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Bitcoin climbs above $23,500 as market recovery continues

Bitcoin climbs above $23,500 as market recovery continues

The cryptocurrency market has been performing excellently over the previous few days, and the rally would possibly perchance perchance well continue for a while.

The cryptocurrency market has recorded sustained obvious performances over the previous few days. The market has added higher than 4% to its price in the closing 24 hours, with the total market cap now above $1 trillion.

If the market continues with its present trajectory, the total market cap would possibly perchance perchance well surge previous the $1.1 trillion price quickly. 

Bitcoin has been performing excellently over the closing couple of days. Within the closing seven days, Bitcoin has added higher than 20% to its price. BTC is currently trading at $23,500, up by higher than 7% in the closing 24 hours.

If the bulls would possibly perchance perchance well remain up to the mark, Bitcoin and the broader cryptocurrency would possibly perchance perchance well document huge gains over the subsequent few days and weeks.

Key phases to examine

The BTC/USD 4-hour chart is easy as Bitcoin has been performing successfully over the closing couple of days. The technical indicators inform that Bitcoin is convalescing from its fresh endure pattern.

The MACD line is above the honest zone and continues to surge higher, indicating bullish momentum. 

The 14-day relative strength index of 68 reveals that Bitcoin would possibly perchance perchance well enter the overbought hassle if the shocking momentum can also honest be maintained.

At press time, BTC is trading at $23,677 per coin. If the bulls remain to blame, Bitcoin would possibly perchance perchance well contaminated the first main resistance stage at $24,756 over the subsequent few hours. 

Bitcoin would possibly perchance perchance well pass in direction of the $26k resistance stage for the first time in a month if the market embarks on an extended bullish hotfoot.

Nonetheless, the bears can obtain do away with an eye on and jog BTC in direction of the $21,893 increase stage. Within the fast duration of time, Bitcoin must serene with ease defend its space above the $20k psychological stage.

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