The cryptocurrency market has performed well over the past 24 hours, erasing some of the losses recorded over the weekend.
The cryptocurrency market has been performing well since the beginning of the week. The market has increased its value by about 6% in the past 24 hours, with the total market capitalization now above $900 billion.
The performance comes after a poor end to last week, where the overall market cap fell to nearly $800 billion.
Bitcoin, the world’s largest cryptocurrency by market cap, is currently outperforming the broader market. Bitcoin has increased its value by about 6% in the last 24 hours and is now trading above $20k per coin.
Breaking the $20k psychological level is an important step for BTC as the cryptocurrency has been struggling in recent days. Last week, bitcoin fell below $18k for the second time in a month.
However, BTC has recovered well and could target the $21k resistance level if the rally continues.
prime level to watch
BTC/USD 4-hours chart is positive as Bitcoin has been performing well since the start of the week. Technical indicators suggest that BTC is likely to rise if the bulls remain in control.
The MACD line is near the neutral zone and if the rally continues, it may move into the positive zone. The 14-day relative strength index of 63 suggests that bitcoin could soon enter overbought territory if market conditions improve.
At press time, BTC is trading above $20,200. If the rally continues, BTC may cross the $21k resistance level before the end of the day. However, it would require support from the broader markets to move above the $22,199 resistance level in the near term.
We are still in a bear market, and bitcoin could lose its $20k support if it does not break the $21k resistance level soon. BTC should stay above the $18,564 support level in the near term unless there is an extended bearish breakout.