The cryptocurrency market has performed poorly over the past 24 hours, with over $100 billion being wiped out during that period.
The bearish sentiment in the cryptocurrency market has returned over the past 24 hours, with the market losing over $100 billion during this period. The broader crypto market is down 6.85% in the past 24 hours, its biggest loss recorded in recent weeks.
At press time, the total cryptocurrency market cap is approximately $1.67 trillion, down from the $1.79 trillion reported yesterday.
Bitcoin, the world’s largest cryptocurrency by market cap, has been one of the worst performers in the past 24 hours. BTC has lost over 8% of its value during that period and is now trading above the $36k level.
Bitcoin could break below the $35k resistance level for the first time this month in a bearish turn. As always with the crypto market, the poor performance of bitcoin has affected other top cryptocurrencies.
All cryptocurrencies in the top 100 list are trading in the red zone, except for Anchor Protocol, which is up more than 6% in the last 24 hours.
prime level to watch
The BTC/USD 4-hours chart is currently bearish as bitcoin has lost over 8% of its value recently. Technical indicators suggest that the bearish sentiment in the market remains strong.
The MACD line has slipped below the neutral zone as Bitcoin underperformed. The 14-day RSI of 28 shows that bitcoin is currently oversold.
At press time, bitcoin is trading at $35,901. If the bearish trend continues, BTC could drop below the $35k level for the first time in weeks. In the event of prolonged underperformance, bitcoin may be forced to defend another key resistance near $33,800.