After surpassing $20k twice Bitcoin aims for $21k

The cryptocurrency market has performed excellently over the past 24 hours, erasing some of the losses recorded over the weekend.

The cryptocurrency market has been going strong since the beginning of the week. In the last 24 hours. The market value has increased by around 6%, bringing its total market capitalization to $900 billion.

The performance follows a rough end to last week when the market capitalization dropped to approximately $800 billion. Bitcoin, the world’s largest cryptocurrency by market cap, fell below $19,000 on Friday.

The market has been buoyed by Bitcoin’s strong performance this week. The currency surged past $20,000 on Monday and has continued to climb since then. At the time of writing, Bitcoin is trading at $21,078, according to CoinMarketCap.

The Bitcoin price has been on a tear this year, with the currency gaining more than 200% since January. Bitcoin’s strong performance has helped drive the rally in the wider cryptocurrency market.

The total market cap of all cryptocurrencies is now $1.17 trillion, according to CoinMarketCap.

While Bitcoin’s price is climbing, the number of Bitcoin whales – investors with large holdings of the currency – is also increasing.

There are now more than 1,000 Bitcoin whales, each holding at least $1 million worth of Bitcoin. According to data from Bitcoin research firm Glassnode.

The cryptocurrency sector as a whole is lagging behind Bitcoin in terms of performance. In the last 24 hours, Bitcoin has increased by almost 6%, trading at over $20,000 per unit.

The psychological barrier of $20,000 is being broken by BTC. The cryptocurrency has been having difficulties recently, with Bitcoin falling below $18k for the second time in a month last week.

That being said, BTC has bounced back strongly and might aim for the $21k resistance level if the rally is maintained. Bitcoin’s price is currently being supported by the 50-day moving average.

The Bitcoin rally has been attributed to increasing institutional interest in cryptocurrency. Grayscale, the world’s largest digital asset manager, has been buying up Bitcoin at an unprecedented rate.

Critical levels to watch

The BTC/USD 4-hour chart is in good shape, with Bitcoin having performed well since the start of the week. The technical indicators indicate that if the bulls maintain control, BTC may rise further.

Data Source: Tradingview

The MACD line is currently high above the neutral region, showing that a rally may continue. If market circumstances improve, Bitcoin’s 14-day RSI of 63 indicates that it may shortly enter the overbought territory.

At the time of writing, BTC is trading at $20,200. If it continues to trade at this rate, it could rise past the $21k resistance before the end of the day. However, to rise above the $22,199 resistance level, will require broad market support.

In the long term, Bitcoin might fall as low as $12,000. If it fails to break past the $21k support level and stays below $20,000. In the short run, unless there is a significant bearish downturn, BTC will maintain its position at over $18,564 soon.

Bitcoin (BTC) surpassed the $20,000 mark twice in the last 24 hours and is currently trading close to $21,000.

After a brief consolidation below the $19,500 level, BTC surged past $20,000 and reached a new all-time high at $20,600. The digital asset later corrected lower and traded below the $20,000 level.

At the moment, BTC is consolidating in a tight range below the $21,000 resistance. If it breaks past the $21,000 barrier, the price is likely to accelerate towards $22,000.

On the other hand, a downside break below $20,500 could lead the price back towards the key $20,000 support zone.

The cryptocurrency’s recent rally has been driven by a combination of factors, including institutional investment, retail interest, and macroeconomic trends.

This could be an opportunity for both bitcoin investors and enthusiasts to review their positions for a possible market re-entry. As usual, we would like to hear from you.