The totalcryptocurrencymarket capitalization has managed to reclaim the $1 trillion mark after major cryptocurrencies recorded significant gains on Tuesday, according to CoinGecko data.
BTC climbed to $20,469, the highest level since September 13, on the Bitstamp exchange. Major altcoins, such as ETH and XRP, are also in the green.
It is worth noting that cryptocurrencies continue to trade in lockstep with US equities. The Dow managed to rally by more than 1,500 points in just two days. The S&P 500 index spiked by 5.7% for the week, recordings its best two-day gains since 2020.
Mark Haefele, chief investment officer at UBS Global Wealth Management, warned that markets were likely to remain volatile, which means that bulls shouldn’t read too much into that recovery.
The U.S.Federal Reserveis expected to hike the benchmark short-term interest rate by 75 basis points for the fourth time in a row.
Bitcoin price analysis
Bitcoin price formed a base above the $19,000 level and started a steady increase.The bulls were able to pump the price above the $20,000 resistance zone. BTC traded as high as $20,475 and is now correcting gains slowly moving lower below $20,400.
Source:BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $20,450 level. The next major resistance sits near the $20,500 zone. A clear move above the $20,500 resistance might bring the price to the $21,200 resistance zone.
If BTC fails to rise above the $20,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $20,100 zone.
Hourly MACD gains pace in the bullish zone
Hourly RSI (Relative Strength Index) is above the 50 level
Major Support Levels – $20,100, $20,000
Major Resistance Levels – $20,500, $21,200 and $22,500
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