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Bitcoin recovered the $20,000 resistance level yesterday, but was unable to sustain it as the broader market embarked on a bearish run.
Bitcoin, the world’s leading cryptocurrency, has been underperforming over the past few hours. Despite a positive start to the week, it has lost more than 7% of its value in the last 24 hours.
The poor performance is consistent with the performance of the broader cryptocurrency market. The entire cryptocurrency market is currently below $920 billion, down more than 5% in the last 24 hours.
Bitcoin reached $20,000 earlier this week after performing well. However, the bears have once again dominated the market and BTC is currently trading around $18,700 per coin.
Ether, the second-largest cryptocurrency by market capitalization, briefly broke above $1,300 resistance earlier this week. However, it is currently down more than 7% in the last 24 hours, trading at around $1,280 per coin.
BTC/USD’s 4-hour chart has turned bearish as Bitcoin has given up some of its accumulated gains earlier this year. Technical indicators show that Bitcoin is currently underperforming against the broader market.
The MACD line remains above the neutral zone but could drop into negative territory soon if the bearish trend continues.
Additionally, a 14-day Relative Strength Index of 41 indicates that Bitcoin could enter oversold territory if the bear market continues.
At the time of writing, BTC is trading at $18,717 per coin. If the bearish trend continues, Bitcoin could break below the first major support level of $18,298 in the next few hours.
Bitcoin has been hovering above $18,000 for the past few weeks, and bulls can defend their positions above that price in the short term.
The bulls may also regain control of the market by the end of the week, pushing Bitcoin back to the $20,000 psychological level.
However, unless the bullish move persists, Bitcoin will have to evade the $20,819 resistance level in the coming days.
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