The cryptocurrency market has had a positive start to the week, adding more than 2% to its value in the last 24 hours.
The cryptocurrency market ended the previous week with a win and is starting this new week with positive performances. The total cryptocurrency market currently stands at around $920 billion, up by more than 2% in the last 24 hours.
Bitcoin, the world’s leading cryptocurrency by market cap, has underperformed over the past 24 hours. BTC is down by less than 1% since the start of the day and continues to trade above the $20k level.
Despite its current poor performance, BTC has maintained its price above the $20k psychological level.
Bitcoin could attempt to surge higher over the coming hours but this could depend on the performance of the broader cryptocurrency market.
Key levels to watch
The BTC/USD 4-hour chart remains neutral as Bitcoin has been underperforming over the past 24 hours. The technical indicators show that Bitcoin is erasing some of its earlier gains.
The MACD line is around the neutral zone, indicating that neither the bulls nor the bears are currently in charge. The 14-day relative strength index of 40 shows that Bitcoin could move closer to the oversold region.
If the bears continue to be in control, BTC could drop below the $20k support level over the next few hours. In the event of an extended bearish performance, BTC could drop below the $19,643 support level.
However, if the bulls regain control, Bitcoin could retest the $21k resistance level in the coming hours. The second major resistance level at $21,983 should limit further upward movement in the short term.