• Cryptocurrency market cap dropped by $10 billion, as selling pressure increased, SUI led the decline with a 7% decrease.

• Bitcoin fell by 1%, an increase in trading volume indicates potential losses after the announcement of China's stimulus plan.

• Continued selling pressure may soon push Bitcoin and SUI to test key support levels.Resistance.

Market activity slightly decreased, resulting in a decline in the total market cap (TOTAL) and Bitcoin (BTC) value in the past 24 hours. SUI is the native token of layer 1 blockchain Sui, leading the market lower in the past 24 hours.

Total market cap broke below the resistance level.

In the past 24 hours, the total cryptocurrency market cap has shrunk by $10 billion. The current total market cap is $2.17 billion, below the $2.2 trillion resistance level, which was briefly surpassed during Monday's trading session.

In early August, the former support level was converted to a resistance level, and TotalEnergies' stock price has since failed to successfully break through this level. These unsuccessful attempts indicate significant selling pressure at this level.

TotalEnergies' Balance of Power (BoP) confirms this view. The indicator measures the strength of buyers and sellers in a specific market during a specific period, and as of the time of writing, the indicator is negative at -0.17. A negative BoP for an asset indicates that sellers have greater control over the market.

If selling activity increases, the total market cap could fall to 2.08 trillion USD. Failure to hold this level could lead to a decline towards the support level of 1.91 trillion USD.

Why 0.065 million USD is a key factor in a bull market

Bitcoin is currently in a ranging zone, with 64,900 USD as a key resistance level. Breaking through 65,000 USD will confirm an uptrend, but caution is necessary until then. Jerome Powell hinted at another 50 basis point rate cut by the year-end, suggesting potential volatility ahead.

Historically, significant rate cuts have often foreshadowed a recession, with 8 out of 13 past cycles leading to economic downturns within a year. However, the exact timing is uncertain. The key indicator to watch? Unemployment rate. If the unemployment rate stays below 4.4%, the recession may be delayed until 2026.

Global strategy

Currently, I recommend adopting a cautious trading strategy. I suggest holding spot positions in bitcoin, ethereum, and solana, while investing in promising areas such as ai, meme coins, and Layer 1 with an average cost. Due to the unstable market conditions, avoid using leverage, remain patient, and focus on macro trends.

Do not let FOMO cloud your judgment. It is best to remain cautious and stick to a long-term strategy before bitcoin breaks through $65,000. The unemployment rate will be a key indicator, and if concerns about economic recession ease, the liquidity inflow into the market may drive bitcoin's rise.

SUI holders calculate losses.

In the past 24 hours, the price of SUI has dropped by 7%, becoming the largest decline in that period among altcoins. As market participants took profit after the recent high of the altcoin, selling pressure slightly increased, leading to the price decline. Currently, the SUI trading price is $1.51, at the highest level in five months.

If new demand fails to enter the market and token distribution gains momentum, SUI may continue to decline, possibly falling to the support level of $1.11, a 26% decrease from the current price.

End

The Federal Reserve may further cut interest rates before the end of the year, with the next rate decision expected to be made on November 7th. Rate cuts could stimulate economic activity, boost corporate profits, and drive growth. Meanwhile, upcoming economic data, including personal consumption expenditure index and gross domestic product, may bring volatility to the market this week. Please continue to monitor all recent market updates.