BTC could drop below $35k as bearish sentiment continues

The cryptocurrency market has performed poorly over the past 24 hours, with more than $100 billion wiped out during that period.

The bearish sentiment in the crypto market returned over the past 24 hours, with the market losing over $100 billion during that period. The broader crypto market is down by 6.85% in the last 24 hours, its biggest loss recorded in recent weeks.

At press time, the total cryptocurrency market cap stands around $1.67 trillion, down from the $1.79 trillion reported yesterday.

Bitcoin, the world’s largest cryptocurrency by market cap, is one of the poorest performers over the past 24 hours. BTC has lost more than 8% of its value during that period and now trades above the $36k level.

The bearish run could see Bitcoin drop below the $35k resistance level for the first time this month. As usual with the crypto market, Bitcoin’s poor performance has affected the other top cryptocurrencies.

All the cryptocurrencies in the top 100 list are trading in the red zone except Anchor Protocol, which is up by more than 6% in the last 24 hours.

Key levels to watch

The BTC/USD 4-hour chart is currently bearish as Bitcoin has lost more than 8% of its value recently. The technical indicators show that the bearish sentiment in the market remains strong.

The MACD line has slipped below the neutral zone thanks to Bitcoin’s ongoing poor performance. The 14-day RSI of 28 shows that Bitcoin is currently oversold. 

At press time, Bitcoin is trading at $35,901. If the bearish trend continues, BTC could slip below the $35k level for the first time in weeks. In the event of an extended poor performance, Bitcoin could be forced to defend the second major resistance level around $33,800.