Bitcoin is up by more than 2% over the past 24 hours and could rally higher during the weekend.
The cryptocurrency market has performed well so far today. The broader market has added more than 2% to its value in the last 24hours, and the total market cap remains above $1.8 trillion.
Thanks to the ongoing recovery by the broader cryptocurrency market, Bitcoin has added more than 2% to its value in the past few hours. At press time, Bitcoin is trading above $42k per coin.
This is the first time Bitcoin is trading above $42k in nearly two weeks. The rally comes after Bitcoin has been trading below $40k over the last few days. If the bulls continue to be in control, Bitcoin could break past the $45k resistance level over the weekend.
Key levels to watch
The BTC/USD 4-hour chart has turned bullish as Bitcoin regains some of its lost value. The technical indicators show that Bitcoin is performing excellently at the moment and could rally higher soon.
The 14-day relative strength index of 77 shows that Bitcoin could soon enter the overbought region if the momentum is maintained. Furthermore, the MACD line is above the neutral zone, indicating that there is a strong bullish momentum at the moment.
If the bullish trend continues, Bitcoin could look to cross the first major resistance level above $45k over the weekend. However, it would need the support of the broader market if it intends to trade above the $47,164 resistance level in the coming days.
On the flip side, if the bears regain control of the market, BTC could drop below the $40k psychological level again. However, it should steer clear of the $38k support level in the short term.