The cryptocurrency market has been performing excellently over the previous few days, and the rally might proceed for some time.
The cryptocurrency market has recorded sustained optimistic performances over the previous few days. The market has added greater than 4% to its worth within the final 24 hours, with the full market cap now above $1 trillion.
If the market continues with its present trajectory, the full market cap might surge previous the $1.1 trillion mark quickly.
Bitcoin has been performing excellently over the past couple of days. Within the final seven days, Bitcoin has added greater than 20% to its worth. BTC is at the moment buying and selling at $23,500, up by greater than 7% within the final 24 hours.
If the bulls might stay in management, Bitcoin and the broader cryptocurrency might report enormous beneficial properties over the following few days and weeks.
Key ranges to look at
The BTC/USD 4-hour chart is optimistic as Bitcoin has been performing effectively over the past couple of days. The technical indicators present that Bitcoin is recovering from its latest bear pattern.
The MACD line is above the impartial zone and continues to surge larger, indicating bullish momentum.
The 14-day relative power index of 68 reveals that Bitcoin might enter the overbought area if the optimistic momentum could be maintained.
At press time, BTC is buying and selling at $23,677 per coin. If the bulls stay in cost, Bitcoin might cross the primary main resistance degree at $24,756 over the following few hours.
Bitcoin might transfer in the direction of the $26k resistance degree for the primary time in a month if the market embarks on an prolonged bullish run.
Nonetheless, the bears can regain management and drag BTC in the direction of the $21,893 help degree. Within the quick time period, Bitcoin ought to comfortably defend its place above the $20k psychological degree.