The leading cryptocurrency has been holding above the $38,000 level and is likely to rise soon.
The cryptocurrency market has been flat in recent days. Despite the current turmoil stemming from the ongoing disasters in Russia and Ukraine, the cryptocurrency market has managed to hold its own.
The total cryptocurrency market cap remains above the $1.7 trillion mark and could soon reach $1.8 trillion if the current market momentum continues. Bitcoin and other leading cryptocurrencies have performed on average over the past few days.
At press time, bitcoin was trading at about $38,900 per coin, up less than 1% in the last 24 hours. Technical indicators suggest that bitcoin is performing well and could move higher soon.
If bulls continue to avoid bearish rallies, the top cryptocurrency will break the psychological $40,000 level in the next few hours or days.
Key levels to watch
The 4-hour BTC/USD K-chart is slowly becoming bullish as Bitcoin continues its slow rally to the $40,000 resistance level. Technical indicators suggest that the value of Bitcoin could rise further soon.
The MACD line remains above the neutral zone, indicating weak bullish momentum. 51 The RSI indicates that bitcoin is no longer in oversold territory due to its recent positive performance.
If the bulls gain more control, Bitcoin's value could exceed $40,000 for the first time in a week. If there is a long-term rally, BTC could break through the next resistance level of $42K in the near term.
However, Bitcoin's performance may be affected by the ongoing events in Russia and Ukraine. Other economic activities in the U.S., Europe and Asia may also have an impact on the performance of the currency.