Bitcoin defends its price above $20k

The cryptocurrency market has misplaced practically $100 billion over the previous 24 hours because the bearish development continues.

The bear market is right here, and it’s in full movement. The cryptocurrency market has misplaced greater than $2 trillion because the all-time excessive of $3 trillion was achieved in November 2022.

At press time, the overall market cap stands under the $900 billion area. Bitcoin and the opposite main cryptocurrencies have recorded large losses over the previous few days.

At press time, Bitcoin is buying and selling above the $21k resistance stage, down by greater than 4% within the final 24 hours.

The cryptocurrency’s efficiency has improved because it barely dropped under the $21k stage a couple of hours in the past.

Bitcoin’s complete market cap has dropped under the $500 billion mark for the primary time this 12 months. In November, Bitcoin’s complete market cap rose to an all-time excessive above $1 trillion.

Nonetheless, the main cryptocurrency has misplaced greater than 65% of its worth since then.

Key ranges to look at

The BTC/USD 4-hour chart is extraordinarily bearish as Bitcoin has been underperforming in current days. The technical indicators present that Bitcoin might document additional losses within the brief time period.

The MACD line is throughout the detrimental territory, indicating an excessive bearish situation. The 14-day relative energy index of 26 exhibits that Bitcoin is at present oversold.

At press time, Bitcoin is buying and selling round $21,183. If the bearish sentiment grows stronger, Bitcoin might retest the $20k help once more earlier than the top of the day. Nonetheless, the main cryptocurrency ought to keep away from the sub $19,300 help stage within the brief time period.

On the flip facet, the bulls might mount a restoration problem and push Bitcoin previous the $22k resistance stage over the subsequent few hours. Nonetheless, Bitcoin might discover it powerful to surge previous the second resistance stage at $24,012 earlier than the top of the day.