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 overall cryptocurrency market presently stands above $990 billion after adding greater than 3.5% to its whole value.
Bitcoin, the world’s main cryptocurrency by market cap, has additionally been performing effectively over the previous 24 hours.
After shedding its value above the $23k degree, Bitcoin risked dropping in direction of the $20k assist degree.
However, BTC has added greater than 3% to its value within the final 24 hours and is presently buying and selling at round $21,700 per coin.
The market has been bullish to this point today, and that would see Bitcoin carry out effectively within the coming hours.
The United States Federal Reserve is anticipated to hike rates of interest later today, and that would have an effect on Bitcoin’s efficiency within the brief time period.
Key ranges to watch
The BTC/USD 4-hour chart is bearish regardless of Bitcoin performing effectively over the past 24 hours. The technical indicators present that BTC is presently recovering from its latest losses.
The MACD line stays under the impartial zone, indicating that the bearish momentum will not be over. The bulls would wish to push Bitcoin larger over the approaching hours or days for the MACD to transfer into the optimistic zone.
The 14-day RSI of 48 reveals that Bitcoin is not within the oversold area. Further rally might see the RSI surge in 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 might surge previous the $22k resistance degree earlier than the tip of the day.
However, it will want the assist of the broader market to make a transfer in direction of the $23k resistance degree within the brief time period.
