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Bitcoin falls below $40,000. Will it crash to $35,000 soon?

 


The broader cryptocurrency market has underperformed over the past few days.


The cryptocurrency market has underperformed since the beginning of the week. In the last 24 hours, the entire cryptocurrency market has lost more than 4% of its value, causing the total market cap to fall below $1.9 trillion.


Bitcoin remains the leading cryptocurrency by market cap, but continues to suffer from the bearish sentiment that is currently prevailing. In the last 24 hours, Bitcoin has lost more than 5% of its value.


At the time of writing, Bitcoin is trading at $40,171 after briefly dipping below the $40,000 support level a few hours ago. In the past seven days, Bitcoin has lost more than 13% of its value, effectively erasing the gains it accumulated late last month.


Bitcoin was previously trading around $45,000 and the bullish momentum meant it could challenge the $50,000 psychological level. However, given the current market trend, Bitcoin might struggle to defend its position above USD 35,000 in the coming days or weeks.


Important levels at a glance

The 4-hour chart of BTC/USD is currently bearish as Bitcoin continues to underperform. Technical indicators also show that it is among the worst performers among the top 10 cryptocurrencies by market cap.


The MACD line has fallen below the neutral zone, indicating strong bearish momentum for Bitcoin right now.




The 14-day relative strength index of 31 shows that Bitcoin is currently in oversold territory.


If the bearish momentum continues, Bitcoin could break below the first major support price at $38,886 before the end of the day. However, in the short term, it should defend its position above the second major support level at $37,528.


However, if bullish momentum returns, bitcoin could trade above the USD 42,000 resistance level in the coming hours. It would need the support of the broader market to revisit the $44,000 level in the coming hours or days.

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