Bitcoin could slip below $19k as bulls continue to struggle

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Bitcoin may fall below the $19k support level in the coming hours as the leading cryptocurrency has been underperforming till date.

BitcoinThe world’s leading cryptocurrency by market cap has been underperforming over the past 24 hours. BTC has lost less than 1% of its value in the past few hours.

The poor performance comes despite the broader cryptocurrency market recording gains over the past 24 hours. The total cryptocurrency market cap topped $920 billion, as the market increased its value by over 4% to date.

etherThe second largest cryptocurrency by market cap is also down more than 1% and is now trading below $1,300 per coin.

With Bitcoin currently losing ground, the major cryptocurrency could drop below the $19k level for the first time this month.

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BTC/USD 4-hours chart is bearish as bitcoin has underperformed over the past few days. BTC has lost over 4% of its value in the past seven days and could register further losses in the next few hours and days.

BTC/USD chart by TradingView

The MACD line has been below the neutral zone since Friday, October 7, indicating that the bears are currently in control of the bitcoin market.

The 14-day RSI of 31 shows that BTC could soon enter oversold territory if the bearish trend continues.

At press time, bitcoin is trading at $19,111. If the bearish trend continues, BTC is likely to drop below the first major support at $18,945 before the end of the day.

In an extended bearish scenario, bitcoin could trade near $18,700 for the first time in over a month.

However, the broader market is bullish, and this could affect bitcoin’s performance in the near term. If this happens, bitcoin could move towards the $20k resistance level in the next few hours or days.

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