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<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/why-crypto-market-is-down-today-here-are-the-top-reasons-2/">Why Crypto Market is Down Today? Here Are the Top Reasons</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>During the early London trading session on Friday, the total cryptocurrency market capitalization experienced a minor 1 percent drop, now standing at approximately $1.8 trillion. This decline wiped out the recent gains in Bitcoin that followed the FOMC announcement, leaving the bulls and bears contesting for the crucial support/resistance level around $29.1k. </p> 
<p>Similarly, Ethereum (ETH) presented traders with uncertainty despite rallying more than 44 percent year-to-date, making many crypto traders hesitant to enter the market as the weekend and end of July approached.</p> 
<h2 id="technical-and-on-chain-analysis" data-name="technical-and-on-chain-analysis" class="wp-block-heading">Technical and On-chain Analysis</h2> 
<p>Experts in the digital asset space are predicting a sharp spike in volatility in the cryptocurrency market over the weekend. On-chain data provided by Santiment reveals a significant increase of 10k in Bitcoin supply on exchanges within the past 24 hours. Such an increase in supply is generally seen as a bearish signal, putting the bears in a favorable position against the bulls.</p> 
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   <p lang="en" dir="ltr">Going to be a classic weekend move on <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>? <a href="https://t.co/Kw0cFw67fj" rel="noopener noreferrer nofollow">pic.twitter.com/Kw0cFw67fj</a></p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1684832402521075712?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 28, 2023</a> 
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<p>A bullish crypto influencer and trader has expressed optimism that Bitcoin’s price could see a classic move over the weekend. This scenario involves a potential retest of the support level at $28.3k, followed by a rebound toward $31k. However, the analyst also warned that the bears could potentially push Bitcoin’s price down to $27.1k, providing some breathing space for altcoins to rise. There’s a possibility of a synchronized momentum across the market, which could lead to a crypto capitulation event.</p>

Why Crypto Market is Down Today? Here Are the Top Reasons

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