Tuesday, December 6, 2022

BTC continues to struggle below $30k

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The cryptocurrency market has struggled over the weekend as the bearish sentiment continues.

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The cryptocurrency market has lost less than 1% of its total value over the past 24 hours. The total crypto market now stands above $1.2 trillion after losing nearly $300 billion the previous week.

Bitcoin remains the world’s largest cryptocurrency by market cap and has been struggling in recent months. At press time, Bitcoin is trading at $29,683, down by 11% over the last seven days.

The leading cryptocurrency has been struggling to regain its value above $30k since dropping below this crucial threshold for the first time this year a few days ago. The Terra crisis has affected the broader cryptocurrency market, and numerous cryptocurrencies are yet to embark on solid recoveries.

If the bearish sentiment continues, Bitcoin could continue to struggle below the $30k psychological level over the coming days.

Key levels to watch

The BTC/USD 4-hour chart is currently bearish as Bitcoin has underperformed in recent days. The technical indicators show that the bearish sentiment could grow thicker in the coming hours.

The MACD line has been below the neutral zone since the 5th of May. The MACD reading currently stands at -75, indicating a bearish trend for Bitcoin. 

The 14-day relative strength index of 49 shows that Bitcoin could drop into the oversold region if the recent market momentum is maintained.

Bitcoin could drop below the first major support level at $28,447 before the end of the day. However, the leading cryptocurrency should maintain its value above the $27,500 support level in the short term.

If the bulls regain control of the market, BTC could rally past the first major resistance level at $31,352 over the coming hours or days. Unless there is an extended bullish performance, the second major resistance level at $35,152 should cap further upward movement over the next few days.

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