Bitcoin (BTC) – A return of $ 50,000 will support a $ 53,000 run
This is the technical analysis for Bitcoin (BTC). We will look at movements from the day before and today’s support, resistance, pivot levels and Fibonacci. In addition, we will look at the broader market movements the day before and any important market drivers.
Bitcoin day before movements
Bitcoin, BTC to USD, rose 4.73% on Saturday. By reversing a 0.82% loss from Friday, Bitcoin ended the day at $ 49,426.
A mixed start to the day saw Bitcoin fall to a low of $ 46,872 early in the morning intraday before making a move. Steering away from the first major support level of $ 46,102, Bitcoin rose to a late intraday high of $ 49,522.
Bitcoin broke through the first major resistance level of $ 49,263 to end the day at $ 49,400 levels.
The near bullish trend remained intact, despite the recent retreat to $ 41[ads1],000 levels. For the bears, Bitcoin will need a sustained fall through 62% FIB of $ 28,814 to form a near bearish trend.
The rest of the herd
Across the rest of the majors, it was a bullish session.
Cardano’s ADA jumped 11.73% to lead. Chainlink (+ 7.44%) and Litecoin (+ 6.44%) also found strong support.
Binance Coin (+ 2.04%), Bitcoin Cash SV (+ 4.53%), Crypto.com Coin (+ 0.91%), Ethereum (+ 4.79%), Polkadot (+ 0.27%) and Ripple’s XRP (+ 4.84%) followed the frontrunners.
This week, the cryptocurrency market rose to 24.2 trillion dollars on Tuesday before falling to 211 trillion dollars on Saturday. At the time of writing, the total market value was $ 2,261.
Bitcoin’s dominance rose to Monday’s highest 41.90% before falling to Thursday’s low of 39.90%. At the time of writing, Bitcoin’s dominance was 41.49%.
This morning
At the time of writing, Bitcoin was up 0.51% to $ 49,676. A mixed start to the day saw Bitcoin fall to a low of $ 49,372 early in the morning before rising to $ 49,721.
Bitcoin left the large levels of support and resistance tested early.
Elsewhere, it was a mixed start to the day.
Chainlink (-0.14%) and Polkadot (-0.23%) rejected the early trend.
However, it was a bullish start for the rest of the majors.
At the time of writing, Cardano’s ADA was up 1.85% to lead.
For the Bitcoin day ahead
Bitcoin must avoid the $ 48,607 pivot to bring the first major resistance level of $ 50,341 into play. However, support from the broader market will be needed for Bitcoin to break back to $ 50,000 levels.
With the exception of an extended cryptorally, the first major level of resistance is likely to limit the upside. In the event of an extended rally, Bitcoin may test 23.6% FIB $ 53,628 before any withdrawal. The other major resistance level is $ 51,257.
A fall through the $ 48,607 pivot will bring the first major support level of $ 47,691 into play. With the exception of extended day trading, Bitcoin should steer clear of levels below $ 45,000 and 38.2% FIB at $ 44,144. The other major support level of $ 45,957 should limit the downside.
Daily technical analysis of Bitcoin, Ethereum, Litecoin and Ripples XRP
This article was originally posted on FX Empire
