Crypto Market Drops to $2.3T; Charts Point to $1.7T Target

The total cryptocurrency market capitalization fell to about $2.3 trillion, a decline of roughly 17% in less than three weeks. Bitcoin traded near $67,400, down about 4.5% on the day, while Ethereum, BNB, Solana and XRP were also lower.

On the weekly chart, price was rejected at the $2.7 trillion zone. That level has switched between support and resistance multiple times since 2022. The market also broke down from an ascending parallel channel that defined the 2024–2025 uptrend. The measured target from that channel is near $1.7 trillion.

The weekly Relative Strength Index has followed a descending trendline since March 2024. The RSI peak in May 2026 coincided with the $2.7 trillion rejection and momentum turned lower afterward.

On the daily timeframe, the total market cap has traded inside a descending parallel channel since the Oct. 6, 2026, all-time high of about $4.27 trillion. The current daily candle was down about 4.4% and the market sat at the edge of a $2.3 trillion support zone that acted as resistance in April 2022, served as a consolidation range through 2024–2025, and flipped to support in April 2025.

The daily RSI dropped back into oversold territory for the first time since early February 2026, indicating accelerating downside momentum.

If $2.3 trillion fails to hold, technical analysis points to the next major support near $1.7 trillion, about a 27% decline from current levels. That zone also aligns with the lower boundary of the descending daily channel.

The CoinMarketCap fear and greed index registered 26, a reading categorized as extreme fear. Analysts estimate that timing for a move to $1.7 trillion could range from weeks to months and will depend on whether the $2.3 trillion support gives way and on broader macroeconomic conditions.