The cryptocurrency space suffered huge losses over the weekend, with the prices of most coins down by more than 5% during that period.
The broader cryptocurrency market has been in a bearish run for the past few weeks. Bitcoin reached a new all-time high above the $69k mark during the early days of November. However, the leading cryptocurrency has been suffering losses since then.
Prior to this weekend, Bitcoin was trading just above the $55k level per coin. However, BTC suffered huge losses over the weekend and is now trading below the $50k level for the first time since October.
At press time, BTC is trading at $$48,820 per coin, down by more than 30% from the all-time high it achieved a few weeks ago. The leading cryptocurrency's price is down by more than 10% over the past 24 hours and could record further losses before the end of the day.
Key levels to watch
The BTC/USD 4-hour chart is one of the most bearish amongst the top ten cryptocurrencies by market cap. In the past 24 hours, BTC has lost more than 10% of its value, making it one of the top losers.
The RSI has dropped towards the 52 mark, indicating that it is heading towards the oversold region. The MACD line remains below the neutral zone, showing that the bears are currently in control of the market.
If the current market trend continues, then BTC will be forced to defend its first major support level at $46,781. In the event of an extended bearish performance, BTC could drop below the $45k level for the first time since August. The resistance level at $43,809 should limit further downward movement in the short term.
However, if the bulls regain control of the market, BTC could rally past the $50k and hit the first major resistance level at $50,371. An extended bullish performance from BTC and the broader cryptocurrency market could see it rally towards the $54k level in the short term.