Bitcoin is once again trading above $20,000 after spending most of the week trading below this psychological level.
The cryptocurrency market underperformed for most of the week. However, it looks like the market will end the week on a positive note as most cryptocurrencies are trading in the green zone.
Total market capitalization topped $1 trillion for the first time in more than a week, indicating a bullish trend in the market. This comes after the broader market added more than 5% to its value in the past 24 hours.
Bitcoin’s level of market dominance has fallen below 39% for the first time in over two years. However, that hasn’t stopped the major cryptocurrency from performing well in recent days.
Bitcoin has added more than 7% to its value in the past 24 hours, surpassing the psychological level of $20,000. This comes after BTC spent the best part of the week trading around $19,000 per coin.
Key levels to monitor
The BTC/USD 4-hour chart turned bullish as Bitcoin performed well over the past 24 hours. Technical indicators show that BTC has performed better than the broader crypto market.
The MACD line moved 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 enter 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 break above the daily resistance level of $21,476.
In the event of an extended rally over the weekend, BTC could take a step towards the resistance level of $22,136.
The bears could regain control of the market and drag Bitcoin below the psychological level of $20,000 over the weekend.