The cryptocurrency market has been performing excellently over the past few days, and the rally may proceed for some time.
The cryptocurrency market has recorded sustained constructive performances over the past few days. The market has added greater than 4% to its worth within the final 24 hours, with the entire market cap now above $1 trillion.
If the market continues with its present trajectory, the entire market cap may surge past the $1.1 trillion mark quickly.
Bitcoin has been performing excellently during the last couple of days. In the final seven days, Bitcoin has added greater than 20% to its worth. BTC is presently buying and selling at $23,500, up by greater than 7% within the final 24 hours.
If the bulls may stay in management, Bitcoin and the broader cryptocurrency may file big good points over the following few days and weeks.
Key ranges to look at
The BTC/USD 4-hour chart is constructive as Bitcoin has been performing nicely during the last couple of days. The technical indicators present that Bitcoin is recovering from its current 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 exhibits that Bitcoin may enter the overbought area if the constructive momentum will be maintained.
At press time, BTC is buying and selling at $23,677 per coin. If the bulls stay in cost, Bitcoin may cross the primary main resistance degree at $24,756 over the following few hours.
Bitcoin may 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.
However, the bears can regain management and drag BTC in the direction of the $21,893 assist degree. In the quick time period, Bitcoin ought to comfortably defend its place above the $20k psychological degree.