The cryptocurrency market is having a poor start to the week but could recover and rally higher over the next few days.
The cryptocurrency market is currently trading in the red zone, starting this week in a poor fashion.
The total market cap still stands above $1.1 trillion despite the broader cryptocurrency market losing more than 2% of its value.
Bitcoin is struggling to defend its position above the $24k support level after losing more than 3% in the last 24 hours. Despite the poor performance, BTC could surge past the $25k resistance level over the next few days.
Bitcoin remains the world’s leading cryptocurrency and has maintained its price above the $20k psychological level in recent weeks. BTC has suffered to move past the $25k resistance level but could attempt to do so over the next few days.
Moving past the $25k resistance level could allow BTC to target the $30k psychological level in the near term.
Key levels to watch
The BTC/USD 4-hour chart remains bullish despite Bitcoin underperforming over the last 24 hours. The technical indicators show that BTC could bounce back from its ongoing slump.
The MACD line remains above the neutral zone, indicating bullish momentum for Bitcoin. The 14-day relative strength index of 48 shows that Bitcoin is still not in the oversold region despite its poor performance.
At press time, BTC is trading at $24,060 per coin. If the bearish trend continues, BTC could drop below the $23,539 support level over the next few hours or days. However, BTC should maintain its position above the $22,900 support level in the near term.
The bulls might regain control of the market and push BTC past the $24,879 resistance level before the end of the day. BTC could comfortably stay above the $25k psychological level in the short term as the general outlook of the market remains bullish.
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