The cryptocurrency market is having a wonderful Wednesday after underperforming over the previous two days.
The cryptocurrency market is recovering from the losses it recorded earlier this week. After dropping under the $1 trillion mark earlier this week, the full cryptocurrency market at present stands above $990 billion after including greater than 3.5% to its whole worth.
Bitcoin, the world’s main cryptocurrency by market cap, has additionally been performing properly over the previous 24 hours.
After dropping its worth above the $23k degree, Bitcoin risked dropping in the direction of the $20k help degree.
Nevertheless, BTC has added greater than 3% to its worth within the final 24 hours and is at present buying and selling at round $21,700 per coin.
The market has been bullish up to now right this moment, and that might see Bitcoin carry out properly within the coming hours.
America Federal Reserve is anticipated to hike rates of interest later right this moment, and that might have an effect on Bitcoin’s efficiency within the quick time period.
Key ranges to observe
The BTC/USD 4-hour chart is bearish regardless of Bitcoin performing properly during the last 24 hours. The technical indicators present that BTC is at present recovering from its latest losses.
The MACD line stays under the impartial zone, indicating that the bearish momentum shouldn’t be over. The bulls would wish to push Bitcoin larger over the approaching hours or days for the MACD to maneuver into the constructive zone.
The 14-day RSI of 48 exhibits that Bitcoin is not within the oversold area. Additional rally may see the RSI surge in the direction of the 60 mark within the coming hours.
At press time, BTC is buying and selling above $21,699 per coin. If the rally continues, BTC may surge previous the $22k resistance degree earlier than the tip of the day.
Nevertheless, it could want the help of the broader market to make a transfer in the direction of the $23k resistance degree within the quick time period.