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Bitcoin could rally in direction of the $22k resistance degree over the coming hours as the broader market slowly recovers.

The cryptocurrency market is slowly recovering right this moment, following a gradual begin to the week. After dropping greater than 3% of its worth on Monday, the crypto market is up by almost 2% in the final 24 hours. 

The constructive efficiency has pushed the whole cryptocurrency market cap above the $1 trillion mark once more.

Bitcoin almost dropped beneath the $21k assist degree on Monday however has maintained its worth above that threshold. Bitcoin is now buying and selling round $21,400 per coin and could make a move for the $22k resistance degree over the subsequent few hours if the market momentum is maintained.

Bitcoin reaching the $25k psychological degree in the close to time period would rely on the sentiment in the broader cryptocurrency market. 

Key ranges to observe

The BTC/USD 4-hour chart stays bearish regardless of Bitcoin including 1% to its worth in the final 24 hours. The technical indicators present that Bitcoin’s efficiency is bettering, however it’s but to be bullish.

The MACD line dropped into the unfavourable zone on August 16 and has remained there. Thus, indicating that the bearish development for Bitcoin shouldn’t be but over.

The 14-day relative energy index of 44 reveals that Bitcoin is now not in the oversold area. However, it’s nonetheless a way from getting into the overbought zone of the chart.

At press time, BTC is buying and selling at $21,360 per coin. If the market restoration continues, BTC could surpass the $22,724 resistance degree over the subsequent few hours or days.

However, Bitcoin could discover it onerous to succeed in the second main resistance degree at $23,960 in the close to time period except there’s a bullish motion.

The bears are nonetheless lurking and could regain management of the market. Doing so would see BTC fall beneath the $21k assist degree for the second time in lower than every week. 

Bitcoin has maintained its worth above $20k and will comfortably achieve this over the subsequent few days.