Bitcoin sustained huge losses last week but has been performing well over the past 24 hours.
The cryptocurrency market recorded huge losses last week, with more than $300 billion wiped out from the market during that period.
Bitcoin, the world’s leading cryptocurrency, was one of the biggest losers last week. The leading crypto was trading above the $40k level at the start of the week. However, it went on to lose more than 10% of its value and drop towards the $35k mark.
In the last seven days, Bitcoin has lost more than 16% of its value. However, the coin has been slowly recovering from its recent slump.
Over the past 24 hours, Bitcoin has added nearly 2% to its value and is currently trading above the $36k mark. If the recovery effort can be sustained, Bitcoin could look to climb towards the $40k level over the coming days.
The leading cryptocurrency had found it hard to surpass the $45k resistance level in recent weeks. Unless there is a massive rally over the coming days, it would be tough for Bitcoin to reach that level in the coming days.
Key levels to watch
The BTC/USD 4-hour chart is currently positive, thanks to Bitcoin’s recent performance. However, the technical indicators are starting to improve as Bitcoin’s value slowly increases.
Bitcoin’s MACD line is below the neutral zone as Bitcoin has lost more than 16% of its value over the past week. The RSI of 53 shows that Bitcoin is now out of the oversold region and could rally higher in the coming days.
If the positive momentum is maintained, BTC could surge past the first resistance level at $38,462 over the coming hours. An extended rally could allow Bitcoin to surpass the $40k mark again in the coming hours or days.
Unless there is a huge rally from the broader cryptocurrency market, BTC could find it hard to top the $43k psychological level.