Bitcoin is edging closer to $17k as bullish sentiment grows stronger
The crypto market is trading in the green zone for the second-consecutive day this week.
Bitcoin is closing in on the $17k resistance level and could cross it a few hours from now.
The total crypto market cap is now close to $815 billion.
Bitcoin closes in on the $17k level
Bitcoin, the world’s leading cryptocurrency by market cap, has been performing positively for the second-consecutive day. The leading cryptocurrency has been struggling below the $17k resistance level over the past few weeks.
At press time, the price of Bitcoin stands at $16,886, up by less than 1% in the last 24 hours. With the bulls gathering momentum, Bitcoin could soon surge past the $17k resistance level in the near term.
Bitcoin’s positive performance aligns with that of the broader cryptocurrency market. The total crypto market cap stands at $813 billion, up by 0.36% in the last 24 hours. The positive performance comes after the market lost less than 1% of its value yesterday.
Ether, the second-largest cryptocurrency by market cap, is also trading in the green zone. So far today, the price of Ethereum is up by 0.26% and currently stands at $1,223.
Key levels to watch
The BTC/USD 4-hour chart has turned bullish as Bitcoin has been performing well over the last few days. The technical indicators show that Bitcoin could be preparing for a breakout in the near term.
The MACD line crossed into the positive zone a few hours ago, a sign that the bulls are currently in control of the Bitcoin market. The 14-day RSI of 51 also shows that Bitcoin is neutral but could head into the overbought region if it embarks on a rally.
If the bullish trend grows stronger, BTC could move past the first major resistance level at $17,178 before the end of the day.
However, Bitcoin would need the support of the broader crypto market to rally toward the $17,982 resistance level over the coming days.
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