Hassan Maishera
TL;DR
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The cryptocurrency market was bearish over the weekend, with most coins and tokens in the red zone.
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Bitcoin is trading within the $40k region and could dip lower in the coming hours.
BTC Could Drop to the $40,266 Support Level
Bitcoin, the world’s leading cryptocurrency by market cap, has been underperforming over the last few days. It lost more than 2% of its value over the weekend and is now trading just below the $41k level.
The poor performance comes as the market continues to face selling pressure since the spot Bitcoin exchange-traded funds (ETFs) were approved earlier this month. At press time, the price of Bitcoin stands at $40,915.
With the bears currently in control, Bitcoin could touch the next support level at $40,266 if the momentum is maintained. An extended level of bearish performance could see Bitcoin touch the $38k support region for the first time since November 2023.
With Bitcoin underperforming, altcoins are also in the red. Ether, the second-largest cryptocurrency by market cap, has lost 2% of its value and is now trading at $2,421 per coin.
Solana, Cardano, Dogecoin, and Avalanche are all down by more than 3% in the last 24 hours. With Bitcoin and the leading altcoins all underperforming, the total cryptocurrency market cap has dropped to $1.61 trillion, down by more than 2% over the weekend.
