Today's crypto market experienced significant declines across the board, with the total crypto market capitalization (TOTAL) and Bitcoin (BTC) both facing substantial drops. Bitcoin, which had been trading above $105,000, fell below this critical support level during intraday trading, ending the day at $106,152. This downturn came in the wake of new restrictions imposed by China, which have extended beyond previous bans on mining and trading to now include prohibitions on holding cryptocurrencies.

The total crypto market cap dropped by $61 billion in the past 24 hours, reducing the overall value to $3.30 trillion. This decline resulted in the loss of a key support level at $3.31 trillion, indicating heightened short-term volatility. Despite this setback, analysts anticipate that bearish sentiment may ease in the near future, offering TOTAL an opportunity to reclaim the $3.31 trillion support level.

Nevertheless, there is a risk of intensified panic selling, which could lead to large-scale liquidations. In such a scenario, the total crypto market cap could fall further to $3.21 trillion, creating additional challenges for investors seeking stability in the market.

Bitcoin, the leading cryptocurrency, briefly dipped below its $105,000 support level before rebounding slightly. As of the latest data, BTC is trading at $106,152, demonstrating resilience amidst recent fluctuations. Currently positioned beneath the $106,265 resistance level, Bitcoin is poised to attempt reclaiming this level as a new support point. Achieving this would pave the way for a recovery and a potential upward movement towards the $110,000 resistance, suggesting possible bullish trends.

Despite the overall positive sentiment in the market, there remains a risk of a downward correction. If Bitcoin fails to maintain the $105,000 support level, it could slide towards $102,734, exerting additional downward pressure on investors.

Among the altcoins, Optimism (OP) faced the steepest decline, dropping by 9.3% to trade at $0.70. Nevertheless, OP remains robust above its crucial support level of $0.69, reflecting resilience against recent market volatility. The Parabolic SAR indicator, located above OP's price, indicates a potential for further decline. This suggests that OP could break below the $0.69 support, potentially falling to $0.63 in the coming days.

Conversely, should OP manage to bounce back from $0.69 and generate stronger bullish momentum, it could recapture the $0.80 resistance level. Such a development would negate the current bearish outlook and signal renewed investor optimism.

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