Bitcoin Trades Around $26k As Market Searches For Stability

TL;DR

• Bitcoin continues to maintain its price around the $26k level but could dip lower soon.

• The market is searching for stability, with most coins and tokens experiencing mixed performances.

Bitcoin Still Holding Around $26k

Bitcoin, the world’s leading cryptocurrency by market cap, experienced one of its worst weeks since the FTX crash in November last year. BTC lost roughly 11% of its value last week, dropping from the $29k region to briefly trade below $26k.

At press time, Bitcoin is trading at $26,032, down by less than 1% in the last 24 hours. The cryptocurrency is searching for stability after defending the support level just above $25k.

If the bearish trend persists, Bitcoin could test the next support level at $24,783 in the near term. However, market bulls might push BTC higher over the next few days, and the cryptocurrency could move towards the next resistance level at $27,347.

While Bitcoin is currently trading in the red zone, Ether, the second-largest cryptocurrency by market cap, is trading in the green zone today. ETH is up by less than 1% in the last 24 hours and is currently trading at $1,671 per coin.

The total cryptocurrency market cap continues to decline as most coins and tokens are underperforming. At the moment, the total cryptocurrency market cap stands at $1.05 trillion.