Total value in the cryptocurrency market remains just above a critical support zone following the recent selling pressure. While the total market value is approximately 2.13 trillion dollars, investors’ focus has turned to the 2.05 trillion dollar area.
Total market value is in the critical zone
The latest outlook on the market shows that total cryptocurrency value has pulled back sharply after the cycle peak. In the weekly charts, it was previously seen that the increase, which started from approximately 1.4 trillion dollars in 2024, approached 4.0 trillion dollars at its peak. However, in the following period, the structure changed and the previous upward pattern was replaced by lower highs and lower lows.
Daan Crypto Trades noted that the total cryptocurrency market cap showed a limited recovery after briefly testing the February low, but the downward trend continued on higher time frames. According to the analyst, maintaining current levels may support the formation of a wider horizontal band.
Another level that analysts drew attention to was the $2.74 trillion region. After previously working as support, this area broke down and then became resistance. The return of selling as the price retested this area indicated that downward pressure was strengthening.
On the other hand, the $2.05 trillion region remains the main support area on the weekly outlook. Testing this level multiple times indicates that the market is looking for direction in the short term. If buyers continue to defend this region, the possibility of horizontal movement may remain on the table. If support is lost, the next major demand area could be watched around $1.81 trillion.
Bitcoin holds above $60 thousand
Bitcoin price also maintains a close relationship with the general market sentiment. The asset has recently reacted from the $60,000 support, with this level emerging at the same time as the critical zone on the total market cap chart. If the buying interest persists, investors are watching the $64,000 resistance in the short term.
On the other hand, falling below $60,000 may increase the selling pressure. According to technical projections, in such a scenario, the $ 53,000 to $ 55,000 range may stand out as the next support zone.
SpaceX controversy in ETF exits
The market is also discussing the reason for the recent Bitcoin ETF outflows. Some market participants argue that capital may be heading towards the anticipated SpaceX IPO. Others think this move is linked to ordinary arbitrage transactions rather than a broader reversal of positions.
Mini dictionary: S-1 is the official application document in which basic financial and operational information of the company is submitted to the regulatory authority during the public offering process in the USA. Arbitrage refers to buying and selling transactions that aim to benefit from price differences of the same asset.
The controversy gained further attention when SpaceX was seen to have disclosed a strategic Bitcoin reserve worth approximately $1.1 billion in its S-1 filing. The emergence of this information about SpaceX, Elon Musk’s space and rocket company, added a new dimension to the ongoing evaluations of corporate demand and capital distribution in digital assets.
For now, all eyes remain on two main levels in the market. While the total cryptocurrency market value remains above $2.05 trillion, Bitcoin continues to trade above $60,000. These levels are expected to be decisive in the search for the next direction.
