Bitcoin is trading below $19k again and could dip further

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Bitcoin reclaimed its $20k resistance level yesterday but could not sustain it as the broader market started a bearish run.

Bitcoin, the world’s leading cryptocurrency, has been underperforming over the past few hours. It has lost over 7% of its value in the last 24 hours despite a positive start to the week.

The poor performance coincided with the broader cryptocurrency market. The total cryptocurrency market is currently below $920 billion, down more than 5% in the past 24 hours.

After performing well earlier this week, bitcoin hit the $20k mark. However, the bears took control of the market, and BTC is now trading at around $18,700 per coin.

Ether, the second largest cryptocurrency by market cap, crossed the $1,300 resistance earlier this week. However, it is now down more than 7% in the last 24 hours and is trading around $1,280 per coin.

prime level to watch

BTC/USD 4-hours chart is in a bearish direction as Bitcoin is relinquishing some of the gains it accumulated earlier this year. Technical indicators suggest that bitcoin is currently underperforming against the broader market.

BTC/USD chart by TradingView

The MACD line remains above the neutral zone, but if the bearish trend continues, it may soon drop into the negative zone.

Furthermore, the 14-day relative strength index of 41 suggests that Bitcoin could enter oversold territory if the bears remain in charge.

As of press time, BTC is trading at $18,717 per coin. If the bearish trend continues, bitcoin could drop below the first major support at $18,298 in the coming hours.

Bitcoin has managed to stay above $18k in recent weeks, and bulls may defend their positions above that price in the near term.

The bulls may also gain control of the market before the end of the week and push bitcoin to the psychological level of $20k once again.

However, unless an extended bullish break occurs, bitcoin should stay away from the $20,819 resistance level in the coming days.


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