The crypto market faced a decline, with market capitalization dropping by 3.56% to $3.68 trillion. Key factors included falling prices for Bitcoin and MemeCore.
Bitcoin Price Drop
Over the past day, Bitcoin's price decreased by 4.33%, sitting around $117.04. This drop came after significant transfers from a Satoshi-era wallet. On July 14, 9,000 BTC were sent to Galaxy Digital, followed by another 7,843 BTC landing on Binance and Bybit the next day. Such movements typically create significant sell pressure.
MemeCore Decline
MemeCore (M) price dropped by 35%, now trading at $0.4018. Trading volume fell by 25%, indicating reduced market interest. This decline followed a steep rally, where MemeCore surged over 1,100% the previous week, peaking at $1. Profit-taking is the primary reason behind this decline.
Overall Market Situation
The total crypto market cap fell from a recent peak of $3.86 trillion but remains in a clear uptrend. The decline is consolidating around $3.63 trillion, and the 4-hour chart structure remains bullish. If the support level holds, demand may return in the range of $3.41 to $3.46 trillion.
Despite short-term volatility, the overall bullish trend in the market remains strong, with Bitcoin's reaction at the $114,000 CME gap likely determining the next market direction.
