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Sunday, November 27, 2022
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    HomeMarketBTC is still struggling to move past the $24k resistance level

    BTC is still struggling to move past the $24k resistance level

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    The cryptocurrency market has continued its constructive begin to the week regardless of some cash and tokens at the moment underperforming.

    The cryptocurrency market is buying and selling within the inexperienced zone once more. The market has added lower than 1% to its worth within the final 24 hours, and the entire market cap stays above $1.1 trillion.

    The broader market is experiencing a blended efficiency, with some cash and tokens at the moment buying and selling within the crimson zone whereas others are performing positively. 

    Bitcoin is up by 0.38% within the final 24 hours. The main cryptocurrency didn’t have sufficient momentum to surge previous the $24k resistance stage regardless of buying and selling within the inexperienced zone. 

    Over the previous seven days, Bitcoin has added practically 5% to its worth. This has allowed the main cryptocurrency to take care of its place above the $20k psychological stage.

    Nevertheless, the bulls would wish to push larger to allow Bitcoin to maneuver in the direction of the $25k psychological stage over the approaching days.

    Key ranges to look at

    The BTC/USD 4-hour chart is bullish as Bitcoin has been performing nicely over the previous few days. The technical indicators present that the bulls are at the moment in command of the market.

    The MACD line crossed the impartial zone into the constructive territory as Bitcoin rallied larger. Thus, indicating constructive momentum for the main cryptocurrency. 

    The 14-day relative power index of 60 reveals that Bitcoin is above the impartial stage. If the bulls stay in cost, Bitcoin might enter the overbought area within the coming days or even weeks.

    At press time, Bitcoin is buying and selling round $23,860 per coin. BTC might surge previous the $24k resistance stage earlier than the tip of the day if the bulls stay in management.

    Nevertheless, it could have to help of the broader cryptocurrency market to maneuver previous final month’s excessive of $24,693 and head in the direction of the $25k psychological stage.

    The bears may nonetheless regain management and push BTC beneath the $23k help stage. Nevertheless, BTC ought to comfortably keep above the $22,132 help stage within the brief time period.



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