The cryptocurrency market could end the week in losses as the bearish trend continues.
The cryptocurrency market has been in a bearish trend over the past few days. Since the start of the week, the market has shed more than $100 billion.
The latest bearish performance saw the market lose more than 5% in the last 24 hours, and the total market cap now stands above $1.1 trillion. The bulls would be forced to ensure that the total cryptocurrency market cap stays above $1 trillion in the coming days.
Bitcoin remains the number one cryptocurrency globally in terms of market cap. BTC has lost more than 2% of its value in the last 24 hours and currently trades above $28k per coin.
Over the past seven days, Bitcoin has lost nearly 4% of its value. The leading cryptocurrency reached an all-time high of $69k in November 2021. However, it has lost more than 50% of its value since then.
If the bearish trend continues, Bitcoin could drop into the $27k zone over the weekend.
Key levels to watch
The BTC/USD 4-hour chart is bearish as Bitcoin has been underperforming since the start of the week. The technical indicators show that the leading cryptocurrency is currently struggling.
The MACD line is below the neutral zone and currently reads -32, indicating a bearish sentiment in the market. The 14-day relative strength index of 41 shows that Bitcoin could soon enter the oversold region if the current market momentum is maintained.
At press time, BTC is trading at $28,987. If the bearish trend continues, Bitcoin could slip below the first major resistance level at $28,109 before the end of the day. If there is a massive sell-off, BTC could be forced to defend the second major resistance at $27,649 over the next few days.
However, if the bulls regain control, Bitcoin could attempt to regain its position of around $30k over the next few hours or days.Â
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