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 beneath the $1 trillion mark earlier this week, the entire cryptocurrency market at present stands above $990 billion after adding greater than 3.5% to its complete value.
Bitcoin, the world’s main cryptocurrency by market cap, has additionally been performing properly over the previous 24 hours.
After shedding its value above the $23k degree, Bitcoin risked dropping in the direction of the $20k assist degree.
However, BTC has added greater than 3% to its value within the final 24 hours and is at present buying and selling at round $21,700 per coin.
The market has been bullish up to now today, and that might see Bitcoin carry out properly within the coming hours.
The United States Federal Reserve is anticipated to hike rates of interest later today, and that might 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 properly during the last 24 hours. The technical indicators present that BTC is at present recovering from its current losses.
The MACD line stays beneath the impartial zone, indicating that the bearish momentum shouldn’t be over. The bulls would wish to push Bitcoin larger over the approaching hours or days for the MACD to transfer into the constructive zone.
The 14-day RSI of 48 reveals that Bitcoin is not within the oversold area. Further 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 degree earlier than the tip of the day.
However, it could want the assist of the broader market to make a transfer in the direction of the $23k resistance degree within the brief time period.