The leading cryptocurrency has maintained its position above the $38k level and could be set to rally higher soon.
The cryptocurrency market has been performing averagely over the past few days. Despite the current turmoil stemming from the ongoing Russia and Ukraine debacle, the cryptocurrency market has been able to hold its ground.
The total cryptocurrency market cap remains above the $1.7 trillion mark and could soon top $1.8 trillion if the current market momentum is maintained. Bitcoin and the other leading cryptocurrencies have been performing averagely over the past few days.
Bitcoin is trading around $38,900 per coin at press time, up by less than 1% in the last 24 hours. The technical indicators show that Bitcoin has been performing well and could be on track to surge higher soon.
If the bulls continue to ward off bearish advances, the leading cryptocurrency will surge past the $40k psychological level over the coming hours or days.
Key levels to watch
The BTC/USD 4-hour chart is slowly turning bullish as Bitcoin continues its slow recovery towards the $40k resistance level. The technical indicators show that Bitcoin’s value could rally higher soon.
The MACD line is still above the neutral zone, indicating a faint bullish momentum. The RSI of 51 shows that Bitcoin is no longer in the oversold region thanks to its latest positive performances.
If the bulls gain further control, Bitcoin’s value could surge past the $40k level for the first time in a week. In the event of an extended rally, BTC could rally past the next resistance level at $42k in the short term.
However, Bitcoin’s performance is likely to be influenced by the ongoing events in Russia and Ukraine. Other economic activities in the United States, Europe, and Asia could also play a role in how the coin performs.