The cryptocurrency market is recovering from the downturn in the past two days.
The cryptocurrency market is trading in the green zone after a poor performance over the past two days. The market has increased its value by more than 1% in the past 24 hours, but the overall market capitalization remains below $1.3 trillion.
Solana’s poor performance has affected the broader market as the network experienced another downtime two days ago.
Bitcoin, the world’s largest cryptocurrency by market cap, is once again holding its ground despite falling below the $30k mark.
The world leading cryptocurrency is up less than 1% over the past 24 hours and is currently trading above $29,900 per coin.
The total market cap of bitcoin is at the level of $570 billion. This means that bitcoin has lost over 50% of its value in the past seven months since hitting an all-time high of $69k in November 2021. At the time, the total cryptocurrency market capitalization was above $1.1 trillion.
prime level to watch
Bitcoin is currently trading in the green zone, despite this it is currently bearish on the 4-hours chart of BTC/USD. Technical indicators suggest that Bitcoin has been underperforming in recent days.
The 14-day Relative Strength Index of 42 suggests that Bitcoin could enter oversold territory if the bulls do not push higher. The MACD line is just below the neutral line, which is indicating slight bearish momentum.
If the bulls gain further control over the market, bitcoin could comfortably move above the key $30,500 resistance area. BTC is finding it difficult to stay above the $32k resistance level, and this could escalate over the weekend.
BTC may struggle to defend its position above the first support at $28,750 in the next few hours or days in the event that the bears regain control.
