The cryptocurrency market has been performing excellently over the past few days, and the rally might proceed for some time.
The cryptocurrency market has recorded sustained optimistic performances over the past few days. The market has added greater than 4% to its worth within the final 24 hours, with the overall market cap now above $1 trillion.
If the market continues with its present trajectory, the overall market cap might 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 might stay in management, Bitcoin and the broader cryptocurrency might file large positive factors 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 properly 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 greater, indicating bullish momentum.
The 14-day relative energy index of 68 reveals that Bitcoin might enter the overbought area if the optimistic momentum may 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 stage at $24,756 over the following few hours.
Bitcoin might transfer in the direction of the $26k resistance stage 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 stage. In the brief time period, Bitcoin ought to comfortably defend its place above the $20k psychological stage.
