The broader cryptocurrency market has been underperforming in current weeks.
The crypto market has been in a bearish development for the previous few days. Because the begin of the week, the market has misplaced greater than $400 billion.
Thus far at present, the crypto market has misplaced greater than 16% of its worth, and the full market cap now stands above $1.1 trillion. The cryptocurrency market has misplaced greater than 50% of its worth since reaching an all-time of $3 trillion in November 2021.
Bitcoin stays the primary cryptocurrency by market cap. With a market cap of greater than $500 billion, Bitcoin has misplaced greater than 50% of its worth over the previous six months.
At press time, Bitcoin is buying and selling at $28,415 per coin, down by greater than 11% within the final 24 hours. Bitcoin has misplaced over 50% of its worth since reaching an all-time excessive of $69k in November 2021.
Key ranges to observe
The BTC/USD 4-hour chart is bearish as Bitcoin has been underperforming in current weeks. The technical indicators present that Bitcoin is presently in a bearish development.
The MACD line is beneath the impartial zone, indicating bearish momentum. The 14-day relative energy index of 26 reveals that Bitcoin is presently oversold.
If the bearish momentum continues, Bitcoin might slip beneath the primary main assist stage at $26,762 earlier than the tip of the day. Within the occasion of an prolonged bearish interval, Bitcoin will commerce beneath the $25k stage for the primary time in practically a 12 months.
Nonetheless, if the bulls regain management of the market, Bitcoin might retest the $30k resistance stage once more quickly. The resistance stage at $33k ought to cap additional upward motion within the quick time period.