The broader cryptocurrency market is down by greater than 2% within the final 24 hours.
The cryptocurrency market has been underperforming over the previous 24 hours. Following final week’s rally, the broader market began this week in a bearish vogue.
The crypto market has misplaced greater than 2% of its worth within the final 24 hours, with the entire market cap nonetheless above the $1 trillion mark.
Bitcoin rallied near the $24k mark final week, including greater than 10% to its worth inside seven days. Nonetheless, it has shed a few of its positive factors and is down by greater than 2% within the final 24 hours.
At press time, Bitcoin is buying and selling above the $22k degree and dangers dropping under this psychological level if the broader cryptocurrency market continues to underperform.
Key ranges to observe
The BTC/USD 4-hour chart has turned bearish as Bitcoin has been underperforming over the previous 24 hours. The technical indicators present that Bitcoin has been struggling over the previous few days.
The MACD line has dropped under the impartial zone, indicating that the bears are at the moment in charge of the broader cryptocurrency market.
The 14-day relative power index of 39 reveals that Bitcoin might enter the oversold area if the bears stay in management.
At press time, Bitcoin is buying and selling round $22k per coin. If the bearish sentiment continues, the main cryptocurrency might drop under the $21,549 help degree.
Within the occasion of an prolonged bearish efficiency, BTC might drop under the $21k help degree for the primary time in every week.
Nonetheless, the bulls have been capable of pull BTC above $20k every week in the past and will regain management of the market within the brief time period. If that occurs, BTC might surge previous the $22,500 resistance degree once more earlier than the top of the day.
Until there may be an prolonged bullish momentum, BTC might discover it exhausting to maneuver previous the $23,500 resistance degree within the brief time period.