Bitcoin continues to struggle below the $40k level despite adding more than 2% to its value in the last 24 hours.
The broader cryptocurrency market has been experiencing a mixed performance over the past few days.
The total cryptocurrency market cap has been above the $1.7 trillion level since the start of the week.
Bitcoin, the leading cryptocurrency by market cap, is up by more than 2% in the last 24 hours. However, it is still trading below the $40k level. At press time, Bitcoin is trading around $38,600 per coin.
The leading cryptocurrency has come under the spotlight in recent days following Russia’s invasion of Ukraine.
There are reports that Russians are using Bitcoin and other cryptocurrencies to circumvent the financial sanctions imposed on the country.
Despite its current good performance, Bitcoin continues to trade below the $40k resistance level. However, if the market builds momentum over the coming hours and days, Bitcoin could cross the $40k psychological level soon.
Key levels to watch
The BTC/USD 4-hour chart is currently bullish as the leading cryptocurrency has been performing well so far today. The technical indicators show that Bitcoin is currently recovering from its recent bearish performance.
The MACD line has crossed into the positive zone thanks to the ongoing positive performance. The 14-day relative strength index of 50 shows that Bitcoin is currently heading into the overbought region if the current market momentum continues.
If the bulls remain in control, Bitcoin will likely cross the $40k resistance level over the coming hours. However, it would need the support of the broader cryptocurrency market if it will surpass the $42,590 resistance point before the end of the week.
