TL;DR
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Bitcoin has dropped toward the $27,500 mark as the bears remain in control
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The leading cryptocurrency could dip lower over the coming hours.
Bitcoin Sheds 8% In One Week
Bitcoin, the world’s leading cryptocurrency by market cap, has been underperforming over the past few days. The coin has lost more than 8% of its value over the past seven days and is now struggling below the $28k level.
At press time, BTC is trading at $27,435, down by less than 1% in the last 24 hours. The poor performance comes as the bears assume control of the market.
Bitcoin’s performance has affected the broader cryptocurrency market, with the total crypto market cap now at $1.16 trillion, down by 1% so far today.
Ether, the second-largest cryptocurrency by market cap, is also trading at $1,831, down from the high of $2,141 it achieved barely a week ago following the Shanghai upgrade.
Bitcoin could record further losses over the next few hours and days as the technical indicators show that it is currently underperforming. The MACD line is below the neutral zone, indicating that the bears are currently in control of the market.
The 14-day relative strength index of 37 also shows that Bitcoin is currently in the oversold region. If the bearish trend continues, Bitcoin could drop toward the next support level at $27,188 before the end of the day.
However, if the bulls regain control of the market, BTC could rally toward the $27,988 resistance level in the near term.