Bitcoin could drop below $16k as the bearish trend continues

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Bitcoin has lost over 20% of its value in the past seven days and could register further losses this week.

The cryptocurrency market has recorded its worst week ever this week. Bitcoin and other major cryptocurrencies have been underperforming over the past few days.

Bitcoin, the world’s leading cryptocurrency, has lost over 20% of its value in the past seven days. It was trading above $20k per coin a week ago, but is now trading around $16,500 per week.

The bearish performance comes after the collapse of cryptocurrency exchange FTX. FTX was one of the top five crypto exchanges in the world, and its collapse has plunged the crypto market into a deep bearish trend.

Filed for crypto exchange Chapter 11 Bankruptcy After its collapse last week. The total cryptocurrency market is currently at around $831 billion, with more than $150 billion in losses in the past few days.

With bitcoin trading above $16k, the leading cryptocurrency is likely to register further losses in the coming days.

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The BTC/USD 4-hours chart is very bearish as Bitcoin has underperformed over the past few days. Bitcoin technical indicators suggest that bears are currently in control.

BTC/USD chart by TradingView

The MACD line is deep inside the negative zone, which indicates that the bulls may not regain control for the time being. The 14-day Relative Strength Index of 35 suggests that Bitcoin could enter oversold territory if the bearish trend continues.

As of press time, BTC is trading at $16,620 per coin, down more than 1% over the past 24 hours. As the bears remain in control, BTC is likely to decline below the $16,004 support in the near term.

In an extended bearish scenario, bitcoin could trade near the $15,669 level for the second time in a week.

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