The cryptocurrency market has had an excellent Wednesday after a poor performance over the past two days.
The cryptocurrency market is recovering from the losses reported earlier this week. After falling below the $1 trillion mark earlier this week, the overall cryptocurrency market is currently above $990 billion, after gaining more than 3.5% of its total value.
Bitcoin, the world’s leading cryptocurrency by market cap, has also been performing well over the past 24 hours.
After losing its value above the $23k level, Bitcoin risks a fall to the $20k support level.
However, BTC has increased its value by over 3% in the last 24 hours and is currently trading at around $21,700 per coin.
The market has been bullish to date, and bitcoin is likely to perform well in the coming hours.
The US Federal Reserve is expected to raise interest rates later today, and this could affect bitcoin’s performance in the near term.
prime level to watch
The BTC/USD 4-hours chart is bearish despite bitcoin’s good performance over the past 24 hours. Technical indicators suggest that BTC is currently recovering from its recent losses.
The MACD line remains below the neutral zone to indicate that the bearish momentum has not ended. The bulls will have to push bitcoin higher in the coming hours or days for the MACD to move into positive territory.
The 14-day RSI of 48 shows that bitcoin is no longer in oversold territory. Further rally may lead the RSI towards 60 points in the coming hours.
At press time, BTC is trading above $21,699 per coin. If the rally continues, BTC may cross the $22k resistance level before the end of the day.
However, it will need broad market support to move towards the $23k resistance level in the near term.