Resistance

Drops

Read

Cosmos

<ul class="wp-block-list news-points">
 <li>Bitcoin’s critical support at $56K could stabilize or signal further declines.</li>
 <li>Ethereum’s key support at $2,320 may attract buyers or indicate deeper correction.</li>
 <li>Cosmos (ATOM) shows heightened activity whereby $4.00 support could stabilize price.</li>
</ul>
The global cryptocurrency market has taken a sharp downturn, with its market capitalization falling 4.22% in the past 24 hours. Major cryptocurrencies like Bitcoin, Ethereum, Solana, and Cosmos (ATOM) are all seeing significant losses.
As per Coinmarketcap data at press time, <a href="https://coinedition.com/bitcoin-mining-power-soars-network-security-strengthened/?utm_source=telegram_channel&amp;utm_medium=referral" rel="noopener noreferrer nofollow">Bitcoin</a>, priced at <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">$56,437.34</a>, has seen a decline of 4.37% in just one day. The price trend indicates a sharp downturn from around $58,980 to its current level. Support levels for Bitcoin are critical.
<a href="https://coinedition.com/analyst-predicts-bitcoin-at-200k-ethereum-at-15k-in-2024-bull-run" rel="noopener noreferrer nofollow">Read also: Analyst Predicts Bitcoin at $200K, Ethereum at $15K in 2024 Bull Run</a>
The first key support is at $56,000. If the price holds above this, it could stabilize. However, should it break below $56,000, the next support level to watch is $55,000, where buying interest may emerge to stem further declines.
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="512" height="234" src="https://coinedition.com/wp-content/uploads/2024/09/unnamed-69.png" alt="" class="wp-image-492653" srcset="https://coinedition.com/wp-content/uploads/2024/09/unnamed-69.png 512w, https://coinedition.com/wp-content/uploads/2024/09/unnamed-69-300x137.png 300w, https://coinedition.com/wp-content/uploads/2024/09/unnamed-69-380x174.png 380w, https://coinedition.com/wp-content/uploads/2024/09/unnamed-69-159x73.png 159w, https://coinedition.com/wp-content/uploads/2024/09/unnamed-69-440x201.png 440w, https://coinedition.com/wp-content/uploads/2024/09/unnamed-69-414x189.png 414w, https://coinedition.com/wp-content/uploads/2024/09/unnamed-69-326x149.png 326w, https://coinedition.com/wp-content/uploads/2024/09/unnamed-69-377x172.png 377w, https://coinedition.com/wp-content/uploads/2024/09/unnamed-69-123x56.png 123w, https://coinedition.com/wp-content/uploads/2024/09/unnamed-69-129x59.png 129w" sizes="(max-width: 512px) 100vw, 512px">
 <figcaption class="wp-element-caption">
 Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Coinmarketcap</a>
 </figcaption>
 </figure>
</div>
Resistance levels are at $58,000 and $59,000. If Bitcoin can recover, $58,000 might act as a resistance poi…
The post <a href="https://coinedition.com/crypto-market-in-red-market-cap-drops-4-in-24-hours/" rel="noopener noreferrer nofollow">Crypto Market in Red: Market Cap Drops 4% in 24 Hours</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Crypto Market in Red: Market Cap Drops 4% in 24 Hours

Coin Edition

Other articles published on Sep 4, 2024

Valhalla Partners With OG Esports As Official Jersely Sleeve Sponsor!

FBI Warns Crypto Firms Against North Korean Scammers

FLock Secures Ethereum Foundation Grant, Leads Decentralized AI Innovation

Gleipnir, Inc. Launches Tokenization Strategy to Improve Investment Accessibility

Doge2014’s Grand Celebration: Massive Rewards and Airdrop Elevate Dogecoin to New Heights!

Sony Unveils Ethereum Layer-2 Blockchain 'Soneium' to Accelerate Web3 Adoption

Join our free newsletter for daily crypto updates!