The cryptocurrency market had a bearish Tuesday but is now turning the tide, with major coins and tokens currently in the green.

Bitcoin, the leading cryptocurrency by market cap, is down by less than 1% in the last 24 hours and is set to reclaim the $105k level if the recovery continues.

With Bitcoin recovering, major altcoins, including Ether, XRP, SOL, and BNB, are also performing positively. 

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) have steadied over the past few hours as the market momentum cools following recent resistance rejections.

Bitcoin is down by less than 1% in the last 24 hours and is now trading above $104,700 per coin.

The momentum indicators for the leading cryptocurrencies signal weakening downward momentum, with the bulls expected to push the price higher in the near term.

Bitcoin’s relief in the near term has seen altcoins also recover from their recent slump.

The recent market stabilization comes despite the lack of certainty about another rate cut in December.

The Federal Reserve reduced interest rates during its last FOMC meeting, but the Fed Chair Jerome Powell had quelled expectations about another rate cut before the end of the year.

Powell’s Hawkish comments had seen Bitcoin fail to rally past its all-time high of $126k and recently dipped below $100k.

The $100k support level had held strong in recent weeks and could provide the push necessary for Bitcoin to rally to a new all-time high in the coming weeks or months.

The BTC/USD daily chart remains bearish and efficient as Bitcoin’s price action has been mixed in recent days.

The leading cryptocurrency rallied and retested he key resistance at $106,453, the 38.2% Fibonacci retracement, earlier this week, but failed to surpass the resistance level. 

Failure to surpass the resistance level saw BTC dip to the $102k region on Tuesday, but it has now bounced back and is trading above $104,900. 

If the recovery continues, Bitcoin could retest the resistance level at $106,453 again.

Surpassing that resistance level would allow the cryptocurrency to hit the $110k psychological mark for the first time since November 3, coinciding with the 50-day Exponential Moving Average (EMA) level.

The Relative Strength Index (RSI) on the daily chart reads 42, below the neutral level of 50, indicating that the bearish momentum is fading.

Furthermore, the Moving Average Convergence Divergence (MACD) lines are converging, suggesting indecisiveness among the traders.

However, if the bearish trend persists, Bitcoin could extend its correction towards the key support at $100,353. Losing this support level could see Bitcoin retest the $92k level for the first time since June.

Currently, the market conditions remain largely indecisive, with bullish actions expected to push prices higher in the near term.

The post Bitcoin eyes $107K as market rebounds; altcoins join broad crypto recovery appeared first on Invezz

74 +