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Wednesday, October 5, 2022
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    HomeMarketBitcoin is trading above $20k once again after rallying by 7% today

    Bitcoin is trading above $20k once again after rallying by 7% today

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    Bitcoin is buying and selling above $20k once more after spending many of the week buying and selling beneath that psychological stage.

    The cryptocurrency market has underperformed for the very best a part of the week. Nonetheless, evidently the market will finish the week in a optimistic trend as most cryptocurrencies are buying and selling within the inexperienced zone.

    The whole market cap rose above $1 trillion for the primary time in additional than every week, indicating bullishness inside the market. This comes after the broader market added greater than 5% to its worth within the final 24 hours.

    Bitcoin’s dominance stage available in the market dropped beneath 39% for the primary time in additional than two years. Nonetheless, that hasn’t stopped the main cryptocurrency from performing effectively over the previous few days.

    Bitcoin has added greater than 7% to its worth over the past 24 hours, surging previous the $20k psychological stage. This comes after BTC spent the very best a part of the week buying and selling round $19k per coin.

    Key ranges to look at

    The BTC/USD 4-hour chart has turned bullish as Bitcoin has been performing effectively over the previous 24 hours. The technical indicators present that BTC has been performing higher than the broader crypto market. 

    The MACD line crossed into optimistic territory just a few hours in the past, indicating that the bulls are regaining management of the market. 

    The 14-day relative power index of 73 reveals that Bitcoin may very well be getting into the overbought area if the rally will be sustained. 

    At press time, BTC is buying and selling at $20,757 per coin. If the optimistic momentum continues, BTC may transfer previous the $21,476 resistance stage of the day.

    Within the occasion of prolonged rally over the weekend, BTC may make a transfer for the $22,136 resistance stage.

    The bears may regain management of the market and drag Bitcoin beneath the $20k psychological stage over the weekend. 



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