Cryptocurrency Markets Decline as Bitcoin Struggles to Surpass $65k Mark

Wednesday's trading session saw a downturn in cryptocurrency markets, led by declines in Bitcoin, Ethereum, Solana, and Dogecoin. The global cryptocurrency market cap also decreased by 1.8% to around $2.3 trillion within the last 24 hours. As of 12:25 p.m. (GMT+3), Bitcoin was trading 1.6% lower at $62,490, while Ethereum dropped by 1.7% to $3,017. Altcoins such as Solana (-4.8%), XRP (-3%), Dogecoin (-4.4%), Shiba Inu (-3%), and Avalanche (-5.7%) followed suit in the downward trend. The market continued to slide for the second consecutive day after Bitcoin failed to surpass the $65k mark a few days ago. Long-term gains for Bitcoin could be anticipated in September, possibly in line with the potential for a 25 bps rate cut by the Fed. However, there is currently no clarity on this projection given current market conditions. Updates on rate hikes will likely impact Bitcoin's long-term price. The volume of all stablecoins now stands at $59.06 billion, representing 91.69% of the total crypto market's 24-hour volume, according to CoinMarketCap data. Within the same timeframe, Bitcoin's market cap declined to $1.228 trillion, with BTC volume falling by 16.6% to $25.47 billion.

Bitcoin, experiencing three consecutive days of decline, highlights the first support level at 61,765, with the level of 60,840 also holding significance below this area. The third support level to consider would be 59,600. Although it appears to have retested the broken downward trend line, any selling momentum in this area could lead the price back into a sideways range. Therefore, the first resistance level to monitor upward movements would be the range of 63,350-63,400. Without surpassing this range, it would be difficult to anticipate further upward momentum and increase the likelihood of selling pressure. However, if this range is breached, the first resistance level to watch would be 64,750. If surpassed, a rally towards the 66,000 level could be expected.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
66,000	64,750	63,400	61,765	60,840	59,600