Bitcoin eyes the $22k resistance level after rallying by 7% today to surpass $20,500

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Bitcoin eyes the $22k resistance level after rallying by 7% today to surpass $20,500

By Hassan Maishera - min read

Bitcoin is looking to trade above the $21k level for the first time this month after adding more than 7% to its value in the last 24 hours.

The cryptocurrency market has continued its excellent start to the week. Bitcoin, the world’s leading cryptocurrency by market cap, has been performing excellently over the last 24 hours.

Bitcoin has added more than 7% to its value so far today. This rally has seen Bitcoin move past the $20k psychology level for the first in two weeks.

At press time, Bitcoin is trading above $20,600 per coin. As the market continues to recover, Bitcoin could rally past the $21k level for the first time this month.

The rally comes as the broader cryptocurrency market continues its excellent start to the week. The total crypto market cap currently stands at $997 billion, up by more than 7% in the last 24 hours.

If the market continues its upward movement, the total market cap could cross the $1 trillion mark before the end of the day. Ether is trading above $1,500 for the first time this month, up by 12% in the last 24 hours. 

Key levels to watch

The BTC/USD 4-hour chart is bullish, as Bitcoin has been performing well over the last 24 hours. The technical indicators show that Bitcoin is performing on par with the broader market. 

BTC/USD Chart By TradingView

The MACD line is deep within the positive zone, indicating that the bulls are now in control of the market. The 14-day RSI of 77 also shows that Bitcoin could soon enter the overbought region if the rally continues.

At press time, Bitcoin is trading at $20,604 per coin. If the bullish trend continues, Bitcoin could surge past the first major resistance level at $21,312 before the end of the day.

In the event of an extended bullish run, Bitcoin could trade above $22,600 for the first time in more than a month. 

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