Crypto Market Rebounds, But Bitcoin Struggles with Long-Term Trend

The cryptocurrency market has been trending lower at the end of Monday, mirroring the US equity market. The total crypto market capitalization fell from $2.23 trillion to $2.16 trillion before rebounding to recent local lows of $2.18 trillion by Tuesday morning.

Among the top coins, losses ranged from -1.4% for Bitcoin Cash and -1.5% for BNB to -8.8% for Near and -8% for Basic Attention Token.

Bitcoin closed higher on Monday despite significant afternoon selling pressure, but its price dropped from $65,000 to $63,000 with a slight rebound to $63,400. The leading cryptocurrency is failing to break above the 200-week moving average, which it traded above for three weeks prior.