Bitcoin is trading above $20k once again after rallying by 7% today
Bitcoin is trading above $20k again after spending most of the week trading below that psychological level.
The cryptocurrency market has underperformed for the best part of the week. However, it seems that the market will end the week in a positive fashion as most cryptocurrencies are trading in the green zone.
The total market cap rose above $1 trillion for the first time in more than a week, indicating bullishness within the market. This comes after the broader market added more than 5% to its value in the last 24 hours.
Bitcoin’s dominance level in the market dropped below 39% for the first time in more than two years. However, that hasn’t stopped the leading cryptocurrency from performing well over the last few days.
Bitcoin has added more than 7% to its value over the last 24 hours, surging past the $20k psychological level. This comes after BTC spent the best part of the week trading around $19k per coin.
Key levels to watch
The BTC/USD 4-hour chart has turned bullish as Bitcoin has been performing well over the past 24 hours. The technical indicators show that BTC has been performing better than the broader crypto market.
The MACD line crossed into positive territory a few hours ago, indicating that the bulls are regaining control of the market.
The 14-day relative strength index of 73 shows that Bitcoin could be entering the overbought region if the rally can be sustained.
At press time, BTC is trading at $20,757 per coin. If the positive momentum continues, BTC could move past the $21,476 resistance level of the day.
In the event of extended rally over the weekend, BTC could make a move for the $22,136 resistance level.
The bears might regain control of the market and drag Bitcoin below the $20k psychological level over the weekend.