The cryptocurrency market lost billions over the weekend as leading coins and tokens underperformed.
Bearish sentiment intensified across the cryptocurrency market over the weekend, with Bitcoin and other major assets posting significant declines.
In the last 24 hours, the total market capitalization of cryptocurrencies fell by more than 12%, and currently sits just above $970 billion. That decline means the market has lost over 60% of its value since the all-time high near $3 trillion reached in November 2022.
Bitcoin remains the sector leader but has suffered notable losses in recent weeks. At the time of reporting, Bitcoin traded above $24,000 per coin, down more than 12% over the past 24 hours.
The downside pressure followed a move by Celsius, a major cryptocurrency lending platform, which paused withdrawals, citing extreme market conditions.
Celsius manages over $12 billion in assets, so its decision carried substantial weight across the market. The company said:
“Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, swaps, and transfers between accounts.”
Key levels to watch
The BTC/USD 4-hour chart is strongly bearish after Bitcoin’s underperformance over the past day. Technical indicators currently point to downward momentum.
The MACD sits below the neutral line, indicating weakness in BTC’s short-term trend. The 14-day RSI reads around 17, signaling that Bitcoin is in oversold territory.
At the time of writing, Bitcoin traded near $24,053 per coin. If the bearish trend persists, BTC could break the $22,000 support level before the end of the day. With an extended decline, Bitcoin may test the $20,000 support level for the first time this year.