The crypto market began the week on a muted note as traders saw crypto selling pressures take off, likely due to a host of different reasons.
A day after analysts predicted an uptrend in BTC, the token shed value, losing its $26000 support. Experts have claimed it could be a temporary setback. Most believe Bitcoin could climb up towards its moving averages within a few weeks.
Although Bitcoin has been staging a range-bound movement with low volatility for days, it hasn’t lost support from traders. Its price stability has promoted long-term investors to raise stakes in other crypto tokens. BTC is already showing signs of reclaiming its $26000 support and starting a movement towards its next resistance.
Ethereum is holding on to $1600, with an overall market cap of $198 billion. In contrast, Bitcoin’s overall capitalization is balanced above $500 billion. The crypto market cap lost value by 1.5% in the last 24 hours, but it’s $1 trillion value is steady.
The low volatility factor in the crypto market has been a roadblock for bulls in the last few days. Any increase in capital inflow would be necessary for a short-term uptrend. Dogecoin, XRP, BNB, Cardano, TRON, and a few other tokens have seen positive seven-day averages in the market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $25900 on August 28, 2023, with BTC/USD trading lower by 0.4% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (28,089.32) as BTC’s 24-hour volume stayed at around $5.8 billion. Bitcoin has seen around 56.37% returns on a year-to-date basis.