Cryptocurrency market recovers after a weak start, but most coins remain in the red.
The cryptocurrency market began the day weakly, sliding more than 2% earlier, but has since recovered partially and is now down about 1.25% at the time of this report.
Total market capitalization for cryptocurrencies sits above $950 billion. If last week’s momentum returns, bulls may attempt to push the market back above the $1 trillion mark in the coming days.
Bitcoin, the market leader, is down roughly 1.3% over the past 24 hours. The price briefly fell below the psychological $21,000 level a few hours ago, but it has since rebounded to trade above $21,100.
Bitcoin has held above the $20,000 threshold for several days, even after falling below $18,000 earlier this month. Since that drop, BTC has managed to remain above $20,000.
Key levels to watch
On the BTC/USD 4-hour chart, momentum appears neutral after Bitcoin slightly underperformed over the last 24 hours.
Technical indicators are similarly muted. The MACD is near the neutral zone, suggesting no clear bullish or bearish bias right now. The 14-day Relative Strength Index (RSI) sits around 51, indicating Bitcoin has moved out of oversold territory but remains some distance from overbought conditions.
If buyers regain strength, Bitcoin could challenge the first significant resistance level near $21,519 before the end of the day. To break above the next resistance around $22,899 — a level not breached in the past week — BTC would likely need stronger support from the broader crypto market.
The overall market sentiment remains cautious to bearish, which leaves the possibility that Bitcoin could lose its $20,500 support in the near term. A decisive drop below $20,500 might push BTC under $20,000 again, marking a second test of that level within a week.