Bitcoin (BTC) – A Return to $50,000 Would Support a Run at $53,000
This is the tech analysis for Bitcoin (BTC). We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the broader market moves on the day prior and any key market drivers.
Bitcoin’s Day Prior Moves
Bitcoin, BTC to USD, rose by 4.73% on Saturday. Reversing a 0.82% loss from Friday, Bitcoin ended the day at $49,426.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $46,872 before making a move. Steering clear of the first major support level at $46,102, Bitcoin rose to a late intraday high $49,522.
Bitcoin broke through the first major resistance level at $49,263 to wrap up the day at $49,400 levels.
The near-term bullish trend remained intact, in spite of the latest pullback to $41,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a bullish session.
In the current week, the crypto total market rose to a Tuesday high $2,420bn before falling to a Saturday low $2,116bn. At the time of writing, the total market cap stood at $2,261.
Bitcoin’s dominance rose to a Monday high 41.90% before falling to a Thursday low 39.90%. At the time of writing, Bitcoin’s dominance stood at 41.49%.
At the time of writing, Bitcoin was up by 0.51% to $49,676. A mixed start to the day saw Bitcoin fall to an early morning low $49,372 before rising to a high $49,721.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Chainlink (-0.14%) and Polkadot (-0.23%) bucked the early trend.
It was a bullish start for the rest of the majors, however.
At the time of writing, Cardano’s ADA was up by 1.85% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $48,607 pivot to bring the first major resistance level at $50,341 into play. Support from the broader market would be needed, however, for Bitcoin to break back through to $50,000 levels.
Barring an extended crypto rally, the first major resistance level would likely cap the upside. In the event of an extended rally, Bitcoin could test the 23.6% FIB $53,628 before any pullback. The second major resistance level sits at $51,257.
A fall through the $48,607 pivot would bring the first major support level at $47,691 into play. Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels and the 38.2% FIB of $44,144. The second major support level at $45,957 should limit the downside.