The cryptocurrency market continued its positive start to the week despite some currently underperforming coins and tokens.
The cryptocurrency market is once again trading in the green zone. The market has added less than 1% to its value in the past 24 hours, and the total market capitalization remains above $1.1 trillion.
The broader market is seeing a mixed performance, with some coins and tokens currently trading in the red zone while others are showing positive performance.
Bitcoin is up 0.38% in the past 24 hours. The major cryptocurrency did not have enough momentum to break above the $24,000 resistance level despite trading in the green zone.
Over the past seven days, Bitcoin has added almost 5% to its value. This allowed the major cryptocurrency to maintain its position above the psychological level of $20,000.
However, the bulls are expected to push higher to allow Bitcoin to reach the psychological level of $25,000 over the next few days.
Key levels to monitor
The BTC/USD 4-hour chart is bullish as Bitcoin has performed well over the past few days. Technical indicators show that the bulls are currently in charge of the market.
The MACD line crossed the neutral zone into positive territory as Bitcoin rose. Thus, indicating positive momentum for the main cryptocurrency.
The 14-day Relative Strength Index of 60 shows that Bitcoin is above the neutral level. If the bulls remain in command, Bitcoin could enter the overbought region in the coming days or weeks.
At press time, Bitcoin is trading around $23,860 per coin. BTC could break above the $24,000 resistance level before the end of the day if the bulls remain in check.
However, it would need to support the broader cryptocurrency market to overcome last month’s high of $24,693 and head towards the psychological level of $25,000.
The bears could still regain control and push BTC below the $23,000 support level. However, BTC is likely to stay comfortably above the $22,132 support level in the near term.