10.August 2022

Bitcoin defends its support level above $22k as the bearish trend thickens

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The cryptocurrency market shed billions of dollars over the weekend as the top coins and tokens underperform.

The bearish sentiment in the cryptocurrency thickened over the weekend as Bitcoin and other major coins recorded huge losses.

Over the past 24 hours, the total cryptocurrency market cap has dropped by more than 12% and currently stands above $970 billion. This means that the cryptocurrency market has lost more than 60% of its value since reaching an all-time high of $3 trillion in November 2022.

Bitcoin remains the industry leader but has been negatively affected in recent months. At press time, Bitcoin is trading above $24k per coin, down by more than 12% over the past 24 hours.

Celsius has more than $12 billion in assets under management, making its move a substantial one in the cryptocurrency market. The company said;

“Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, swaps, and transfers between accounts.”

The BTC/USD 4-hour chart is extremely bearish as Bitcoin has underperformed over the past 24 hours. The technical indicators show that BTC is currently bearish.

The MACD is below the neutral zone, showing that BTC is currently underperforming. The 14-day RSI of 17 shows that Bitcoin is currently in the oversold region.

At press time, Bitcoin is trading at $24,053 per coin. If the bearish trend continues, BTC could drop below the $22k support level before the end of the day. In the event of an extended negative performance, BTC could test the $20k support level for the first time this year. 


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