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The broader cryptocurrency market has been underperforming in current weeks.

The crypto market has been in a bearish development for the previous few days. Since the begin of the week, the market has misplaced greater than $400 billion.

So far as we speak, the crypto market has misplaced greater than 16% of its worth, and the whole market cap now stands above $1.1 trillion. The cryptocurrency market has misplaced greater than 50% of its worth since reaching an all-time of $3 trillion in November 2021.

Bitcoin stays the primary cryptocurrency by market cap. With a market cap of greater than $500 billion, Bitcoin has misplaced greater than 50% of its worth over the previous six months.

At press time, Bitcoin is buying and selling at $28,415 per coin, down by greater than 11% in the final 24 hours. Bitcoin has misplaced over 50% of its worth since reaching an all-time excessive of $69k in November 2021.

Key ranges to look at

The BTC/USD 4-hour chart is bearish as Bitcoin has been underperforming in current weeks. The technical indicators present that Bitcoin is at the moment in a bearish development.

The MACD line is below the impartial zone, indicating bearish momentum. The 14-day relative power index of 26 reveals that Bitcoin is at the moment oversold.

If the bearish momentum continues, Bitcoin might slip below the first main help level at $26,762 earlier than the finish of the day. In the occasion of an prolonged bearish interval, Bitcoin will commerce below the $25k level for the first time in practically a yr.

However, if the bulls regain management of the market, Bitcoin might retest the $30k resistance level once more quickly. The resistance level at $33k ought to cap additional upward motion in the quick time period.