The cryptocurrency market underperformed over the weekend, and Bitcoin might report additional losses quickly.
The broader cryptocurrency market has been in a bearish development over the weekend. Within the final 24 hours, the full cryptocurrency market cap has dipped by greater than 4% and at present stands above $1.7 trillion.
Over the previous seven days, the broader crypto market has misplaced greater than $200 billion. Bitcoin stays the primary cryptocurrency by market cap however has recorded losses over the previous few days.
At press time, Bitcoin is buying and selling above $38k per coin, down by greater than 2% over the past 24 hours. If the market momentum is maintained, Bitcoin might face additional promoting stress and will slip in direction of the $35k psychological stage earlier than the top of the week.
Key ranges to look at
The BTC/USD 4-hour chart is bearish in the meanwhile because the bearish sentiment available in the market thickens. The technical indicators present that BTC might undergo additional losses over the approaching hours and days.
The MACD line is beneath the impartial zone, indicating sturdy bearish momentum for Bitcoin. The 14-day relative energy index of 48 exhibits that Bitcoin might quickly enter the oversold area if the present market situation persists.
If the bears stay in management, Bitcoin might slip beneath the primary main help stage at $37,102 earlier than the top of the day. This could be the primary time Bitcoin will commerce beneath $38 because the begin of the month.
Within the occasion of an prolonged bearish run, Bitcoin could possibly be pressured to defend the second main resistance stage at $35,289. Bitcoin hasn’t examined the $35k psychological stage since February.
Nevertheless, if the bulls regain management, Bitcoin might take a look at the $40k resistance stage over the following few hours. The second main resistance stage at $42,154 ought to cap any additional upward motion within the quick time period.