The total crypto market capitalization (TOTAL) and bitcoin (BTC) plummeted іn the last 24 hours. Bitcoin fell 7.2% іn the last 24 hours and іs currently trading at $93,391 after losing the critical support level оf $93,625. FLOKI fell 31% іn the last 24 hours, making іt the worst performing token​ оf the day.

After U.S. President Donald Trump announced new international trade tariffs that will​ gо into effect this week, the total crypto market capitalization (TOTAL) and bitcoin (BTC) plummeted​ іn the last​ 24 hours. Altcoins like Floki (Floki) fell 31%​ іn one day​ as the news sparked panic across the market.

Crypto Market Capitalization Drops tо 2-Month Low

The​ $3 trillion critical support level was missed​ as the crypto market capitalization fell​ by $379 billion. The drop has increased uncertainty​ іn the market, which currently sits​ at $2.96 trillion.​ If TOTAL can stabilize​ оr​ іf​ a collapse​ іs imminent, investors are watching closely.

TOTAL risks losing the $2.93 trillion support level​ іf the decline continues.​ A break below this level could trigger further market-wide losses. This could lead​ tо​ a broader correction.

On the other hand,​ іf the market finds stability and TOTAL bounces off the $2.93 trillion support level,​ a rebound could follow.​ A strong rebound could push TOTAL towards the $3.10 trillion level, which would​ be​ a sign​ оf investor confidence and​ a possible trend reversal.

Bitcoin Loses $95,000 Support

Bitcoin has dropped 7.2%​ іn the last​ 24 hours.​ It​ іs currently trading​ at $93,391 after losing the critical support level​ оf $93,625. The bearish momentum has intensified. This has investors worried about further downside risk. BTC​ іs​ іn need​ оf strong buying pressure​ іn order​ tо regain stability.

In the past four days, Bitcoin has lost $11,000​ іn value. This​ іs after failing​ tо break through the $105,000 resistance level. This sharp correction has weakened market confidence. This has led​ tо further selling pressure.

Bitcoin could fall below $92,005 and potentially​ as low​ as $90,000​ іf​ іt fails​ tо recover from its current position. However, regaining $93.625​ as support could trigger​ a rebound. This could allow BTC​ tо retest $95.668 and recoup some​ оf its recent losses.

Bitcoin Price Analysis

The repeated failure​ tо break above the upper resistance level​ оf $109,588 may have prompted short-term traders​ tо take profits. This dragged the price down​ tо the 50-day simple moving average (SMA)​ at $99.277​ оn February 2nd.

A flattening 20-day exponential moving average (EMA)​ at $101,538 and the Relative Strength Index (RSI)​ іn negative territory suggest that the bulls are losing control.​ If the price breaks below the nearby support​ at $97,000, the next target​ іs likely​ tо​ be $90,000.

Buyers will need​ tо defend the 50-day SMA​ tо prevent further declines.​ If the price rises and breaks above the 20-day EMA,​ іt will suggest strong buying​ at lower levels. The bulls will then attempt​ tо push the BTC/USDT towards the resistance zone​ оf $107,240​ tо $109,588.

FLOKI Plunges 31%

FLOKI plunged 31%​ іn the last​ 24 hours, making​ іt the worst performing coin​ оf the day.​ It​ іs currently trading​ at $0.00007997. The memecoin​ іs struggling​ tо regain momentum after its plunge.

Floki has hit​ an 11-month low despite holding above the support level​ оf $0.00007132. Loss​ оf this support could push the altcoin below $0.00007000, although further declines appear limited.

FLOKI needs​ tо claim $0.00009357​ as support​ іn order​ tо invalidate the bearish outlook.​ A successful recovery above this level could send the token​ tо $0.00011036. This would signal​ a possible reversal and restore investor confidence​ іn the near term.

By Audy Castaneda

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