Bitcoin looks to trade above the $21k level for the first time this month, after gaining over 7% in its value over the past 24 hours.
The cryptocurrency market has continued its excellent start to the week. Bitcoin, the world’s leading cryptocurrency by market cap, has been performing well over the past 24 hours.
Bitcoin has increased its value by over 7% to date. This rally has seen bitcoin move above the $20k psychology level for the first time in two weeks.
At press time, Bitcoin Per coin is trading above $20,600. Bitcoin could rally above the $21k level for the first time this month as the market continues its correction.
The rally comes as the broader cryptocurrency market continues its excellent start to the week. The total crypto market cap currently stands at $997 billion, up over 7% in the last 24 hours.
If the market continues its upward move, the total market cap may cross the $1 trillion mark before the end of the day. ether Trading above $1,500 for the first time this month, up 12% in the last 24 hours.
prime level to watch
BTC/USD 4-hours chart is bullish as bitcoin has been performing well over the past 24 hours. Technical indicators suggest that Bitcoin is performing at par with the broader market.
The MACD line is in positive territory, which indicates that the bulls are now in control of the market. The 14-day RSI of 77 also suggests that Bitcoin could soon enter overbought territory if the rally continues.
As of press time, bitcoin is trading at $20,604 per coin. If the bullish trend continues, bitcoin may cross the first major resistance level of $21,312 before the end of the day.
In an extended bullish situation, bitcoin could trade above $22,600 for the first time in over a month.
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