Cryptocurrency Market Faces Significant Decline as Bitcoin and THORChain Struggle to Maintain Support Levels

The total cryptocurrency market cap, known as TOTAL, and Bitcoin (BTC) are on a downward trend. This decline has erased some of the gains made in October. Among altcoins, THORChain (RUNE) has taken a significant hit, falling nearly 9% in just the last 24 hours.

In recent news, MetaWin, an online casino platform, experienced a security breach on November 3, resulting in a loss of $4 million. The CEO, Skel, mentioned that they replenished the funds after the attack. Now, 95% of customers can withdraw their money again.

Meanwhile, Kraken has launched a new suite of crypto derivatives for wholesale clients in Australia. This move aligns with local regulations after a recent legal challenge. Jonathon Miller, Kraken’s Australia GM, stated that this launch meets the growing demand for secure and compliant trading options.

Over the past five days, the total crypto market cap has dropped by more than $144 billion. The decline continued over the weekend, bringing TOTAL down to $2.26 trillion. This indicates a significant pullback as market volatility remains high.

Currently, TOTAL aims to hold above the $2.24 trillion support level. Keeping this floor is crucial for a potential recovery. If TOTAL can reclaim $2.29 trillion, it could signal renewed momentum and open the door for further gains.

However, if TOTAL loses support at $2.24 trillion, we might see a deeper decline, possibly dropping to $2.11 trillion. Such a loss would increase bearish pressure, urging caution across the digital asset markets.

Bitcoin recently approached a new all-time high but fell short. After a rally, BTC lost support at $70,000. This drop reflects current market volatility and investor caution as BTC struggles to maintain its upward momentum.

As of now, Bitcoin is trading at $69,200, just above the key support level of $68,248. A bounce from this level could renew BTC’s upward movement, pushing it back above the $71,367 resistance. Breaking this barrier might reignite optimism for a potential rally.

On the flip side, if Bitcoin loses support at $68,248, it risks falling to $65,292. Such a decline would delay hopes of reaching a new all-time high, indicating a period of extended consolidation that could test investor patience.

RUNE has dropped by 8.8% over the last 24 hours, now trading at $5.05. It lost support at the 38.2% Fibonacci Retracement level of $5.37. This decline highlights a challenging time for the altcoin amid broader market volatility.

The next likely move for RUNE could be a decline toward the critical support level of $4.50, which has provided stability in the past. If it reaches this level, RUNE may find temporary consolidation, waiting for market cues to determine its next direction.

However, if the overall market sentiment turns bullish, RUNE could aim to reclaim $5.37 as a support level. Recovering this point would counter the bearish outlook and potentially set the stage for a more substantial recovery in RUNE’s price.