The cryptocurrency market is beginning to rebound after a two-day slump.
Cryptocurrency prices are trading in the green after underperforming for the last two days. The market has gained just over 1% in the past 24 hours, though total capitalization remains below $1.3 trillion.
Solana’s recent outages have weighed on market sentiment after the network experienced another downtime event two days ago.
Bitcoin, the largest cryptocurrency by market capitalization, remains the market leader despite slipping below the $30,000 level once again.
Over the last 24 hours Bitcoin is up slightly—under 1%—and is currently trading just above $29,900 per coin.
Bitcoin’s market cap has declined to roughly $570 billion, reflecting a loss of more than 50% from its November 2021 all-time high near $69,000. At that time, the total cryptocurrency market cap was above $1.1 trillion.
Key levels to watch
On the BTC/USD 4-hour chart the short-term outlook remains cautious despite the recent green candles. Technical indicators suggest Bitcoin has been underperforming over the past several sessions.
The 14-period Relative Strength Index (RSI) sits around 42, indicating price momentum is neutral-to-weak and that Bitcoin could slip toward oversold territory if bulls fail to push prices higher. The MACD line sits just below its neutral level, signaling modest bearish pressure.
If bulls regain momentum, a decisive move above the $30,500 resistance would signal renewed strength and could open the path toward the higher $32,000 resistance level, which so far has been hard to sustain. Traders will closely monitor whether BTC can clear and hold those levels into the weekend.
Conversely, if sellers reassert control, Bitcoin may struggle to defend the immediate support around $28,750 in the coming hours and days. Failure to hold that level could lead to further downside pressure and test lower support bands.