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 full cryptocurrency market presently stands above $990 billion after including greater than 3.5% to its whole worth.
Bitcoin, the world’s main cryptocurrency by market cap, has additionally been performing nicely over the previous 24 hours.
After shedding its worth above the $23k stage, Bitcoin risked dropping in the direction of the $20k assist stage.
Nevertheless, BTC has added greater than 3% to its worth within the final 24 hours and is presently buying and selling at round $21,700 per coin.
The market has been bullish to date at the moment, and that would see Bitcoin carry out nicely within the coming hours.
America Federal Reserve is anticipated to hike rates of interest later at the moment, and that would have an effect on Bitcoin’s efficiency within the quick time period.
Key ranges to observe
The BTC/USD 4-hour chart is bearish regardless of Bitcoin performing nicely during the last 24 hours. The technical indicators present that BTC is presently recovering from its current losses.
The MACD line stays under the impartial zone, indicating that the bearish momentum just isn’t over. The bulls would want to push Bitcoin greater over the approaching hours or days for the MACD to maneuver into the optimistic zone.
The 14-day RSI of 48 exhibits that Bitcoin is not within the oversold area. Additional rally may see the RSI surge in the 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 may surge previous the $22k resistance stage earlier than the top of the day.
Nevertheless, it will want the assist of the broader market to make a transfer in the direction of the $23k resistance stage within the quick time period.