The total crypto market cap (TOTAL) is virtually unmoved, having risen by a little over $500 million in the last 24 hours. Bitcoin (BTC) is noting a similar increase while Story (IP) surprised the market, rising by 25.5% today.
In the news today:-
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- Crypto whale Machi Big Brother opened a $34 million leveraged ETH long on Hyperliquid on January 12, which quickly moved into a $325,000 loss. His account now shows $22.5 million in cumulative losses, down more than $67 million from peak equity.
- The US Senate delayed a key procedural step on the Digital Asset Market Structure CLARITY Act, casting doubt on crypto regulation progress in 2026. Senate Agriculture Committee Chair John Boozman postponed the bill’s markup until late January.
The Crypto Market Has Established Support
The total crypto market cap added $580 million over the past 24 hours, standing near $3.07 trillion. Heightened volatility briefly pulled TOTAL down to $3.03 trillion, reflecting unstable sentiment. Despite the modest gain, price action shows investors remain cautious amid fluctuating market conditions.
During the same session, TOTAL spiked to $3.12 trillion before retracing to current levels. This wide range highlights mixed sentiment across crypto markets. Buyers and sellers appear evenly matched, suggesting the market is still searching for direction rather than committing to a sustained trend.
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Downside risk persists if sentiment deteriorates. A bearish shift could push TOTAL below the $3.05 trillion support, recently tested. Losing this level would expose the market to further weakness, leaving TOTAL vulnerable to a decline toward the $3.00 trillion mark.
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Bitcoin Is Losing Bullishness
Bitcoin trades near $91,276, struggling to break above the $91,511 resistance. This level has capped upside momentum in recent sessions. BTC remains range-bound, reflecting hesitation among investors as the market waits for stronger conviction to confirm a short-term breakout.
A successful breach of $91,511 would shift momentum. Holding this level as support could push Bitcoin toward $93,471. Sustained buying pressure is essential for continuation. If demand strengthens, BTC may gradually advance toward the $95,000 psychological threshold.
Downside risk remains present. The RSI has started to turn lower, signaling weakening bullish momentum. If sellers gain control, Bitcoin could retreat toward $90,000. A deeper drop below $89,241 would invalidate the bullish thesis and reinforce short-term bearish pressure.
Story Attempts Breaching $3
Story outperformed the broader crypto market, surging 25.5% over the last 24 hours to trade near $2.88. The strong move positioned the altcoin as the day’s top performer, reflecting heightened investor interest and renewed short-term momentum.
IP now sits just below the $3.00 psychological level, awaiting a decisive breakout. The Parabolic SAR remains below the price, confirming an active uptrend. A clean move above $3.00 could extend gains toward $3.29, provided buying pressure persists.
Risk of correction remains if investors begin taking profits. Renewed selling could pull IP down toward $2.70. A deeper decline may test $2.50, which would invalidate the bullish thesis and signal weakening momentum in the near term.
