Crypto Crash Wipes Out 7% in 24 Hours: What’s Next?
The total crypto market capitalization has fallen sharply to $2.32 trillion. The decline has wiped out roughly 17% of the market value in less than three weeks.
Bitcoin (BTC) trades near $67,400, down 4.5% on the day, with Ethereum (ETH), BNB, Solana (SOL), and XRP also red. Sentiment has flipped to fear as traders question where the bottom may form.
Weekly Chart Shows Rejection at $2.7 Trillion and a Channel Breakdown
The weekly chart for the total crypto market cap confirms a clear bearish structure. Price was rejected at the major resistance zone near $2.7 trillion. That level has flipped between support and resistance multiple times since 2022.
This week’s candle has fallen by 6.61%, dragging the market into the $2.3 trillion support zone. That area acted as a resistance in April 2022.
It then served as a consolidation range between March 2024 and October 2024 before flipping into support in April 2025.
The chart also shows a clear breakdown from the ascending parallel channel that defined the uptrend through 2024 and 2025. The measured target of that pattern points directly at $1.7 trillion. The setup aligns with the bearish read of a recent Bitcoin price prediction.
The Relative Strength Index (RSI) reinforces the bearish read. A descending trendline from March 2024 marked a sustained bearish divergence with price.
A second ascending line then capped the bounce. The RSI top in May 2026 coincided with the $2.7 trillion rejection (blue circle), and momentum has turned lower.
Daily Chart Confirms Bearish Setup as RSI Returns to Oversold
The daily chart adds short-term confirmation to the weekly outlook. Price action has been contained inside a descending parallel channel since October 6, 2026. That date marked the all-time high of $4.27 trillion.
The current daily candle is down 4.42%. The total cap sits at $2.31 trillion right at the edge of the support zone. The drop mirrors broader weakness across altcoins and majors.
The daily RSI has dropped back into oversold territory for the first time since early February 2026. This signals that downside momentum is accelerating rather than fading.
A loss of the $2.3 trillion support could open the path toward $1.7 trillion. That target equals a 27% drop from current levels. The lower boundary of the descending daily channel also converges at that zone.
Crypto Market Bottom Could Form Near $1.7 Trillion in the Coming Weeks
Both timeframes point to the same conclusion. The selloff shows no obvious signs of reversal. The next major support level that could absorb selling pressure sits at $1.7 trillion. The CoinMarketCap dashboard already flags extreme fear at 26 on the index.
A short-term bounce from the $2.3 trillion zone remains possible. However, the structural read across both timeframes suggests that further downside is the higher-probability scenario.
Historical support, the weekly channel target, and the daily channel boundary all converge at $1.7 trillion.
The thesis would be invalidated if the market reclaims $2.7 trillion on a weekly close. The RSI would also need to break back above its descending trendline. Until then, traders may look for a capitulation flush before any sustainable recovery begins.
The timeframe for this move could stretch from weeks to months. Much depends on how quickly the $2.3 trillion support gives way and how broader macro conditions develop.
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