The cryptocurrency market has misplaced almost $100 billion over the previous 24 hours because the bearish development continues.
The bear market is right here, and it’s in full movement. The cryptocurrency market has misplaced greater than $2 trillion for the reason that all-time excessive of $3 trillion was achieved in November 2022.
At press time, the overall market cap stands beneath the $900 billion area. Bitcoin and the opposite main cryptocurrencies have recorded huge losses over the previous few days.
At press time, Bitcoin is buying and selling above the $21k resistance degree, down by greater than 4% within the final 24 hours.
The cryptocurrency’s efficiency has improved because it barely dropped beneath the $21k degree just a few hours in the past.
Bitcoin’s whole market cap has dropped beneath the $500 billion mark for the primary time this 12 months. In November, Bitcoin’s whole market cap rose to an all-time excessive above $1 trillion.
Nonetheless, the main cryptocurrency has misplaced greater than 65% of its worth since then.
Key ranges to look at
The BTC/USD 4-hour chart is extraordinarily bearish as Bitcoin has been underperforming in current days. The technical indicators present that Bitcoin might document additional losses within the quick time period.
The MACD line is throughout the adverse territory, indicating an excessive bearish situation. The 14-day relative energy index of 26 exhibits that Bitcoin is presently oversold.
At press time, Bitcoin is buying and selling round $21,183. If the bearish sentiment grows stronger, Bitcoin might retest the $20k assist once more earlier than the top of the day. Nonetheless, the main cryptocurrency ought to keep away from the sub $19,300 assist degree within the quick time period.
On the flip facet, the bulls might mount a restoration problem and push Bitcoin previous the $22k resistance degree over the subsequent few hours. Nonetheless, Bitcoin might discover it powerful to surge previous the second resistance degree at $24,012 earlier than the top of the day.