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Why Are Crypto Asset Markets Down Today?

Crypto markets are moving lower today as Bitcoin remains flat and Worldcoin slips due to profit-taking actions. Total market capitalization has decreased by 0.42% to $2.44 trillion, losing $10.24 billion.

Trading activity mostly remains flat as the end of the month coincides with the approaching weekend. Bitcoin is under increasing selling pressure that is weakening. Worldcoin dropped 11% due to profit-taking pressure visible on the price chart.

Crypto News Today:

April PCE inflation reaches 3.8% YoY, the highest since May 2023, reducing the chances of interest rate cuts below 1.1%.
Hyperliquid’s SPACEX-USDH perpetual plummeted 45% in 30 minutes after oracle data error, causing liquidation of 405 users.
CME Group launches 24/7 Bitcoin Futures trading starting today, ending the long “CME gap” caused by market closure over the weekend.
Crypto Market Capitalization Tests $2.41 Trillion as April PCE Inflation Dashes Rate Cut Hopes

Total crypto market cap decreased by 0.42% to $2.44 trillion after April PCE inflation matched predictions at 3.8% YoY. Stocks remained in the green yesterday due to ongoing sector rotation. However, crypto did not receive the same boost.

This decline halted near $2.41 trillion, which is the Fibonacci 0.618 level. Maintaining this level over the weekend is the main task. Trading activity remains hesitant as the end of the month meets the low-liquidity weekend period. New capital likely won’t enter until next month.

If $2.41 trillion holds at the daily close, the total market cap could target $2.47 trillion next. Above that are $2.53 trillion and $2.60 trillion. If it breaks down below $2.41 trillion, the market could fall toward $2.33 trillion if sector rotation into stocks continues.

Bitcoin Holds Steady as Hidden Bullish Divergence Sparks Rebound

Bitcoin is trading around $73,196, remaining flat over the past 24 hours. The token has already rallied 0.86% from yesterday’s low as selling volume weakens. The hidden bullish divergence on the daily chart now signals continued relief.

Between March 29 and May 28, Bitcoin’s price formed a higher low. During the same period, the Relative Strength Index (RSI) created a lower low. RSI is a momentum indicator measuring the speed of price changes. This pattern is called hidden bullish divergence, often indicating quiet accumulation by buyers and usually preceding a price rally.

This week, Bitcoin also experienced structural changes. CME Group began running Bitcoin futures and options 24/7 starting Friday, with only a 60-minute maintenance break on Sunday. This change closes the long “CME gap” caused by market closure over the weekend.

Bitcoin must stay above $71,721, the Fibonacci 0.618 level, to keep the rebound active. If it can reclaim $73,832 at the daily close, the path opens to $75,943, then $78,555, and $82,776. Failure to stay above $71,721 could halt the recovery and threaten a return to $68,716.

Worldcoin Leads Altcoin Decline Due to Profit-Taking

Worldcoin
WLDUSD
becomes the large-market-cap altcoin with the deepest decline today, down 11% in the last 24 hours. However, the token still shows a 13% gain over the past month. The current correction appears to be a pullback caused by profit-taking.

The current price tests the exponential moving average
E
EMA
50-day. EMA smooths price movements with more weight on recent days.

The 20-day EMA is at $0.2851 and the 50-day EMA at $0.2823. WLD briefly fell below these two levels yesterday before rebounding back above the 50-day EMA.

The current position is binary. WLD must stay above $0.2742 to keep upside potential open. A daily close below $0.2742 could push the token toward $0.2256.

For real strength, WLD needs to reclaim both EMAs and break above $0.3185. If it successfully surpasses $0.3185, there’s potential to reach $0.3902 and $0.4619 later in June. If WLD fails to hold the EMAs, the recent downtrend will remain the main trend.