Cryptocurrency Market Declines Today Has SUI Fallen Below Critical Support Level

CoinWorld reported:
The market value of cryptocurrency fell by 10 billion US dollars, with SUI leading the decline, dropping by 7% due to rising selling pressure.
Bitcoin fell by 1%, and the increased trading volume indicates potential losses after the announcement of the Chinese stimulus plan.
Continued selling pressure may soon push Bitcoin and SUI to test key support levels.
Market activity has slightly decreased, leading to a decrease in the total market value (TOTAL) and the value of Bitcoin (BTC) in the past 24 hours. SUI is the native token of the Layer 1 (L1) blockchain Sui and led the market decline in the past 24 hours.
Total market value falls below resistance level
In the past 24 hours, the total market value of cryptocurrency has shrunk by 10 billion US dollars. The current total market value is 21.7 billion US dollars, below the resistance level of 2.20 trillion US dollars, which was briefly surpassed during Monday’s trading session.
In early August, the former support level became a resistance level, and the price of Dow Jones has since been unable to successfully break through this level. These failed attempts indicate significant selling pressure at this level.
Dow Jones’ negative 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 at the time of writing, the indicator is a negative value of -0.17. When an asset’s BoP is negative, it indicates that sellers have greater control over the market.
If selling activity increases, the total market value may fall to 2.08 trillion US dollars. If this level is not held, it may fall towards the support level of 1.91 trillion US dollars.
Why $65,000 is key to a bull market
Bitcoin is currently in a range, with $64,900 being a key resistance level. Breaking through $65,000 will indicate the confirmation of an upward trend, but caution is necessary before that. Jerome Powell suggested a further 50 basis point rate cut before the end of the year, indicating potential volatility in the future.
Historically, significant rate cuts have often been a precursor to a recession, with 8 out of 13 cycles leading to an economic downturn within a year. However, the exact timing is uncertain. What is the key indicator to watch? Unemployment rate. If the unemployment rate remains below 4.4%, the recession may be delayed until 2026.
Strategic policy
Currently, I recommend adopting a cautious trading strategy. I suggest holding spot positions in Bitcoin, Ethereum, and Solana, while also investing in promising areas such as artificial intelligence, meme coins, and Layer 1 on a dollar-cost averaging basis. Due to the unstable market conditions, avoid using leverage, maintain patience, and focus on macro trends.
Do not be swayed by FOMO. It is best to remain cautious and adhere to a long-term strategy until Bitcoin breaks through $65,000. The unemployment rate will be a key indicator, and if concerns about economic recession are alleviated, liquidity inflows into the market may drive Bitcoin’s rise.
SUI holders calculate losses
The price of SUI fell by 7% in the past 24 hours, making it the biggest loser in the period. As market participants took profits after the recent high point of the altcoin, selling pressure has slightly increased, leading to the price decline. Currently, the SUI trading price is $1.51, the highest level in five months.
If new demand does not 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.
Conclusion
The Federal Reserve may further cut interest rates before the end of the year, with the next rate cut decision expected to be made on November 7th. Rate cuts may stimulate economic activity, boost corporate profits, and drive growth. Meanwhile, upcoming economic data, including the Personal Consumption Expenditures Index and Gross Domestic Product, may bring volatility to the market this week. Please continue to pay attention to all recent market updates.