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 in the inexperienced zone once more. The market has added lower than 1% to its worth in the final 24 hours, and the complete market cap stays above $1.1 trillion.
The broader market is experiencing a combined efficiency, with some cash and tokens at the moment buying and selling in the purple zone whereas others are performing positively.
Bitcoin is up by 0.38% in the final 24 hours. The main cryptocurrency didn’t have sufficient momentum to surge past the $24k resistance level regardless of buying and selling in the inexperienced zone.
Over the past seven days, Bitcoin has added almost 5% to its worth. This has allowed the main cryptocurrency to preserve its place above the $20k psychological level.
However, the bulls would wish to push increased to allow Bitcoin to move in direction of the $25k psychological level over the coming days.
Key ranges to watch
The BTC/USD 4-hour chart is bullish as Bitcoin has been performing nicely over the past few days. The technical indicators present that the bulls are at the moment in control of the market.
The MACD line crossed the impartial zone into the constructive territory as Bitcoin rallied increased. Thus, indicating constructive momentum for the main cryptocurrency.
The 14-day relative energy index of 60 reveals that Bitcoin is above the impartial level. If the bulls stay in cost, Bitcoin might enter the overbought area in the coming days or even weeks.
At press time, Bitcoin is buying and selling round $23,860 per coin. BTC might surge past the $24k resistance level earlier than the finish of the day if the bulls stay in management.
However, it will want to assist of the broader cryptocurrency market to move past final month’s excessive of $24,693 and head in direction of the $25k psychological level.
The bears would possibly still regain management and push BTC under the $23k assist level. However, BTC ought to comfortably keep above the $22,132 assist level in the brief time period.
