The cryptocurrency market has lost nearly $100 billion in the past 24 hours as the bearish trend continues.
The bear market is here, and it is in full swing. The cryptocurrency market has lost over $2 trillion since hitting an all-time high of $3 trillion in November 2022.
As of press time, the overall market cap is well below the $900 billion region. Bitcoin and other major cryptocurrencies have registered huge losses over the past few days.
At press time, bitcoin is trading above the $21k resistance level, down over 4% in the past 24 hours.
The cryptocurrency has improved its performance as it dipped slightly below the $21k level a few hours ago.
Bitcoin’s total market cap has fallen below $500 billion for the first time this year. In November, the total market cap of bitcoin increased to over $1 trillion.
However, the leading cryptocurrency has lost over 65% of its value since then.
prime level to watch
The BTC/USD 4-hours chart is very bearish as bitcoin has underperformed in recent days. Technical indicators suggest that Bitcoin could register further losses in the near term.
The MACD line is in negative territory, which is indicating extreme bearish conditions. The 14-day Relative Strength Index of 26 shows that Bitcoin is currently oversold.
At press time, bitcoin is trading around $21,183. If the bearish sentiment strengthens, Bitcoin could retest the $20,000 support level before the end of the day. However, the major cryptocurrency should stay away from the support levels below $19,300 in the near term.
On the other hand, the bulls are likely to face a recovery challenge in the coming hours and propel bitcoin above the $22k resistance level. However, bitcoin may find it difficult to move above the second resistance at $24,012 before the end of the day.