BTC drops below $30k again

The cryptocurrency market is recovering from the slump it suffered over the past two days.

The cryptocurrency market is trading in the green zone after underperforming over the last two days. The market has added more than 1% to its value in the last 24 hours, but the total market cap remains below $1.3 trillion.

Solana’s poor performance has affected the broader market as the network experienced yet another downtime two days ago.

Bitcoin, the world’s largest cryptocurrency by market cap, maintains its position despite dropping below the $30k mark once again.

The world’s leading cryptocurrency is up by less than 1% over the last 24 hours and currently trades above $29,900 per coin. 

Bitcoin’s total market cap is down to the $570 billion level. This means that Bitcoin has lost more than 50% of its value in the last seven months since hitting an all-time high of $69k in November 2021. At the time, the total cryptocurrency market cap was above $1.1 trillion.

Key levels to watch

The BTC/USD 4-hour chart is currently bearish despite Bitcoin currently trading in the green zone. The technical indicators show that Bitcoin has been underperforming in recent days.

The 14-day relative strength index of 42 shows that Bitcoin could enter the oversold region if the bulls don’t push its price higher. The MACD line is just below the neutral line, indicating slight bearish momentum. 

If the bulls regain further control of the market, Bitcoin could comfortably move past the major resistance level at $30,500. BTC has found it hard to stay above the $32k resistance level, and that could remain the case heading into the weekend.

In the event that the bears regain control, BTC could struggle to defend its position above the first support level at $28,750 over the next few hours or days.