Crypto market capitalisation has fallen to $2 trillion, hitting lows since 8th August and losing almost 10% over the past seven days. The decline has slowed since the second half of last week, but the downtrend persists. The Cryptocurrency Fear and Greed Index fell to 26 (fear).
Bitcoin is trading around $57.5K, having been near the lower end of its trading range since 12th August. A break of this support, which has repeatedly attracted buyers since May, could accelerate the sell-off. The next important support in case of a decline will be the area of the lows of the trading range since March, around $54K.
Bitcoin ended August down 8.7% to $58,950, making it the cryptocurrency's worst month since April. In terms of seasonality, September is considered the worst month of the year for BTC. Over the past 13 years, Bitcoin has ended the month up only four times and down nine times. The average decline was 12.7%, and the average rise was 9.5%.
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