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Crypto market consolidates as bears retain control amid weekly weakness
Total market value rebounded from $2.16T to $2.18T Monday, but Bitcoin stayed below its 50-day moving average for a fourth straight day.
The crypto market lost just over 2% versus seven days ago, though Action Forex said market capitalization rebounded Monday from a local low of $2.16 trillion to $2.18 trillion. The market is still hovering around its 50-day moving average in a very narrow consolidation range, despite a weaker dollar and a rally in equities.
Among top cryptocurrencies in the past 24 hours, Zcash gained 4.8%, Dash rose 2.4%, and Near Protocol increased 1%. Losses affected about twice as many coins, with Cosmos down 3.8%, Aptos lower by 2.7%, and Filecoin down 2%.
Bitcoin is trading below its 50-day moving average for the fourth day in a row after an attempt to break higher, then pulling back to about $63.3K. On weekly timeframes, the leading cryptocurrency remains below the 200-week moving average, and Action Forex noted that a breakout from the $62K to $65K range would be needed to expect higher volatility.
The report also highlighted market and policy crosscurrents, including a potential MSCI index change that could exclude certain Strategy and Metaplanet Bitcoin treasuries for holding non-operating assets, with feedback due until September 30 and results expected by October 16. It added that JPMorgan previously estimated potential outflows from Strategy securities at $2.8 billion under that scenario, and that public Bitcoin miners cut hash rate by 21% over three quarters amid weak mining economics and competition from AI for capital and electricity.
Latest closeBitcoin $63,452.17 ▲1.0%