As Bitcoin showed a slight upward trend in the last 24 hours, the crypto market cap growth saw its revival.
The crypto market cap growth resumed, as the market rose by 0.88% over the weekend. It is comfortably trading over $1 trillion currently. The rise could be attributed to Bitcoin’s upward movements in the last 24 hours. BTC lost value in the previous week but could see its investors providing higher support soon.
At present, Bitcoin’s support lies at $26000. Its market capitalization seemed stable at $507 billion. The last sell-offs in the crypto market might have occurred for multiple reasons. The crypto derivatives market saw increasing liquidations, which triggered a mass selling spree. Macro indicators also contributed, with muted reports from China’s economy.
Bulls may pull BTC towards its 50-day moving average as the week begins, hovering around $29200. If BTC can reclaim its earlier support, it could see a rally within September.
Meanwhile, bears have been active at BTC’s current trading range. If they cannot pull down the crypto market cap below $1 trillion, bulls could take over charge.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26000 on August 20, 2023, with BTC/USD trading lower by 0.6% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (29,053.02) as BTC’s 24-hour volume decreased to around $9 billion. Bitcoin has seen around 57.61% returns on a year-to-date basis.