The broader cryptocurrency market has underperformed in recent weeks.
The crypto market has been in a bearish trend for the past few days. Since the start of the week, the market has lost more than $400 billion.
So far, the crypto market has lost more than 16% of its value and the total market cap is now above $1.1 trillion. The cryptocurrency market has lost more than 50% of its value since hitting a record $3 trillion in November 2021.
Bitcoin remains the number one cryptocurrency by market capitalization. With a market cap of over $500 billion, Bitcoin has lost more than 50% of its value in the past six months.
At the time of writing, Bitcoin is trading at $28,415 per coin, down more than 11% in the last 24 hours. Bitcoin has lost more than 50% of its value since hitting a record high of $69k in November 2021.
Main levels to watch
The BTC/USD 4 hour chart is bearish as Bitcoin has underperformed in recent weeks. The technical indicators show that Bitcoin is currently in a bearish trend.
The MACD line is below the neutral zone, indicating bearish momentum. The 14-day relative strength index of 26 shows that Bitcoin is currently oversold.
If bearish momentum continues, Bitcoin could dip below the first major support level of $26,762 before the end of the day. In the event of an extended bearish period, Bitcoin will trade below the $25k level for the first time in nearly a year.
However, if the bulls regain control of the market, Bitcoin could retest the USD 30k resistance level soon. The USD 33k resistance level should limit further upward movement in the near term.