The cryptocurrency market is underperforming again and the prices of major coins could drop in the next few hours.
The broader cryptocurrency market has resumed its downtrend, with the total market cap dropping over $100 billion in recent 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 drop further in 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 at around $36,000 per coin.
There isn't a big catalyst behind the latest bad trend, with the bears regaining control after the bullish performance.
Bitcoin’s value could drop below the $35K level in the next few hours or days if the current trend continues. Bitcoin is currently facing a lot of selling pressure with little buying pressure coming from the market.
Unless the bulls regain control, BTC could drop further in the coming hours and days. Last week, BTC added just 1% to its value.
Key levels to watch
The 4-hour chart BTC/USD is currently bearish as the top cryptocurrency continues to face selling pressure from the market. Technical indicators show that Bitcoin is struggling at the moment and could post more losses soon.
As of press time, BTC is trading at $36,378, below the 50-day moving average price of $39,066. The MACD line is below the neutral zone, indicating strong 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 holds, Bitcoin’s value could drop below the psychological $35K level before the end of the week.
Unless there is a prolonged sell-off, BTC is expected to remain above the second key support level at $33,713.
The post Will Bitcoin fall below the $35K mark again? appeared first on Bitcoin Guide.