Bitcoin Price Decline Pushes Crypto Market Cap Back Below $2 Trillion

As cryptocurrencies record a decline in Wednesday’s session, Bitcoin price is seesawing around $45,000 -which has been a crucial support level for the better part of August. Over the weekend, the total cryptocurrency market cap exceeded the $2 trillion mark for the first time since mid-May.

According to CoinMarketCap, the figure has since declined to its current $1.90 trillion. The number represents a decline of 6.06% over the past 24 hours. Bitcoin price is about 4.69% lower than in the previous session.   

Bitcoin price technical outlook

BTC/USD is seesawing around 45,000. Since surpassing this pervious evasive level at the beginning of August, it has become a crucial support level. After hitting its three-month high of 48,208.13 on Saturday, it has declined by about 6.69%. On Monday, the bulls’ attempt to retest the weekend’s high failed.

At the time of writing, Bitcoin price was up by 0.23% at 44,775.45. On a four-hour chart, it is trading slightly below the 25 and 50-day exponential moving averages.

In the near term, the cryptocurrency is likely to continue seesawing around the crucial level of 45,000. Subsequently, it may trade within a tight range of between the prior support level at 43,813.98 and along the 25-day EMA at 45,962.23.

Below the horizontal channel’s lower border, the next target will be at 42,500. On the upside, a bullish breakout will have Bitcoin price experience resistance at 47,500.

Bitcoin price