Why is the crypto market down today?

Cryptographic markets are down 0.48%, reflecting the drop in stock markets and technical pressures on Bitcoin.

Cryptographic markets have been faced with minor sales pressure both macroeconomic factors and Bitcoin techniques. On Tuesday, May 6, the overall market capitalization of cryptography decreased by 0.54%, falling below 3 billions of dollars to 2.94 billions of dollars.

The main engine of the decline reflected the same factors weighing on actions. The Dow Jones lost more than 400 points, or 1.00%, while other major indices also behaved badly. As a rule, Bitcoin (BTC) And the wider market of cryptography, are correlated with actions, which probably means that similar factors influence both.

In this case, the macroeconomic uncertainty and the fears renewed on the prices of Donald Trump contributed to the lowering feeling. In particular, just a day before, Trump announced new prices on pharmaceutical products, after having already targeted films. These new pricing announcements arouse the concern of traders because they suggest that Trump does not withdraw from his aggressive commercial position.

Despite the overall drop, bitcoin was more resilient than most altcoins, managing to increase his Dominance at 64.1%The highest level since January 2021. However, while Bitcoin has recovered some of its previous losses today, against a minimum of $ 93,400, its price is still slightly lower than it was 24 hours ago, recording a loss of 0.01% to $ 94,841.

Bitcoin faces technical pressures

One of the reasons for the disappointing Bitcoin performance comes down to technical factors, which is unlikely to change very soon. More specifically, Bitcoin faces a long term dynamic resistance It started to train after its top of all time in January.

Since then, Bitcoin has always remained below the point of resistance, with a last attempted rupture on April 23. This means that additional declines are likely, especially since its price has successfully completed the control point. In other words, unless a major catalyst allows him to break this long -term resistance.