Bitcoin has been trading below $20,000 since yesterday as the commodity fell on news of the G7 energy ban and “Septembear” (a pun implying bearish September) provided the first signs of a drop. Classic price.
Data from TradingView shows persistent lackluster performance of BTC, trading around $19,767.
Copper cryptocurrency The biggest looks increasingly difficult to break above $20,000 as solid support heading into the weekend and the mood among market participants is mixed.
Popular trader Cheds is eyeing the strength of the 8-day exponential moving average as intraday resistance continues to work into September.
US stocks ended a tough week, the S&P 500 lost 2.7% and the Nasdaq Composite Index lost 3,25%.
Oil prices reduction in Europe following the announcement of a Russian oil price ceiling that is likely to take shape by the end of the year, despite the implications associated with price increases if Russia retaliates.
Gas supplies to Europe were also stopped under a price cap decision, attributed to technical difficulties.
Meanwhile, the bulls Bitcoin seems to be reducing its presence in the market.
CoinMarketCap shows dominance of Bitcoin at 38.9%, the weakest performance since June 2018.
TradingView's calculations put the number at 39,88% but still marks an 8-month low.
While the overall crypto market capitalization maintained its 200-week moving average – a key achievement during previous bear markets, Bitcoin was unable to do the same.
A lot of cryptocurrencies have dropped in value in the last 30 days, and the worst performing cryptocurrency out of the top ten with the biggest market valuations is Solana, lost 19,12% against the US dollar. BTC follows a 12,71% drop from August 3, 2022 to September 2, 2022.
Historical stats from coinmarketcap.com pointed out that the global cryptocurrency market cap on August 3 was $1.06 trillion and today it is only $976 billion.
OP has lost 38.2% against the dollar this month after gaining over 18% last month. Lido knife (LDO), after gaining 18,04% 30 days ago, has lost 17.7% this month. Chiliz (CHZ) fell 9.87% after increasing 64.7% last month.
Theta Network (THETA) dropped 5,45% a month ago but in the past 30 days it has lost even more losing 17.9%. 30 days ago, total value locked (TVL) in Defi was 89.81 billion USD and now only 59.58 billion USD.