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Bitcoin has lost more than 20% of its value over the past 7 days and is likely to record further losses this week.
The cryptocurrency market has probably had its worst week ever this week. Bitcoin and other major cryptocurrencies have been performing poorly over the past few days.
BitcoinThe world’s leading cryptocurrency has lost more than 20% of its value in the last seven days. A week ago it was trading at over $20,000 per coin, and now it is trading at around $16,500 per week.
The bearish performance follows the collapse of cryptocurrency exchange FTX. FTX is one of the top 5 cryptocurrency exchanges in the world and its collapse has plunged the cryptocurrency market into a severe bearish trend.
Applied crypto exchange Chapter 11 Bankruptcy Last week following the collapse. The cryptocurrency market is currently at about $831 billion and he has lost over $150 billion over the past few days.
The major cryptocurrency could record further losses in the coming days as Bitcoin holds above $16,000.
The BTC/USD 4-hour chart is very bearish as Bitcoin has been underperforming for the past few days. Bitcoin technical indicators show that the bears are now in control.
The MACD line is deep in the negative territory, indicating that the bulls may not regain control for some time. A 14-day Relative Strength Index of 35 indicates that Bitcoin could enter oversold territory if the bearish trend continues.
At the time of writing, BTC is trading at $16,620 per coin, down more than 1% over the past 24 hours. With the bears still in control, BTC could break below the $16,004 support level soon.
Bitcoin could trade near $15,669 for the second time in a week if the bearish move continues.
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