The cryptocurrency market is underperforming again, and the prices of the major coins could drop over the coming hours.
The broader crypto market has resumed its bearish trend, with the total market cap down by over $100 billion over the past few days.
Earlier this week, the total cryptocurrency market cap was above $1.7 trillion. However, it has now dropped to the $1.6 trillion region and could dip further over the coming hours and days.
Bitcoin, the leading cryptocurrency, has lost more than 2% of its value in the last 24 hours. At press time, Bitcoin is trading around $36k per coin.
There is no major catalyst behind the latest poor trend, with the bears regaining control following the bullish performance.
Bitcoin’s value could drop below the $35k level over the coming hours or days if the current trend is maintained. At the moment, Bitcoin is facing a lot of selling pressure with little buying pressure coming from the market.
Unless the bulls regain control, BTC could drop lower over the coming hours and days. Over the past week, BTC has only added 1% to its value.
Key levels to watch
The BTC/USD 4-hour chart is currently bearish as the leading cryptocurrency continues to face selling pressure from the market. The technical indicators show that Bitcoin is struggling at the moment and could record further losses soon.
At press time, BTC is trading at $36,378, below its 50-day moving average price of $39,066. The MACD line is below the neutral zone, indicating heavy selling pressure on Bitcoin at the moment.
The 14-day relative strength index of 36 shows that Bitcoin is currently in the oversold region. If the current momentum is maintained, Bitcoins value could slip below the $35k psychological level before the end of the week.
Unless there is an extended sell-off, BTC should stay above the second-major support level at $33,713.
