Bitcoin is trading above $41,000 again after gaining more than 3% today.
The broader cryptocurrency market continues to recover, rising by over 2% in the past 24 hours. At the time of writing, the total crypto market capitalization stands at roughly $1.9 trillion.
Market capitalization could soon reach the psychological $2 trillion level as gains spread across the wider crypto market.
Bitcoin remains the leading cryptocurrency with a market share above 41%. BTC has gained over 3% in the last 24 hours, outperforming the broader crypto market in the process.
Bitcoin is currently trading around $41,200 per coin, an improvement from earlier this week when the leading cryptocurrency briefly slipped below the $40,000 psychological level.
If markets maintain their current pace, Bitcoin could attempt to reclaim prices above $43,000. However, a move past the $45,000 resistance before the end of the week would likely require a stronger catalyst.
Key levels to watch
The BTC/USD 4-hour chart is currently among the stronger performers within the top 10 cryptocurrencies by market capitalization. Among that top 10 group, Bitcoin is outperforming tokens such as LUNA and AVAX at the moment.
The MACD line remains below the neutral zone, indicating that downward momentum has not entirely disappeared.
The 14-day Relative Strength Index (50) shows that Bitcoin is no longer in oversold territory. Additional upside will be needed for it to enter overbought conditions in the coming days.
If the rally continues, Bitcoin could clear the first major resistance near $42,621 before the end of the day. Should bullish momentum persist over the next few hours, BTC could trade back above $43,000.
On the downside, Bitcoin could fall toward the $40,000 support level if selling pressure resumes. Barring a significant sell-off, Bitcoin should aim to defend the $39,000 price level on the short term to maintain the recovery.