Why Is the Crypto Market Down Today?

The total market capitalization of cryptocurrencies decreased to $2.39 trillion on April 13, marking a 27% decline from its peak in January 2026 of $3.29 trillion.

Selling pressure has pushed Bitcoin
BTCUSD
below $71,000. However, Dash
DASH
shows a different story as it experienced a sharp rally followed by a correction.

Today's News:

The U.S. military began implementing a naval blockade at Iran's port on April 13, causing oil prices to surge and triggering risk-avoidance actions in the crypto asset markets.
Analysts warn that rising defaults in the private credit sector could trigger a financial crisis similar to 2008, with withdrawal demands reaching over US$20 million in the first quarter of 2026.
The crypto market declined on Sunday ahead of a sharp drop in stocks on Monday, extending the weekend weakness pattern into traditional market hours.
Total Market Capitalization Remains Below Key Fibonacci Level

The daily chart of total crypto market capitalization shows a consistent downward trend since late January. After peaking around $3.29 trillion, the market broke through several Fibonacci levels. Currently, the market value is at $2.39 trillion, down US$61 million in the last 24 hours.

The TOTAL value is now slightly below the 0.618 Fibonacci level at $2.46 trillion. This is an important resistance that the bulls have failed to break through. If the bulls manage to reclaim the $2.46 trillion level, the next challenge is at $2.6 trillion.

The 10-day Simple Moving Average (SMA) provides immediate support, around $2.39 trillion.

If selling pressure continues, the next support is at the 0.786 level near $2.27 trillion. A breakdown below this level could expose the total correction target toward $2.05 trillion. Bulls need a daily close above $2.46 trillion to reverse the trend.

BTC Price Forecast: Can $71,000 Hold?

The daily Bitcoin chart clearly shows a downtrend in 2026. BTC is trading at $71,023, down 2.86% from Sunday’s high. Its price is slightly below the Fibonacci retracement 0.618 at $72,359.

The Fibonacci level from the swing low of $60,016 to the swing high of $97,925 places BTC well into the correction zone.

If BTC loses the $71,000 level, the next support is at the 0.786 Fibonacci level near $66,645. This indicates a potential decline of about 6% from the current price.

The 100-day SMA is declining and above the current price, further strengthening the bearish structure. It’s worth noting that BTC has not closed a daily price above the 100-day SMA since October 2025. A close above the 100-day SMA at $75,300 would signal that the bulls are starting to regain control.

Afterward, BTC will challenge the Fibonacci 0.5 level at $76,662.

DASH Rally Corrects 12% but Shows Selective Strength

Although the overall crypto market has corrected, DASH is showing a different signal. This privacy-focused token surged over 100% in the past week. Its price rose from around US( to over US$47.

However, the rally has now cooled off. The daily chart shows a 12.27% correction from the recent swing high. The price corrected to US$41.80 as the 200-day SMA at US$46.49 held back further gains.

Currently, DASH is trading between the Fibonacci 0.618 level at US$46.27 and the 0.786 at US$37.85. The volume spike during the rally indicates genuine buying interest. But maintaining gains above US) remains a key test.

If it fails to hold above US$37.85, the entire rally could be fully corrected back.