This week, the cryptocurrency market may have had its worst week yet. Bitcoin and other leading cryptocurrencies have underperformed in recent days.

Over the last seven days, Bitcoin, the world's leading cryptocurrency, has lost more than 20% of its value. A week ago, it was trading above $20k per coin, but it is now 

The bearish performance follows the demise of cryptocurrency exchange FTX. FTX was one of the top five crypto exchanges in the world, and its demise has sent the crypto market into a tailspin.

Following its collapse, the cryptocurrency exchange filed for Chapter 11 bankruptcy last week. The total cryptocurrency market is now worth around $831 billion, down more than $150 billion in the last few days.

With Bitcoin remaining above $16,000, the leading cryptocurrency may suffer further losses 

Levels to keep an eye on

The BTC/USD 4-hour chart is extremely bearish, indicating that Bitcoin has been underperforming in recent days. The technical indicators for Bitcoin show that the bears are currently in control.

TradingView's Bitcoin/USD Chart

The MACD line is deep in negative territory, implying that the bulls may not regain control for some time. If the bearish trend continues, the 14-day relative strength index of 35 indicates that Bitcoin may enter the oversold region.

BTC is currently trading at $16,620 per coin, down more than 1% in the last 24 hours. With the bears still in charge, BTC may 

In the event of a prolonged bearish trend, Bitcoin could trade near $15,669 for the second time in a week.