The cryptocurrency market has been performing excellently over the past few days, and the rally could continue for a while.
The cryptocurrency market has recorded sustained positive performances over the past few days. The market has added more than 4% to its value in the last 24 hours, with the total market cap now above $1 trillion.
If the market continues with its current trajectory, the total market cap could surge past the $1.1 trillion mark soon.
Bitcoin has been performing excellently over the last couple of days. In the last seven days, Bitcoin has added more than 20% to its value. BTC is currently trading at $23,500, up by more than 7% in the last 24 hours.
If the bulls could remain in control, Bitcoin and the broader cryptocurrency could record huge gains over the next few days and weeks.
Key levels to watch
The BTC/USD 4-hour chart is positive as Bitcoin has been performing well over the last couple of days. The technical indicators show that Bitcoin is recovering from its recent bear trend.
The MACD line is above the neutral zone and continues to surge higher, indicating bullish momentum.
The 14-day relative strength index of 68 shows that Bitcoin could enter the overbought region if the positive momentum can be maintained.
At press time, BTC is trading at $23,677 per coin. If the bulls remain in charge, Bitcoin could cross the first major resistance level at $24,756 over the next few hours.
Bitcoin could move towards the $26k resistance level for the first time in a month if the market embarks on an extended bullish run.
However, the bears can regain control and drag BTC towards the $21,893 support level. In the short term, Bitcoin should comfortably defend its position above the $20k psychological level.