Cryptocurrency Market Continues Downward Trend as Sellers Remain in Control

The cryptocurrency market continued its decline on Monday, mirroring the US equity market's downturn. The total market capitalization fell from $2.23 trillion to $2.16 trillion before recovering slightly to $2.18 trillion by Tuesday morning.

Among top cryptocurrencies, losses ranged from 1.4% for X to 8.8% for another asset. Bitcoin, however, closed higher on Monday despite significant afternoon selling pressure.

On Tuesday, the sell-off continued ahead of Asian trading, driving the price down from $65,000 to $63,000 before a slight rebound to $63,400.

This marks yet another test of the 50-day moving average as support, which sellers have been testing over the past couple of weeks. The leading cryptocurrency is failing to break above the 200-week moving average, a long-term trend that has left the market saturated with negativity.