Why Is The Crypto Market Down Today?

BTC-USD -0.66% M35491-USD -2.32%

The crypto market is trading flat today, down about 0.2% in the last 24 hours and hovering near $3.07 trillion at press time. Bitcoin (BTC) is also quiet, up only 0.2%, staying above $91,000 but still lacking the strength to pull the wider market higher. This muted action has kept most large assets stuck in tight ranges without clear direction.

Even in this slow setup, some tokens are underperforming the already weak market. MemeCore (M) is one of the day’s biggest laggards, dropping almost 21% at press time as sellers remain in control. With sentiment mixed, global news and risk rotation are shaping which assets fall harder during flat market phases.

In the news today:

• President Trump said he is considering completely cutting US income taxes and replacing the gap with tariff revenue. Such a move could leave more disposable income in the system, which often helps risk-on assets when confidence is stable.

• Upbit hack raises fresh stability concerns as Lazarus-linked attackers drain $30 million. Short-term sentiment may soften as traders watch for spillover risk and liquidity gaps across Korean markets.

• CME Globex futures and options faced a temporary trading halt due to technical issues. Interruptions in Globex data might distort short-term price discovery for major assets, including Bitcoin, which increases market uncertainty while crypto trades through it.

The Crypto Market Shows a Speck of Red

The crypto market is slightly down at press time, slipping about 0.2% in the last 24 hours. TOTAL still sits near $3.07 trillion, showing that most assets are moving sideways as investors wait for a clearer direction.

Even with the minor drop, the broader picture hasn’t changed much. TOTAL has climbed 13.8% since November 21 after losing more than 36% between October 6 and November 21. That rebound is still intact, but momentum has paused.

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For a stronger recovery, TOTAL needs to move toward $3.24 trillion. Clearing that level would signal that buyers are returning across major assets. If the market slips and loses $2.73 trillion, liquidations could rise again and weaken the structure.

This flat move also explains why today’s sentiment feels muted. When TOTAL stalls like this, Bitcoin usually becomes the deciding force — and that leads directly to the next question: is Bitcoin doing enough to pull the market higher, or is its weakness dragging everything down?

Bitcoin Holds Steady, but Momentum Is Still Weak

Bitcoin has not added much strength to the broader market today. It is up about 0.2% at press time, trading just above $91,000, which keeps it flat but stable. This mirrors the total crypto market’s hesitation and explains why the broader charts are not showing a clear move yet.

BTC has recovered roughly 13% since November 21, the same window in which TOTAL bounced. But price is still well below its recent high near $126,200, leaving a long path back to stronger momentum. The next level that matters is $92,000. If buyers clear that, Bitcoin can attempt a move toward $96,800, and if conditions stay supportive, even $104,000.

If BTC loses $80,600, the cycle’s recently defended bottom, the structure weakens again, and the market could see sharper outflows. For now, Bitcoin is stable, but not strong enough to pull the crypto market out of its flat phase — which is why today’s charts show hesitation rather than recovery.

MemeCore Drops Deeper as Bearish Pressure Builds

While Bitcoin is flat, MemeCore (M) is sliding much faster. The token is down about 21% in the past 24 hours, making it one of the weakest performers in today’s market. Instead of stabilizing with broader assets, MemeCore is following the downside with even heavier pressure.

The M price now trades near $1.28. The chart shows clear weakness, with each bounce getting sold quickly.

The bull-bear power indicator, which compares buyer strength and seller strength, remains well in the red zone. As long as this stays there, sellers control the trend, and recovery attempts will keep failing.

The next major support sits at $1.19. Losing this level could drag the price lower because bearish power has been rising through the week.

A small green candle is in the works, but it does not change much unless MemeCore can break $1.62, the first meaningful resistance. Without that move, any bounce risks fading fast in the current weak market.

Read original story Why Is The Crypto Market Down Today? by Aaryamann Shrivastava at beincrypto.com