Hassan Maishera
TL;DR
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Bitcoin slipped below the $27k mark last week but has experienced a positive performance over the weekend.
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BTC is now trading close to the $27,500 mark thanks to improved technical signs.
Bitcoin Closes In On $27,500
The cryptocurrency market is recovering from last week's slump, with the prices of most coins and tokens in the green zone.
Bitcoin, the world’s leading cryptocurrency by market cap, is leading the charge, after adding more than 2% to its value over the last 24 hours.
At press time, the price of Bitcoin stands at $27,466 and could rally higher over the next few hours. There is no major catalyst behind Bitcoin’s positive run, with technical signs improving over the weekend.
The MACD line is already in the positive zone, indicating that the bulls have taken charge of the market. The 14-day RSI of 58 also shows that Bitcoin is heading into the overbought region if the rally continues.
If the market condition persists, Bitcoin could test the $27,855 resistance level before the end of the day.
Ether, the second-largest cryptocurrency by market cap, is also in the green zone. ETH has added more than 1% to its value over the past 24 hours and is currently trading just above the $1,800 mark.
The total cryptocurrency market cap currently stands at $1.14 trillion, up by more than 1% so far today.
