The total crypto market cap (TOTAL) fell below the crucial support of $2.50 trillion, along with Bitcoin, which is currently trading at $67,300. The mixed signal arose from the bearish macro and bullish crypto market developments, impacting BTC and altcoins, of which Ordinals took the biggest hit.In the news today:-The total crypto market cap has slipped below the $2.50 trillion support floor. This is a crucial psychological level, and losing it is not a good sign for the market. Given the rather bearish macro conditions, the chances of a decline are much higher.Due to the higher real interest rates, even the news of the spot Ethereum ETF approval could not counter the bearishness, resulting in an overall decline in the market. This drawdown could extend, with TOTAL falling to $2.39 trillion.Read More: Who Are Cameron and Tyler Winklevoss? A Profile on the TwinsHowever, if $2.50 is reclaimed, the winds could shift in favor of a rise, pushing TOTAL to $2.60 trillion.Bitcoin’s price registered a red candlestick for the fourth day in a row, falling from the high of $71,800 to $67,293 at the time of writing. As BTC fell below the support of $68,500, it extended the bearishness among investors, which could potentially drag Bitcoin down to the next crucial support of $64,883.Read More: What Happened at the Last Bitcoin Halving? Predictions for 2024On the other hand, despite the decline, BTC is moving within the flag pattern it has been in since early February. Reclaiming the $68,500 support could resume this bullish incline, potentially sending BTC back to $71,800.Ordinals’ price had been in an uptrend for the past ten days but fell through the line over the past 24 hours. The altcoin noted a 10% decline in this duration, resulting in ORDI changing hands at $37.4 at the moment.As a result, the potential for breaching the critical resistance of $44 seems to have been delayed, as ORDI would need to note a 12% recovery in order to reach this price.Read More: Bitcoin NFTs: Everything You Need To Know About OrdinalsBut if it does manage to, it will not only successfully invalidate the bearish thesis but also increase ORDI holders’ profits.DisclaimerIn line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
