Bitcoin has been performing well since the start of the well and could rally higher over the coming days.
The broader cryptocurrency market has been performing well since the start of the week. The total cryptocurrency market cap has surged above $2 trillion thanks to the ongoing rally of Bitcoin and the other major cryptocurrencies.
Bitcoin has been rallying over the past few days and has added more than 11% to its value in the last seven days.
At press time, Bitcoin is trading around $48k, up by less than 1% so far today. The ongoing rally is an improvement from what Bitcoin was experiencing earlier this year when it struggled to top the $40k psychological level.
If the current rally is maintained, Bitcoin will cross the $50k resistance level before the end of the week. Bitcoin’s all-time high remains at $69,044, and many market experts are optimistic the leading cryptocurrency will set a new all-time high before the end of the year.
Key levels to watch
The BTC/USD 4-hour chart is currently bullish as the leading cryptocurrency has been performing well so far this week. The technical indicators show that BTC could soon rally higher if the bulls remain in control.
The MACD line is above the neutral zone, indicating a bullish momentum for Bitcoin. The 14-day relative strength index of 50 shows that Bitcoin could soon enter the overbought region if the positive momentum is maintained.
Bitcoin could cross the first major resistance level and trade above $50k for the first time this year. However, it would need the support of the broader market to surpass another major resistance level close to $52k.
On the flip side, if the bears regain control of the market, Bitcoin could decline below the first major support level at $46,500 in the coming hours. However, the support level at $45k should limit further downward movement in the short term.