The broader cryptocurrency market is down by greater than 2% in 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 style.
The crypto market has misplaced greater than 2% of its worth in the final 24 hours, with the complete 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. However, it has shed a few of its beneficial properties and is down by greater than 2% in the final 24 hours.
At press time, Bitcoin is buying and selling above the $22k level and dangers dropping below 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 below the impartial zone, indicating that the bears are at present in charge of the broader cryptocurrency market.
The 14-day relative power index of 39 exhibits that Bitcoin could 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 could drop below the $21,549 assist level.
In the occasion of an prolonged bearish efficiency, BTC could drop below the $21k assist level for the first time in every week.
However, the bulls have been in a position to pull BTC above $20k every week in the past and could regain management of the market in the brief time period. If that occurs, BTC could surge previous the $22,500 resistance level once more earlier than the finish of the day.
Unless there’s an prolonged bullish momentum, BTC could discover it exhausting to maneuver previous the $23,500 resistance level in the brief time period.