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Monday, December 5, 2022
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    HomeMarketBitcoin could rally past the $22k resistance level as it breaks $20,500

    Bitcoin could rally past the $22k resistance level as it breaks $20,500

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    Bitcoin is seeking to commerce above the $21k stage for the primary time this month after including greater than 7% to its worth within the final 24 hours.

    The cryptocurrency market has continued its glorious begin to the week. Bitcoin, the world’s main cryptocurrency by market cap, has been performing excellently during the last 24 hours.

    Bitcoin has added greater than 7% to its worth to this point in the present day. This rally has seen Bitcoin transfer previous the $20k psychology stage for the primary in two weeks.

    At press time, Bitcoin is buying and selling above $20,600 per coin. Because the market continues to get better, Bitcoin may rally previous the $21k stage for the primary time this month.

    The rally comes because the broader cryptocurrency market continues its glorious begin to the week. The full crypto market cap presently stands at $997 billion, up by greater than 7% within the final 24 hours.

    If the market continues its upward motion, the overall market cap may cross the $1 trillion mark earlier than the tip of the day. Ether is buying and selling above $1,500 for the primary time this month, up by 12% within the final 24 hours. 

    Key ranges to observe

    The BTC/USD 4-hour chart is bullish, as Bitcoin has been performing nicely during the last 24 hours. The technical indicators present that Bitcoin is acting on par with the broader market. 

    BTC/USD Chart By TradingView

    The MACD line is deep inside the constructive zone, indicating that the bulls at the moment are in charge of the market. The 14-day RSI of 77 additionally exhibits that Bitcoin may quickly enter the overbought area if the rally continues.

    At press time, Bitcoin is buying and selling at $20,604 per coin. If the bullish development continues, Bitcoin may surge previous the primary main resistance stage at $21,312 earlier than the tip of the day.

    Within the occasion of an prolonged bullish run, Bitcoin may commerce above $22,600 for the primary time in additional than a month. 

    The place to purchase Bitcoin now

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