabilize the UNI token’s volatile price movements observed in recent weeks.
- Ethereum introduced Etherealize, led by Wall Street veteran Vivek Raman, to drive institutional adoption and bridge the gap between traditional finance and the Ethereum ecosystem.
TOTAL extends its fall
As market activity continued to decline, TOTAL continued to decline by another 3% over the past 24 hours. This represents a continuation of the downtrend that has gripped the broader cryptocurrency market in recent days.
This decline in bullish market activity is reflected by TOTAL’s negative balance of power. As of this writing, the index value is -0.74, confirming the rise in selling pressure.
The BOP indicator measures the strength of buyers versus sellers by analyzing price trends over a specific period. A negative BOP indicator like this indicates that sellers are dominating, indicating bearish sentiment and downward pressure on the asset price.
If the selling intensifies, the total value could fall to $3.24 trillion. On the other hand, a rebound in buying activity could push the total value towards $3.64 trillion.
Bitcoin seeks to retest the key moving average
Leading cryptocurrency Bitcoin is currently trading at $102,118, with the price seeing a 3% decline in the last 24 hours. On the daily chart, the coin price is falling towards the 20-day Exponential Moving Average (EMA), which forms a dynamic support at $100,136.
The 20-day EMA measures the average price of an asset over the last 20 trading days, giving more weight to recent prices to identify short-term trends. When the asset price falls towards the 20-day EMA, it indicates a potential retest of a key support level with weakening buying pressure. If the price breaks below it, this indicates a shift towards bearish momentum.
If the support at $100,136 fails to hold, Bitcoin price could fall to $94,523. However, a rise in buying pressure would invalidate this bearish outlook. In this case, the price of the coin could rise to $109,588.
AI16Z gives up recent gains
On Wednesday, artificial intelligence-based digital currencies saw notable price increases after reports emerged that former President Donald Trump announced a joint $500 billion initiative to develop artificial intelligence infrastructure in the United States.
AI16Z, which led the rally, recorded a 32% price rise on the day. However, this rise proved short-lived. AI16Z is trading at $0.93, having lost 22% of its value in the last 24 hours.
AI Agent token is trading slightly above the support formed at $0.68. If the selling intensifies, AI16Z may fall towards this level. On the other hand, if profit taking weakens, AI16Z may rebound
Disclaimer
In line with Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy and Disclaimer have been updated.
