Bitcoin could rally in direction of the $22k resistance stage over the coming hours as the broader market slowly recovers.
The cryptocurrency market is slowly recovering right this moment, following a sluggish begin to the week. After dropping greater than 3% of its worth on Monday, the crypto market is up by practically 2% in the final 24 hours.
The optimistic efficiency has pushed the whole cryptocurrency market cap above the $1 trillion mark once more.
Bitcoin practically dropped beneath the $21k help stage on Monday however has maintained its worth above that threshold. Bitcoin is now buying and selling round $21,400 per coin and could make a move for the $22k resistance stage over the subsequent few hours if the market momentum is maintained.
Bitcoin reaching the $25k psychological stage in the close to time period would depend upon the sentiment in the broader cryptocurrency market.
Key ranges to observe
The BTC/USD 4-hour chart stays bearish regardless of Bitcoin including 1% to its worth in the final 24 hours. The technical indicators present that Bitcoin’s efficiency is enhancing, however it’s but to be bullish.
The MACD line dropped into the adverse zone on August 16 and has remained there. Thus, indicating that the bearish pattern for Bitcoin shouldn’t be but over.
The 14-day relative power index of 44 reveals that Bitcoin is now not in the oversold area. However, it’s nonetheless a way from getting into the overbought zone of the chart.
At press time, BTC is buying and selling at $21,360 per coin. If the market restoration continues, BTC could surpass the $22,724 resistance stage over the subsequent few hours or days.
However, Bitcoin could discover it onerous to achieve the second main resistance stage at $23,960 in the close to time period until there’s a bullish motion.
The bears are nonetheless lurking and could regain management of the market. Doing so would see BTC fall beneath the $21k help stage for the second time in lower than every week.
Bitcoin has maintained its worth above $20k and will comfortably accomplish that over the subsequent few days.