The cryptocurrency market is slowly recovering after a weak start to the week and appears poised to register further gains in the coming hours.
The cryptocurrency market has delivered strong performance over the past 24 hours, with most leading tokens rising more than 2% during that period. Bitcoin continued its gradual climb toward the $50,000 level after breaking through the $48,000 resistance zone.
Ether may be the biggest gainer among major cryptocurrencies, rising nearly 7% in 24 hours. ETH cleared the key $3,500 level and is now trading above $3,600 per coin. The token had climbed past $3,800 last week before the pullback and could approach that level again if momentum holds.
Cardano (ADA), Binance Coin (BNB), XRP and Dogecoin are among other leading coins currently trading in positive territory. Bitcoin’s performance in recent days has been noteworthy, and market analysts believe it could reach the $50,000 mark soon.
#Bitcoin on its way to $50.000. pic.twitter.com/NbszA1isqF
— Michaël van de Poppe (@CryptoMichNL) September 15, 2021
Bitcoin Price Outlook
The 4-hour BTC/USD chart sits in bullish territory after several days of trying to break out of a prior downtrend. The MACD line is above its signal level, indicating bullish momentum, while the RSI reading around 62 points to a robust buy signal in the market.
Bitcoin successfully tested resistance at $48,000 and may now be preparing to target the next resistance around $50,000. If Bitcoin can gather enough momentum to clear the $50,000 mark, bulls may have the strength to push the price toward the following resistance level near $51,500.
4-hour BTC/USD chart. Source: TradingView
Absent a strong market-wide rally, the $53,000 resistance level is likely to constrain further upside in the short term. Conversely, if Bitcoin falls back below $48,000 it could develop short-term downside momentum.
A drop below that level could force Bitcoin to defend support near $47,300, which also corresponds to its 20-day exponential moving average. If BTC sinks beneath that area, the next support sits around $46,000 in the coming hours. The major support at $45,500 could limit further declines in the short term unless the market faces a sustained liquidation event.