Bitcoin tops the $20k level once again after rallying by 7% on Friday

Bitcoin is trading above $20k again after spending most of the week trading below that psychological level.

 

The cryptocurrency market has underperformed for the best part of the week. However, it seems that the market will end the week in a positive fashion as most cryptocurrencies are trading in the green zone.

The total market cap rose above $1 trillion for the first time in more than a week, indicating bullishness within the market. This comes after the broader market added more than 5% to its value in the last 24 hours.

Bitcoin’s dominance level in the market dropped below 39% for the first time in more than two years. However, that hasn’t stopped the leading cryptocurrency from performing well over the last few days.

Bitcoin has added more than 7% to its value over the last 24 hours, surging past the $20k psychological level. This comes after BTC spent the best part of the week trading around $19k per coin.

Key levels to watch

The BTC/USD 4-hour chart has turned bullish as Bitcoin has been performing well over the past 24 hours. The technical indicators show that BTC has been performing better than the broader crypto market. 

The MACD line crossed into positive territory a few hours ago, indicating that the bulls are regaining control of the market. 

The 14-day relative strength index of 73 shows that Bitcoin could be entering the overbought region if the rally can be sustained. 

At press time, BTC is trading at $20,757 per coin. If the positive momentum continues, BTC could move past the $21,476 resistance level of the day.

In the event of extended rally over the weekend, BTC could make a move for the $22,136 resistance level.

The bears might regain control of the market and drag Bitcoin below the $20k psychological level over the weekend. 

All Dutch and English crypto news!

Crypto Biz: The Voyager Digital auction is over. What now?

Voyager Digital filed for Chapter 11 bankruptcy in July after its exposure to the toxic Three Arrows Capital led to its ultimate downfall. This week,...

Bitcoin retests key $20K level- can bulls get a higher close?

Bitcoin price rose sharply again on Friday as a dose of volatility helped BTC add nearly $1,000 within hours to top the $20,000 mark. Indeed,...

Crypto recap 30 september: WINACTIE Bitcoin Amsterdam

In deze video behandelt Axel de laatste ontwikkelingen in de crypto markt. Dit doet hij met de onderbouwing van nieuwsberichten en technische analyses. Op deze...

Blockchain interoperability goes beyond moving data from point A to B — Axelar CEO Sergey Gorbunov

Cross-chain communication between blockchains is more than just moving data from point A to B, but how it can connect applications and users for enhanced...

Beste exchanges

Koop je crypto bij Bitvavo