Bitcoin is edging closer to $17k as bullish sentiment grows stronger

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  • The crypto market is trading in the green zone for the second consecutive day this week.

  • Bitcoin is closing in on the $17k resistance and could surpass it in a few hours from now.

  • The total crypto market cap is now close to $815 billion.

Bitcoin closes at $17k

Bitcoin, the world’s leading cryptocurrency by market cap, is performing positively for the second day in a row. The leading cryptocurrency has been struggling for the past few weeks below the $17k resistance level.

at press time, bitcoin price Standing at $16,886 with less than 1% growth in the last 24 hours. As the bulls gain momentum, bitcoin may soon surpass 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 has increased by 0.36% to $813 billion 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. To date, the ethereum price is up 0.26% and is currently at $1,223.

key levels to watch

There is a bullish trend on the BTC/USD 4-hours chart as bitcoin has been performing well over the past few days. Technical indicators suggest that bitcoin could be preparing for a breakout in the near term.

The MACD lines crossed into the positive zone a few hours ago, indicating 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 move into overbought territory if it starts a rally.

If the bullish trend strengthens, BTC could move above the first key resistance at $17,178 before the end of the day.

However, bitcoin will need support from the broader crypto market to rally towards the $17,982 resistance in the coming days.

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