Bitcoin could slip below $16k as market losses nearly $40 billion

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The cryptocurrency market started the week in a negative way, with most coins losing more than 4% in price over the past 24 hours.

Bitcoin, the world’s leading cryptocurrency by market cap, is underperforming in the past few hours. bitcoin price It has declined by more than 3% in the last 24 hours and is now trading at around $16,071 per coin.

A poor performance could send bitcoin down to the $15k region in the next few hours. There is no major catalyst behind bitcoin’s poor performance as it coincides with the broader crypto market.

After losing 4% of its value in the last 24 hours, the total crypto market cap has fallen below the $800 billion mark for the first time in months.

Ether, the second largest cryptocurrency by market cap, has lost 7% of its value today. ethereum price Now trading at around $1,110 per coin.

key levels to watch

The BTC/USD 4-hours chart is bearish as bitcoin underperformed over the past 24-hours. Technical indicators suggest that the bears are in control.

The MACD lines have moved into the negative territory due to a 3% drop in bitcoin price over the past 24-hours. A 14-day relative strength index of 32 also shows that bitcoin could soon enter oversold territory if the bearish trend continues.

If the bears remain in charge, bitcoin could decline below the first key support at $15,813 before the end of the day. In case of an extended bearish display, BTC could decline towards the $15,500 support.

However, the bulls could stage a comeback and push bitcoin towards the $16,535 resistance in the coming hours. Unless there is a massive bullish run, BTC will find it difficult to move above the $17k resistance in the near term.

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