The crypto market rejected $2.37 trillion again. Bitcoin remains stuck under $70,000. Meanwhile, Dogecoin dropped 7.5% in 24 hours after failing to break resistance.
So what’s actually happening? Three major forces are pushing prices down right now. Plus, the technical indicators suggest this isn’t over yet. Let’s break down why your portfolio is bleeding and what comes next.
Bitcoin Can’t Break $70,000 for 10 Straight Days
Bitcoin is trading at $68,783 at press time. That’s below the critical $70,000 level for the 10th consecutive day.
This psychological barrier matters more than you think. Traders watch $70,000 closely. A breakout above it could trigger aggressive buying. But repeated rejections? They encourage profit-taking instead.
The Chaikin Money Flow indicator tells an even uglier story. It’s dropping and sitting below the zero line. That means capital is flowing out of Bitcoin markets consistently. Weak inflows limit upside momentum and make another rejection at $70,000 more likely.
Here’s the concerning part. Without fresh capital entering the market, Bitcoin risks sliding toward $65,000 support. That’s where buyers previously stepped in. But if that level breaks, the next stop could be substantially lower.
The Entire Market Hit a Wall at $2.37 Trillion
Total crypto market capitalization dropped $48 billion this week. Now it sits at $2.33 trillion.
This happened after yet another failed attempt to break $2.37 trillion resistance. That ceiling has capped gains for weeks. It’s reinforcing weakness across Bitcoin, Ethereum, and major altcoins as investors take defensive positions.
Why can’t the market break through? Two main reasons: weak liquidity and limited risk appetite. Without strong external catalysts, crypto is consolidating above $2.30 trillion. Defensive buyers and short-term sellers are balanced right now.
However, this consolidation could flip bullish quickly. Renewed institutional interest might shift positioning. If capital inflows strengthen, a decisive move above $2.37 trillion would signal breakout potential. That could push total market cap toward $2.45 trillion and restore confidence across digital assets.
Dogecoin Got Crushed After Resistance Rejection
Dogecoin dropped 7.5% in the past 24 hours. It’s now trading at $0.1026.
The meme coin leader faced rejection at $0.1107 resistance. Then price action slipped below the $0.1028 support level. That signals short-term weakness amid broader crypto market volatility affecting risk assets hardest.
But there’s a silver lining. The Money Flow Index remains in positive territory. That suggests buying pressure hasn’t completely disappeared. Sustained inflows could help DOGE stabilize above current levels.
A recovery move might retest $0.1172 resistance. Extended bullish momentum could potentially drive price toward $0.1280. Yet broader market sentiment remains critical. If investors react defensively to macro uncertainty, renewed selling could intensify fast.
Strategy and Apollo Make Moves Behind the Scenes
Two major developments happened this week that crypto media barely covered.
First, Strategy plans to convert $6 billion in convertible bond debt into equity. That reduces balance sheet debt while potentially diluting existing shareholders. The firm says its $49 billion Bitcoin holdings can withstand a drop to $8,000 per BTC and still fully cover outstanding debt.
Second, Apollo Global Management partnered with Morpho. They agreed to acquire up to 90 million MORPHO tokens over four years. That’s 9% of the total supply. The deal aims to support and expand Morpho’s on-chain lending infrastructure.
These moves signal institutional players are positioning for long-term growth. But short-term, they’re not enough to overcome weak market sentiment and technical resistance levels capping prices.
What Breaks This Stalemate?
The crypto market is trapped in a tight range right now. Bitcoin under $70,000. Total market cap below $2.37 trillion. Major altcoins bleeding.
What could change things? Strong spot buying and derivatives support might help Bitcoin reclaim $70,000 as support instead of resistance. A confirmed breakout could drive BTC toward $72,294. Sustained bullish momentum may then push price toward $75,000.
For Dogecoin, the critical level is $0.1028. Holding above that support opens the door to recovery. But a breakdown below current levels may send DOGE toward $0.0966. Further weakness could push price to $0.0883.
The next few days will determine whether buyers step in or sellers take control. Watch those key resistance levels closely. They’ll tell you everything you need to know about where crypto is headed next.