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The cryptocurrency market is having a superb Wednesday after underperforming over the previous two days.

The cryptocurrency market is recovering from the losses it recorded earlier this week. After dropping under the $1 trillion mark earlier this week, the whole cryptocurrency market presently stands above $990 billion after adding greater than 3.5% to its complete value.

Bitcoin, the world’s main cryptocurrency by market cap, has additionally been performing nicely over the previous 24 hours.

After shedding its value above the $23k degree, Bitcoin risked dropping in direction of the $20k help degree.

However, BTC has added greater than 3% to its value within the final 24 hours and is presently buying and selling at round $21,700 per coin. 

The market has been bullish to date today, and that might see Bitcoin carry out nicely within the coming hours.

The United States Federal Reserve is predicted to hike rates of interest later today, and that might have an effect on Bitcoin’s efficiency within the quick time period.

Key ranges to watch

The BTC/USD 4-hour chart is bearish regardless of Bitcoin performing nicely over the past 24 hours. The technical indicators present that BTC is presently recovering from its current losses.

The MACD line stays under the impartial zone, indicating that the bearish momentum is just not over. The bulls would want to push Bitcoin increased over the approaching hours or days for the MACD to transfer into the constructive zone.

The 14-day RSI of 48 reveals that Bitcoin is now not within the oversold area. Further rally may see the RSI surge in direction of the 60 mark within the coming hours. 

At press time, BTC is buying and selling above $21,699 per coin. If the rally continues, BTC may surge previous the $22k resistance degree earlier than the top of the day. 

However, it will want the help of the broader market to make a transfer in direction of the $23k resistance degree within the quick time period.