The more comprehensive cryptocurrency market has been underperforming over a previous couple of days.
The cryptocurrency market has been underperforming because of the start of the week. In the last 24 hours, the overall cryptocurrency market has lost more than 4% of its worth, leading to the overall market cap dropping listed below $1.9 trillion.
Bitcoin stays the leading cryptocurrency by market cap however continues to suffer due to the bearish belief presently at play. Over the last 24 hours, Bitcoin has lost more than 5% of its worth.
At press time, Bitcoin is trading at $40,171 after briefly decreasing listed below the $40 k assistance level a couple of hours earlier. In the previous 7 days, Bitcoin has lost more than 13% of its worth, successfully eliminating the gains it had collected late last month.
Bitcoin was formerly trading around $45 k, and the bullish momentum suggested it might challenge the $50 k mental level. With the present market pattern, Bitcoin might have a hard time safeguarding its position above $35 k over the coming days or weeks.
Key levels to enjoy
The BTC/USD 4-hour chart is presently bearish as Bitcoin continues to underperform. The technical indications likewise reveal that it is among the worst entertainers among the top 10 cryptocurrencies by market cap.
The MACD line has dropped listed below the neutral zone, suggesting strong bearish momentum for Bitcoin at the minute.
The 14- day relative strength index of 31 reveals that Bitcoin is presently in the oversold area.
If the bearish momentum continues, Bitcoin might drop listed below the very first significant assistance cost at $38,886 before completion of the day. It ought to safeguard its position above the 2nd significant assistance level at $37,528 in the brief term.
However, if the bullish momentum returns, Bitcoin might trade above the $42 k resistance level over the coming hours. It would require the assistance of the wider market to reach the $44 k level once again over the coming hours or days.